National Insurance Cut
Starting from January 6, the main 12% rate of employee National Insurance Class 1 contributions will be cut to 10%. This change will benefit 27 million people and save an average earner around £450.
Tax Return Deadline
The deadline for filing online tax returns for the 2022-2023 tax year is January 31. Late filers can face penalties of up to £900, so make sure to submit your return on time.
Income Tax Cuts
Experts speculate that further income tax cuts may be announced in the Spring Budget on March 6. These cuts, if confirmed, would likely be implemented after the general election.
Inheritance Tax Abolition
There is speculation that the Chancellor may announce the abolition of inheritance tax in the Budget. However, this would only affect a small portion of the population and may take time to be implemented.
Self-Employed Income Boost
From April, the self-employed will receive an income boost of up to £350 thanks to the axing of some National Insurance contributions.
Simplified ISA Rules
Starting in April, ISAs will become simpler, allowing individuals to make multiple subscriptions to ISAs of the same type every year. It will also be easier to move money between different ISA accounts.
Capital Gains and Dividend Allowances
From April, the tax-free allowances for capital gains and dividends will be halved. Make sure to be aware of these changes if you own investments or plan to sell valuable assets.
Council Tax Rise
Expect a council tax rise from April 1, although the exact amount will be announced in February. This annual fee goes towards funding local services and may vary depending on your local council.
Alcohol Duty Freeze
The government has announced a freeze on alcohol duties until August 1, 2024. However, the annual uprating decision will be announced in the Spring Budget.
Remember to stay informed about these tax changes and plan accordingly to make the most out of your finances in 2024.
Did you miss our previous article…
https://hellofaread.com/money/beloved-200-year-old-pub-set-to-close-devastating-punters-and-sparking-fears-for-british-society/
