In this edition, our feature article covers the pensions shake up with the abolition of the lifetime pension allowance, the increase in the annual allowance and an increase in the money purchase annual allowance.
The articles in this issue are:
- Mind your allowances Reductions to some tax allowances and the freezing of others will hit many individuals and businesses hard. The tax changes for 2023/24 also require a rethink of the strategy for small company owners of drawing income as dividends rather than salary.
- Improving employee happiness High inflation has led to a cost-of-living crisis and strike action by groups of employees demanding pay rises in line with inflation. What can you do to help?
- New tax year resolution: don’t be careless The former Chancellor, Nadim Zahawi, is reported to have paid a 30% tax penalty as part of a £5 million settlement with HMRC. The penalty was for a careless but not deliberate error, raising the question: what constitutes carelessness?
- Increasing company transparency Small companies and micro-entites will have to file their profit and loss accounts at Companies House when the Economic Crime and Corporate Transparency Bill becomes law. The aim of the change is to improve transparency by making more financial information available to the public.
- Top up or lose out After 31 July, the opportunity to fill gaps in your NI record before 6 April 2017 will be lost for good.
We hope you enjoy reading the newsletter. Please get in touch if you need help or advice on any of the topics covered.