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What does the start of the new Tax Year mean for you?

Unlike the usual calendar year, the Tax Year 2022/23 starts today 6th April 2022. 5th April 2023 will be the last date of the Tax year – check out the latest tax rates and what this means for you and your business here

Tax Rates for the 2022/23 Tax Year

We have summarised below many of the rates and allowances fundamental to your business and personal lives – a useful point of reference throughout the coming tax year – this is available for download by clicking below – do email here or call 01992 444466 if you would like a physical Tax Card and we will be happy to send one out to you.

Income Tax Rate and Capital Gain Taxs (including propery taxes you need to be aware of) from 6 April 2022

Our guide contains information on income tax rates. It also includes information on devolved property taxes as well as business, employment and capital taxes applying across the UK. Some key recent changes include:

  • increases in the national insurance thresholds and rates – this will change again in July ’22
  • increased dividend tax rates
  • increase to statutory benefits including pension and maternity pay
  • updated car benefit percentages
  • extension of the Annual Investment Allowance
  • revised property taxes

Our guide is intended for use as a quick point of reference. Should you require any further information, have a simple question or require detailed advice we are only a phone call away.

Did you plan pre 6 April ’22 to save tax?

We blogged last month on how businesses and individuals should always plan ahead to minimise their tax bill – read more here

Planning ahead is always productive, if you want to make the best use of your allowances get in touch with our Tax Team who will be happy to advise you.

Increase to National Insurance (NICs)

A new health and social care tax has been introduced across the UK to pay for reforms to the care sector and NHS funding in England. The plan being it will raise £36bn for front line services over the next three years – read more here

Check your Income Tax for the current year

Gov.UK have a free resource which enables you to gain an understaning of how much tax you will pay over the whole year – this is a great tool if you are an employee – click here to find out more

  • check your tax code and Personal Allowance
  • see if your tax code has changed
  • tell HM Revenue and Customs (HMRC) about changes that affect your tax code
  • update your employer or pension provider details
  • see an estimate of how much tax you’ll pay over the whole tax year
  • check and change the estimates of how much income you’ll get from your jobs, pensions or bank and building society savings interest

HB Accountants are here to help: giving you access to experienced accountants and useful information and support no matter your business size or sector. If you would like a no obligation discussion about how we can help you and your business, please feel free to contact the team on 01992 444466. 

We’re accountants for business and we’re here to help you grow.

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The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above

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