The New Tax Updates Every Business Owner Needs To Know

Monday 20 February 2023

The New Tax Updates Every Business Owner Needs To Know

The New Tax Updates Every Business Owner Needs To Know

In the Autumn Budget 2022, the Chancellor included quite a few tax changes that will greatly impact higher-rate taxpayers, especially if you currently draw your regular income as dividends from your company.

In this webinar, we unpack the following key changes:

- The 45p rate threshold will be reduced from £150,000 to £125,000, dragging more people into the highest tax rate than before.

- Corporation tax will increase to 25% for those companies where the taxable profit exceeds £250,000, however, where taxable profits are between £50,000 and £250,000 the tax rate is 26.5% and below £50,000 it is still 19%

- Personal allowances and tax thresholds are not increasing so, with inflation currently at 9.3%, this is in effect a tax increase

Lee Manning, Partner at Raffingers will talk you through these changes and share why it’s essential to plan now so that you are ready for them to come into effect from April 2023. He'll guide you in answering these questions:

- Is it still more tax efficient to draw earnings as a dividend?

- Should you review your pension contributions to ensure you have utilised your allowances for the previous 3 years?

- Is it still wise to pay family members dividends to utilise their allowances?

- Is owning an electric car still tax efficient?

Find out what changes you need to make to be as tax efficient as possible.

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