Spring Statement 2022 highlights

The Chancellor Rishi Sunak delivered his Spring Statement earlier this afternoon, at this troubled time, and with inflation at its highest rate in 30 years. The Statement was intended, not as a ‘full Budget’ but as an economic update.

However, given the current significant increases to the cost of living, the Chancellor did include the following tax measures:

  • National Insurance: increase to the starting threshold of £3,000 (to £12,570), from July 2022, to equalise the National Insurance and Income Tax thresholds
  • Employment Allowance (for National Insurance) for small businesses: increase to £5,000 from April 2022
  • Income Tax: the basic rate will be cut from 20% to 19% from 2024
  • Fuel duty cut by 5p per litre, from 18:00 this evening until March 2023
  • Energy: installation by households of heat pumps, solar panels and insulation will suffer 0% VAT
  • Energy: the household support fund, which provides councils with funds to support vulnerable households, is to be doubled
  • The Government is to publish a Tax Plan, to reduce and reform taxes in this Parliament
  • R&D tax credits and business investment: reforms to be announced in the Autumn Budget

Further details to follow in our full summary.

Please contact Katharine Arthur, Partner with any queries.

Schools Briefing – Spring 2022

As we appear to be emerging from the worst of the pandemic’s restrictions, schools are once again looking to generate more income and so I consider it timely to address this topic in this publication. Additionally, schools are pushing forwards with their building programmes and so I’m pleased that Ramzan Khan has summarised the VAT implications of such expenditure. We plan to continue this theme in our next publication with a case study of a client’s school building project. Continuing with taxes, Jamie Whale addresses the impact of withholding taxes on income from overseas, while Nick Bustin provides an update on employment taxes.

On a different note, trustees as well as other investors, are considering the environmental, social and governance (ESG) criteria when making investment decisions and so we welcome Max King’s summary of the different approaches adopted.

As more schools are merging, Vikram Sandhu highlights certain financial implications for consideration and David Sewell reminds us of the recent update to the Charity Governance Code. For those of you not already aware, David retires at the end of March. I am grateful for his support and we all wish him a happy retirement.

I hope you find these articles of interest and do contact the authors if there are any matters which you wish to follow up. Furthermore, do let me know if there are any topics which you would like to see addressed in future publications.

Wishing you all a smooth end to this term and a restful Easter holiday.

Private Client Tax Senior

Essential Job Functions

Duties and responsibilities would include the following:

  • Prepare tax returns – individuals and partnerships
  • Prepare financial accounts for sole traders, barristers and property investors
  • Proactively chase clients and third parties for information to complete returns/accounts
  • Provide tax advice for clients, with assistance when required
  • Identifying marketing opportunities to offer new services to clients
  • Prepare invoices and discuss billing with partners

Work Based Competencies

  • Previous experience of a professional services environment or dealing with HMRC wouldbe essential
  • Working knowledge of core personal tax regime
  • Attention to detail and have good numerical and grammar skills
  • Competent using word, excel and Microsoft outlook
  • Knowledge of CCH and Trust Accounts preferable
  • Willingness to embrace technology to enhance client delivery in preparation for making tax digital
  • A strong academic background is essential including GCSE’s and A-Levels. The candidate may be studying ATT, with a desire to continue studying towards the CTA qualification.
  • Previous portfolio management experience essential

Behavioural Competencies

  • The person will be self-motivated with a flexible approach
  • Team player
  • Ability to work to deadlines
  • Ability to multitask
  • Good communication skills essential, being able to communicate with all levels externally and internally and respond to client needs

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