Welcome to our Christmas Newsletter
Colin Bielckus
Outsourced FD, mentor and business coach at The Outsourced Finance Director
Number of taxpayers caught in 60% 'tax trap' rises
The number of individuals caught in the 60% 'tax trap' has risen by 45% in two years, a FOI request has revealed.
In 2023/24, 634,000 taxpayers were predicted to be caught in the 60% tax bracket, which was up by 45% from 2021/22's figure of 436,000.
The 'tax trap' takes effect when a worker earns more than ￡100,000 - at this point, an individual's personal allowance (which is currently frozen at ￡12,570) starts to taper away. The personal allowance has been frozen at this figure since April 2021 and the freeze is set to be maintained until 2028.
The number of taxpayers estimated to lose all of their personal allowance is set to surpass one million by 2027/28.
A spokesperson for the Treasury said: 'We are committed to keeping taxes low for working people, which is why we protected payslips from tax rises and are not extending the freeze on personal tax thresholds past 2027/28.'
ESSENTIAL TAX DATES FOR JANUARY
1?January Due date for payment of corporation tax for period ended 31 March 2024.
14?January???? Due date for income tax for the CT61 quarter to 31 December 2024.
19 January?????? PAYE, Student loan and CIS deductions are due for the month to 5 January 2025. PAYE quarterly payments are due for small employers for the pay periods 6 October 2024 to 5 January 2025.
31 January?????? Deadline for submitting your 2023/24 self assessment return (￡100 automatic penalty if your return is late) and the balance of your 2023/24 liability together with the first payment on account for 2024/25 are also due. Capital gains tax payment for 2023/24. Balancing payment – 2023/24 income tax and Class 4 NICs.
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QUOTE OF THE MONTH
'We were pleased that additional funds have been promised by the government at the Budget - we now need to see this plague of potholes being fixed rapidly and efficiently, resulting in a major improvement in our roads.'
Tina McKenzie, Policy Chair at the Federation of Small Businesses, commenting on small firms having to count the cost of pothole damage to company vehicles. ?
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IN THE NEWS
No tax changes for online sellers People selling unwanted items online can continue to do so without any new tax obligations, HMRC has confirmed. Click here for the full story
Interest rates 'set to be higher for longer' The Organisation for Economic Co-operation and Development (OECD) has warned that interest rates will be higher for longer due to the recent Autumn Budget. Click here for the full story
Cyber-attacks cost UK businesses ￡44 billion in last five years Over half of UK businesses have experienced at least one cyber-attack in the past five years, suffering combined lost revenue of ￡44 billion as a result, according to insurance broker Howden. Click here for the full story
Optimism amongst business leaders 'approaching Covid lows' A survey carried out by the Institute of Directors (IoD) has found that business leader confidence in the UK economy fell from -52 in October to -65 in November 2024, bringing optimism close to its record low in April 2020. Click here for the full story
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2 个月Colin, thanks for sharing this, if we are not yet connected, please send me a request as I would love to hear more from you.