No new taxes: Labour’s Reeves pledges not to increase CGT limit March 30, 2023 Labour does not plan to increase capital gains tax, shadow chancellor Rachel Reeves has indicated, despite deputy leader Angela Rayner appearing to suggest rates were too low. Prime Minister Rishi Sunak last week released a summary of his tax affairs, which showed that his tax rate was about 22 per cent because most of his [...]
Pensions, Isas, child benefit limits and inheritance tax: Your ten point end of tax year checklist March 29, 2023 In five year’s time the annual income of another 2.1 million taxpayers will fall into the higher rate tax threshold, a rise of 47 per cent, according to the Office for Budget Responsibility (OBR). The threshold has been frozen since April 2021 – and is expected to stay frozen until April 2028 while the threshold [...]
Cash is NOT king: Almost half of Brits say they have been discouraged from using physical money March 29, 2023 Nearly half of people have recently been somewhere that has not accepted or has discouraged the use of cash, according to a survey. Some 45 per cent of people surveyed by YouGov between March 8 and 9 said they had been somewhere in the previous eight weeks where cash was discouraged or not accepted. One [...]
Tax year end: Six ways to invest a £100,000 bonus March 28, 2023 Next week marks the end of the 2022/23 tax year, with midnight on 5 April the deadline for using available tax-free savings and investment allowances. Last December saw city workers awarded bumper bonuses and seven in ten City workers still expect their bonus to be as large as – if not ‘larger’ or ‘significantly larger’ [...]
Junior Isas and the £100k children’s savings club: As savings deadline approaches parents reminded to use their tax free allowance March 28, 2023 Around 40 children had Junior Isa pots worth £200,000 or more at the end of the 2020/21 tax year, according to HM Revenue and Customs (HMRC) figures. And around 500 had savings pots worth £100,000 or above, the figures indicate. The rounded figures were released after a freedom of information request made on behalf of [...]
L&G report: Inflation is widening gap between rich and poor with ‘pay cut’ for 95 per cent of UK households March 27, 2023 Legal & General’s Rebuilding Britain Index (RBI) found that 95 per cent of working UK households have experienced a real terms pay cut over the last 12-months as rising inflation makes its way felt into nearly all households. UK inflation has surpassed forecasts and stayed in the double digits and the rate of price increases [...]
Dating, DIY and Netflix: Brits stop spending on love and luxury due to cost of living crisis, Nationwide says March 24, 2023 The value of households’ spending on subscription services, home improvements and dating fell annually in February, according to analysis by Britain’s biggest building society of its members’ outgoings. The volume of dating transactions fell by a third (33 per cent ) in February 2023 compared with the same month in 2022, also falling by 7 [...]
Lump sum or regular saving, investing for children and how to go green: Your Isa guide to making the most of this year’s tax-free allowance March 24, 2023 With just under three weeks left until the end of the tax year, savers may still be considering how to use their annual tax-free Isa allowance. You can use your allowance whether you are looking at setting up a regular savings plan, or investing a lump sum, or even considering putting some cash aside for [...]
UK house prices: Growth down while rents soar by their highest in seven years March 22, 2023 Private rent paid by tenants in the UK rose 4.7 per cent in the 12 months to February 2023, up from 4.4 per cent in the 12 months to January 2023, according to the Office for National Statistics which also reported that house prices increased 6.3 per cent in the same period. Annual private rent [...]
Spring Budget 2023 fails contractors, freelancers, agency workers (and the country as a whole) March 21, 2023 | Sponsored Jeremy Hunt’s first budget met expectations. ‘Dammed by faint praise’ fits the bill when best trying to articulate the frustration felt at yet another in a long list of missed opportunities. For those working in compliance and contingent employment, across the contracting sector, the failure is stark and can be charged on two counts. First [...]