Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for raising the funds that our new government requires to finance its activities.
The government has already declared that it will not increase Income Tax, National Insurance or VAT and government borrowing has to remain within tight limits. In which case, the only source of new money has to come from revenues raised from economic growth – more activity, more tax revenues.
Rachel Reeves is no stranger to government financing as she was an economist at the Bank of England. It will be interesting to see how the Treasury manages government finances if growth is slow in the coming months. For example, will the new Chancellor find it necessary to raise other taxes to meet funding requirements.
Income Tax, National Insurance and VAT are our major taxes but there is speculation that Inheritance Tax, taxation of dividend income and perhaps Capital Gains Tax may come under the Chancellor’s microscope.
The Autumn review is the next “normal” time for the Chancellor to review the state of the UK’s finances but as our new government flexes its muscles, don’t be surprised if the Chancellor announces some changes in the coming weeks.
06/09/2024 - More...
1 October 2024 - Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 - PAYE and NIC
05/09/2024 - More...
There are late filing penalties which are designed to encourage companies to file their accounts and reports on time.
05/09/2024 - More...
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return
With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!
» Sign up for the Newsletter
» Login