KRW Tax news

75% rates relief for retail, hospitality and leisure sectors extended

KRW Tax newsMarch 29, 2024|In KRW Tax news|By Keith WitchellIn welcome news for these struggling sectors, the Chancellor announced today that the current 75% business rates relief for business…


R&D tax reliefs to be simplified from April 2024

KRW Tax newsMarch 29, 2024|In KRW Tax news|By Keith WitchellIt was announced today that the current R&D Expenditure Credit (RDEC) and SME schemes for R&D tax relief will be merged from April…


Full expensing relief for capital purchases made permanent

KRW Tax newsMarch 29, 2024|In KRW Tax news|By Keith WitchellOriginally unveiled in this year’s Spring Budget as a 3-year temporary measure, Full Expensing Relief allows companies buying new plant and…


National living wage increased to £11.44 for over 21’s from April 2024

KRW Tax newsMarch 29, 2024|In KRW Tax news|By Keith WitchellJeremy Hunt announced in his statement that a 9.8% increase will be applied to the National Living Wage, which will go from £10.42 per hour…


Class 4 nic for the self-employed reduced from 9% to 8% from April 2024

KRW Tax newsMarch 29, 2024|In KRW Tax news|By Keith WitchellA further tax cut was announced by Jeremy Hunt for self-employed workers, who will see the Class 4 NIC charge on their annual profits…


Class 2 nic for the self-employed abolished from April 2024

KRW Tax newsMarch 29, 2024|In KRW Tax news|By Keith WitchellSelf-employed workers with annual profits over £12,570 currently pay a fixed rate Class 2 NIC charge of £3.45 per week (£179 pa), but the…


Main rate nic cut from 12% to 10% for employees from January 2024

KRW Tax newsMarch 29, 2024|In KRW Tax news|By Keith WitchellChancellor Jeremy Hunt announced earlier this afternoon that the main rate of National Insurance that applies to salaries between £12,570…


High income child benefit charge thresholds changes from April 2024

KRW Tax newsMarch 29, 2024|In KRW Tax news|By Keith WitchellIn the Spring Budget earlier this month, Chancellor Jeremy Hunt announced that the income threshold for paying back Child Benefit will…


45% tax threshold reduced from £150,000 to £125,140 from April 2023

KRW Tax newsJuly 10, 2023|In KRW Tax news|By Keith Witchell In the Spring Budget, Chancellor Jeremy Hunt announced that the additional rate threshold for income tax would be reduced from £150,000 to…


Pensions lifetime allowance abolished & annual allowance up to £60k

KRW Tax newsApril 2, 2023|In KRW Tax news|By Keith WitchellIn last month’s Budget, Jeremy Hunt announced the end of the lifetime allowance for pensions, plus an increase in the annual allowance for…