personal tax Archives - Newby Castleman

8th May 202415th May 2024

Child benefit: recent updates

3 minutes to read We explain the recent changes to the High-Income Child Benefit Charge (HICBC). At the March 2024 Spring Budget, the Chancellor announced welcome developments to the HICBC from 6 April 2024. Seen widely as an unfair regime, the current threshold imposes a tapered clawback of child benefit on the highest earner within a household, provided their …

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8th February 202423rd April 2024

Budget: 6 March 2024

7 minutes to read The 2024 Spring Budget The main themes in the Spring Budget delivered by Chancellor, Jeremy Hunt, on 6 March were growth, public services and lower taxes. On growth, there was relatively little to excite – the Office for Budget Responsibility upgraded its forecast for the current year by 0.5% and now predicts the UK economy …

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17th January 202417th January 2024

Do you hold or trade cryptoassets?

< 1 minute to read If you receive cryptoassets from employment, or sell or exchange cryproassets, you may need to complete a Self Assessment tax return for the 2022 to 2023 tax year. Any income or gains above the tax-free allowance should be declared. The deadline to complete a tax return and pay any tax owed is 31 January 2024. …

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9th January 202417th January 2024

National Insurance rate change

< 1 minute to read On the 6 January 2024 the National Insurance rate for millions of UK workers was cut from 12% to 10%. This brings the main rate to its lowest level for more than twenty years. It applies to the Employees’ Class 1 National Insurance Contribution (NIC). The Employers’ NIC rates remain unchanged. Further cuts From April 2024, …

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3rd January 20243rd January 2024

Tax and the side hustle

2 minutes to read Do you sell unwanted items online? Is your creative interest bringing in a top-up income? The ease of online trading has been with us for several years now, and with apps like eBay, Vinted and Etsy, it has never been easier to turn unwanted items into cash. Add to the above Airbnb letting, renting out …

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19th December 20233rd January 2024

Scotland: new high earner tax band

< 1 minute to read Those living in Scotland who earn between £75,000 and £125,140 will pay more tax than they currently do following an announcement by the Scottish government today. The new 45% band unveiled by Finance Secretary Shona Robinson means that Scotland will now have six income tax bands. In addition, the top rate of tax, paid by …

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1st November 202322nd November 2023

Autumn statement: 22 November 2023

4 minutes to read A ‘transformational’ Autumn Statement? With better-than-expected inflation figures the Chancellor of the Exchequer, Jeremy Hunt appeared keen to shed his party’s reputation of having overseen the biggest increase in the tax burden since the Second World War. With a total of 110 changes, the speech was billed as ‘a plan to unlock investment, reward work and …

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28th February 202320th March 2023

Spring Budget: Our summary

4 minutes to read As anticipated, Chancellor Jeremy Hunt’s first Budget was heavily focussed on a push for economic growth, by offering tax breaks to stimulate business investment, and address pressures on the UK’s workforce by providing incentives to remain in or return to employment. Whilst few would have been expecting much in the way of tax giveaways, the …

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17th November 202215th March 2023

Autumn Statement 2022

4 minutes to read The Chancellor of the Exchequer, Jeremy Hunt delivered his Autumn Statement on 17 November 2022, against a backdrop of record inflation and market instability. This was a Budget of balance, with none of the usual “rabbit out of the hat” announcements. Instead, the emphasis was on financial stability, creating growth and protecting public services. Mr …

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