Year End Tax Planning for Individuals
March is racing by however there is still time to consider some tax planning for individuals, as long as action is taken before the 2023-24 tax year closes on 5/4/2024.
tax
Plan Ahead for Increases in Corporation Tax Rates – Effective from 1 April 2023
In the Autumn Budget the UK Government voted to increase corporation tax rates with effect from 1/4/2023. Ahead of these upcoming changes, it’s a good idea for your company to assess how you will manage the increased rate (should it apply to you). By planning ahead for the financial change, you’re less likely to be caught off guard when your Company tax bill arrives.
Minimum Wage – Ensure you are legally compliant with new wage rates from 1/4/2023
In the 2022 Autumn Budget the Government announced increases to the National Minimum wage, which will come into effect from 1/4/2023.
Employers will need to ensure that staff on minimum wage are given the appropriate increase in order for businesses to be legally compliant. The increase will be widely welcomed by workers, representing an increase of over £1,600 to the annual earnings of a full-time worker and is expected to benefit over 2 million low paid workers.
