September Mini Budget Breakdown

On 23rd September 2022, Chancellor of the Exchequer, Kwasi Kwarteng, announced a new growth plan.

This blog will provide a breakdown of the changes announced by the Chancellor and how they will impact you and your business.

 

Income Tax

The basic rate of income tax is set to receive its first cut in 15 years, reducing from 20% to 19%. This means that less tax will be applied to your non-dividend and non-saving income. This cut had been previously pledged by Rishi Sunak in the Spring but has been brought forward from 2024 to 6th April 2023. The government are currently estimating the average basic rate tax payers will save £130 per year.

 

When the growth plan was first announced, the decision was been made to scrap the 45% Additional Rate, which would have seen those earning more than £150,000 per annum being  charged at the current Higher Rate of 40% from April 2023. This has since been reviewed and, on 3rd October, a U-turn on the removal was announced; the 45% rate will now stay in place.

 

The 20% rate will stay in place for Gift Aid until April 2027.

 

Corporation Tax

The rate of corporation tax was initially expected to rise for companies with profits over £250,000 from 19% to 25% from April 2023. This increase has now been scrapped, meaning all companies will be paying at the 19% rate. The government hopes that this will encourage business owners to invest more into their companies, further improving and diversifying the UK economy.

 

National Insurance

At the beginning of the current tax year, National Insurance rates saw a 1.25% increase with the introduction of the Health & Social Care Levy. This aimed to increase funding for the worst affected sectors of the COVID-19 pandemic. It has now been announced that the levy will be reversed from 6th November 2022, and the National insurance rate will return to 12%. Plans to introduce the levy as a separate tax in the next tax year have also been scrapped.

This change will be reflected by a blended National Insurance rate on Self Assessments upon submission to ensure that the correct contribution is made.

This change will reduce the National Insurance bills of companies, giving a potential for further investments.

Dividends

Dividend tax rates will also fall by 1.25% in the next tax year following the removal of the Health & Social Care Levy.

 

Annual Investment Allowance

The Annual Investment Allowance (AIA) available to claim is set to permanently be £1,000,000. Plans had previously been put in place to reduce this to the previous amount of £200,000 in March 2023. AIA allows you claim 100% tax relief on assets up to the set amount. By having this as the higher amount, businesses will be able to claim more relief, reducing their tax.

 

Stamp Duty

Significant cuts to Stamp Duty have been announced, and all have come into effect as of midnight on 23rd September. Stamp duty is a form of tax applied when documents are recognized, most commonly through the purchase of houses.

The Nil Rate Band has doubled, increasing from £125,000 to £250,000, allowing more people to buy homes without paying any stamp duty. It is expected to save the average buyer £2500.

First-time home buyers will not have to pay stamp duty up to £425,000 and can claim relief on properties up to £625,000.

 

Additional Changes

  • Universal Credit Claimants who earn less than 15 hours per week at the National Living Wage will be required to meet with a Work Coach to help increase their earnings. Their benefits could be reduced if these meetings are ignored. Extra support will be offered to jobseekers over 50.
  • New legislation will be implemented to decrease planning and building times for new roads and energy infrastructure.
  • Changes in regulations on private investments are set to allow more funding from pension funds. This is expected to boost economic growth and see a particular increase in science and technology investment.
  • Alcohol duty will be frozen for another year and is expected to be reviewed and modernised.

 

It is expected that in the coming weeks, like with all changes in government, further plans will be announced, tackling issues like the reduction of childcare costs and the housing supply, as well as a review on digital infrastructure.

 

If you have any concerns regarding these changes and how they could impact you and your business, do not hesitate to contact us. You can find our contact information here.

Dividends and Income Tax Changes April 2022

Changes to Dividends

As the new tax year begins, many changes will be made to reflect the current economic climate of the United Kingdom. One such change that shall come into effect from the 6th of April 2022 is a 1.25% increase in the Income Tax rates applied to dividends.

What are Dividends?

Dividends are the payments made out to the shareholders of a company, such as directors and investors. The dividends will come from the remaining value after the Corporation Tax that is due is taken from the total profit for the period. Because of this, the total dividends issued must not exceed the company’s profits from the current, or previous, periods.

Paying Dividends

The amount that each shareholder will be paid is dependent on the number of shares in the company that they hold. The dividends they receive will be proportional to their shares.

For dividends to be paid, a directors’ meeting must be held to the payment to be declared, even if the company only has one director, and a dividend voucher must be completed. The dividend voucher will include the date, the company name, the shareholder’s name, and the amount of dividend they will be paid. Dividends are usually paid quarterly but can also be paid in other installments such as annually or bi-annually.

Many companies will choose to pay their directors through a mix of both salary and dividends. This is because National Insurance contributions are not deducted from dividends; they are more tax efficient.

The New Income Tax Rates

The rise in Income Tax is being introduced as a part of a government scheme to increase funding for the health and social care sector, after it was hit hard by the pandemic over the last two years. Please view the table below to see how your tax rate will be impacted by the increase:

Tax Brackets Thresholds (£)

 

Dividend Tax Rate
2021/22 2022/23
Personal Allowance

(If no other income)

0 – 12,570 0% 0%
Basic-Rate 12,571 – 50,270 7.5% 8.75%
Higher-Rate 50,271 – 150,000 32.5% 33.75%
Additional-Rate Exceeding 150,000 38.1% 39.35%

The £2,000 dividends allowance introduced in April 2018 will still be available, meaning that any dividends within that amount will not be subjected to any tax deductions.

The government have predicted that the average loss that will be suffered because of the increase will be around £335 for those affected but has stated more than 50% of shareholders may not even need to pay any Income Tax on their dividends as they fall within the personal allowance or dividend allowance thresholds.

 

If you are interested in learning about the other changes brought in with the new tax year, please refer to our previous blog.

If you require assistance or any further information about how your dividends may be affected, please do not hesitate to contact us.

Changes From April 2022

With the new tax year comes several changes brought forward by HMRC. Here is a short guide to help you navigate the updates that may affect you and your business from April 2022.

 

Reduced VAT is Ending

The reduced VAT rate of 12.5% will be increasing back to its pre-COVID rate of 20%. The reduced rate was initially introduced in July 2020 at 5%, rising to 12.5% in October 2021, to help businesses within the hospitality sector to help with their finances after the drastic impact of the Coronavirus pandemic on their trade. This return follows the timeline set in the Spring 2021 budget.

VAT Surcharges

The changes to penalties and interest rules which were due to come in place from April 2022 has now been delayed to January 2023

Making Tax Digital

Making Tax Digital (MTD) will apply to all VAT-registered businesses from 1st April 2022. This means that, for any VAT periods starting on or after this date, VAT registered businesses must keep all of their VAT records digitally and submit VAT returns using software that is MTD accordant.

Changes to National Insurance

National Insurance (NI) is going to increase by 1.25% from 1st April 2022. Those receiving a State Pension will also receive a levy of 1.25%. This increase in tax will be in place until 31st March 2023 and has been put in place to help contribute to increased health and social care costs incurred over the pandemic.

New PAYE Thresholds

From year 2022-2023 to tax year 2025-2026, the personal allowance will be £12,570 per year

In England, Wales, and Northern Ireland the basic tax rate of 20% will be applied to annual earnings above the threshold, up to £37,700 a year. The higher tax rate will be 40% on annual earnings between £37,701and £150,000, with the additional tax rate of 45% will be applied to earnings above this.

In Scotland, their starter tax rate of 19% applies to earnings above the threshold and up to £2,162, the basic rate of 20% applies to annual earnings between £2,163 and £13,118, and the intermediate rate of 21% applies to annual earnings between £13,119 to £31,092. Scotland’s higher rate of 41% applies to annual earnings between £31,093 and £150,000, and the top rate applied to earning above this is 46%.

Increase on Statutory payments

Statutory maternity pay (SMP), Statutory paternity pay (SSP), Statutory parental pay (SPP), Statutory adoption pay (SAP) and bereavement pay will change on April 2022. All will see the weekly rate of statutory pay increase from £151.97 to £156.66 per week.

From 6th April 2022, the rate of statutory sick pay (SSP) will also increase from £96.35 to £99.35 per week.

Any employee who earns more than (or equal to) the lower earnings limit, that will increase to £123 on the same date, is entitled to statutory pay.

 

Please do not hesitate to contact us regarding any of the above changes and how they may impact your business

Autumn Budget updates 2021

On 28th October, the UK Autumn Budget 2021 was announced by Chancellor Rishi Sunak, detailing the current state of our economy and measures that will be taken to improve it in the wake of the Coronavirus pandemic and its continued impact on the country.

The economy has been forecast to return to its pre-Covid level by 2022, with the country’s annual growth to rebound to between 6% and 6.5% over the next year. Here is a breakdown of the measures being taken to ensure these milestones are hit.

Improvements for Wages and Universal Credit

  • Since February 2020, the UK has seen a growth in wages of 3.4%. This figure is likely to increase as the predicted peak of unemployment for 2022 has now fallen from 12% to 5.2%, with the International Monetary Fund (IMF) projecting that the UK’s annual employment rate to continue to be below countries like France and Canada.
  • The National Living Wage will increase starting next April for each age bracket. For those 23 and older, the minimum will increase from £8.91 to £9.50 an hour. The National Minimum Wage for under 18s will be £4.81, for 18–20-year-olds it will be £6.83, and for 21–22-year-olds it will be £9.18. The Apprentice Rate is also set to rise to £4.81 an hour.
  • The Universal Credit taper rate has been cut by 8%. The taper rate is the amount deducted per pound earned, and it has been reduced from 63p to 55p. This means that those who are working whilst on Universal Credit will be earning more.

Changes to Taxation

  • Deadlines for Capital Gains Tax (CGT) returns has been extended from 30 to 60 days. The deadline extension has been implemented with immediate effect, meaning that disposals of residential property in the UK completed on or after 27th October 2021 will have the extended deadline.
  • From 6th April 2022 changes to the rate of income tax applied to dividend income will be applied across the UK. The rate will increase by 1.25%. This means that the dividend ordinary rate will be 8.75%, the upper rate will be 33.75%, and both the additional rate and trust rate will be set at 39.35%. These changes will help to fund the previously announced health and social care settlement.
  • National Insurance Contributions (NICs) are also changing refer to our previous blog here.
  • Eligible businesses in the retail, hospitality, and leisure sectors will receive a temporary business rates relief of 50% to aid in their pandemic recovery in 2022-23. It is worth almost £1.7 billion and will be available to over 90% of businesses within the listed sectors.
  • Plans for a rise in fuel duties have been cancelled due to the sharp increase in fuel costs, with prices being at their highest in eight years.
  • Flights taking place within UK nations will see a 50% cut in the Air Passenger Duty (APD) rate, whilst flights taking place over distances greater than 5500 miles from London will see a greater charge and be classed in a new APD band called “ultra-long-haul”. The introduction of this new band is a part of the government’s environmental objectives.
  • A 4% levy is to be introduced for residential property developers with an annual profit of over £25 million from April 2022. The money from this tax will be used to fund housing safety improvements, such as the removal of unsafe cladding.

Government Funding

  • In addition to the £8 billion already planned for the NHS to provide care that has been delayed due to Coronavirus, a further £5.9 billion investment shall be made to tackle the non-emergency backlog and to update their technology.
  • £11.5 billion will be invested into the construction of 180,000 homes through the Affordable Homes Program, with two of this being for homes outside of London. A further £1.8 billion will be used for improving brownfield sites to be used as land for housing. These are a part of a multi-year housing settlement costing nearly £24 billion.
  • Over the next 5 years the government will be investing £5.7 billion into the integration and modernization of UK transport, with the aim of creating a similar travel infrastructure to that of London.

If you have any further queries about the Autumn 2021 Budget, do not hesitate to contact our team, we are more than happy to answer any questions or concerns

 

 

coins stacked up in a pile

Tax on CryptoCurrency in the UK: Capital Gains Tax & More

What is a cryptocurrency?

Cryptocurrency is a digital asset that can be used to pay for things. Its value is determined by the supply and demand of its users. It is not based on any intrinsic value and can be transferred, stored, and traded electronically.

Do you pay tax on cryptocurrency in the UK?

The answer depends on if you own the cryptocurrency or if you own them via a business. If you own them personally you may have to pay capital gains tax. If you trade crypto as a business, you will be subject to income tax rules. Generally, if a transaction involves the disposal of crypto assets, it triggers taxes.

Capital Gains Tax on Cryptocurrency

If you own your cryptocurrency personally, you may have to pay capital gains tax. Capital gains are computed as the difference between the price of your cryptocurrency and the amount you sold it for. They are also known as CGT.

There is an exception to paying CGT, you only have to pay CGT if you go over your annual allowance which currently stands at £12,300 for the 2021-2022 tax year.

For UK residents, the capital gains tax on cryptocurrency transactions is taxed at 10% for the basic rate (up to £37500), up to a maximum of 20%.

Income Tax on Cryptocurrency

If you trade crypto as a business, you will be subject to income tax rules, especially if a transaction involves the disposal of crypto assets. A disposal is a process involving the removal of crypto assets.

It can be done in various ways such as selling the crypto assets for money, exchanging crypto assets for a different type, using them to pay for good or services or gifting them to another person

Ways to minimise the tax you pay on cryptocurrency

If you exceed your tax-free limit, there are several things you could consider helping minimise the tax due on your cryptocurrency gains such as utilising losses or transferring ownership to a spouse.

Utilise losses – If the overall gain exceeds the annual allowance, then it might be wise to sell some of your crypto assets to reduce the tax bill. Generally, if the total gain exceeds the annual allowance, then it should be sold at a loss.

Transfer to Spouse or Civil Partner– Currently, assets can be transferred between spouses without triggering CGT. This means if you transfer to your wife, husband, or civil partner both of your CGT allowances are used.

Reporting Cryptocurrency Gains to HMRC

You should report to HMRC after the end of the tax year. You may need to register for self-assessment with HMRC if you do not currently have a UTR number. This can be done through the HMRC website. The UK tax year runs from 6th April to 5th April the following year. Electronic returns need to be filed on 31 January by midnight and paper returns are due by 31 October at midnight.

If you need any help or advice with cryptocurrency tax, please get in contact with us and we will be happy to help.

Fifth Self Employed Income Support Scheme Grant: Everything you need to know

The fifth grant for the self-employed income support scheme will be available to claim as of late July 2021.  This grant will cover the period between May and September 2021.

 

Who can claim?

As per the previous grants, you will only be able to claim the grant if you are self-employed or a member of a partnership. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.  HMRC will look at your 2019-2020 tax return to see if you are eligible.

 

Changes to the grant

For the fifth SEISS grant, there will be a significant change. The value of the grant will now be determined by how much your turnover has been reduced in the year April 2020-April 2021.

  • If your turnover had reduced by 30% or more then you will be entitled to 80% of three months trading profits up to a maximum cap of £7,500
  • If your turnover had reduced by less than 30% then you will be entitled to 30% of three months trading profits up to a maximum cap of £2,850

Where to claim the grant?

The online claim services for the fifth grant should be available from late July. HMRC should be in contact if you are eligible based on your tax returns

HMRC is set to give more guidance for the fifth grant in early July. Check back on our blog for further updates regarding the SEISS grant.

 

If you have any further questions, do not hesitate to get in touch with us.

A Guide to the P11D Tax Form

In this guide, we will look at what a P11D is and tell you everything you need to know, from who needs to file one to what information needs to be included.

What is a P11D?

A P11D is a tax form used to report items or services that you or your employees receive from your company.  These are known as benefits in kind. Some examples of benefits in kind include:

  • Private Healthcare
  • Company cars
  • Non-Business travel/entertainment expenses
  • Interest-free loans
  • Gym Memberships

When should you file your P11D?

P11Ds are filed by the employer not the employee and should be filed by 6TH July following the tax year in question. For example, for the tax year 6th April 2020 – 5th April 2021, your P11D would need to be filed by 6th July 2021.

What happens if you do not file a P11D?

HMRC will give you a fine if you file late or file incorrectly. If you miss the deadline, you will not incur a fine straightway, but you should aim to file this as soon as possible. HMRC will fine your company £100 per month per 50 employees.

 What should be included on your P11D?

Information that should be included on your P11D for each employee includes:

  • The name of the employee
  • Date of birth & gender
  • National insurance number
  • Payroll reference number
  • Prices for products/services provided
  • The total cash equivalent to the value of the goods provided

 How to file a P11D

P11Ds can be filed electronically to HMRC and can be done through most payroll software’s. You can find out more about filing P11D on gov.uk.

How does a P11D affect your tax code?

A P11D can alter your tax code due to you needing to pay additional tax on the benefit. Altering your tax code will reduce your tax-free allowance to compensate for any tax owed.

What is a P11D(b)?

A P11D(b) is a form employer must submit summarising the individual P11D forms they have completed for their employees.

Help with your P11D

If you need help with your P11D we would be happy to help. Please get in contact with us for more information.

Working out Corporation Tax on calculator

How to Pay Corporation Tax

As a limited company based in the UK, you must legally pay Corporation Tax on all taxable profits regardless of where in the world the profit was made. This guide explains everything you need to know about Corporation Tax, including what it is, when it’s due, how to work out how much you owe based on the Corporation Tax rate, and how to go about paying Corporation Tax.

 

What is Corporation Tax?

All UK-based limited companies must pay Corporation Tax. Foreign companies with a UK branch or office are also required to pay tax on the profits made in the UK, along with clubs, co-operatives, and other unincorporated associations.

For organisations based in the UK, the tax applies to all taxable profits whether the money came from work completed in the country itself or abroad. More specifically, your company or association must pay Corporation Tax on the money it makes from:

  • Its usual business (referred to as your ‘trading profits’);
  • Sale of assets for more than they cost (known as ‘chargeable gains’);
  • Investments.

Bear in mind that you won’t receive a bill for Corporation Tax and the onus is on your organisation to arrange the payment – you must first register with the Government, which can be done online via the gov.uk registration page.

 

When is Corporation Tax due?

The deadline for paying Corporation Tax is dependent on the profits your organisation makes:

  • If your taxable profits are less than £1.5 million, you have 9 months and 1 day after the end of your accounting period to pay the Corporation Tax owed (in most cases, your accounting period will be the same as the financial year of your business).
  • Organisations with taxable profits in excess of £1.5 million must pay Corporation Tax in a series of instalments: the first instalment must be paid within 9 months and 1 day of the accounting period ending, then subsequent instalments are usually required every 3 months from then on.

Ensure that you have paid the amount owed by your deadline – if you miss a deadline, your organisation will be charged interest on the outstanding amount. On the other hand, if you pay your Corporation Tax early, HMRC will pay interest to your business.

In situations where your deadline falls on a bank holiday or weekend, make sure that your payment goes through by the last working day before this.

 

How to work out Corporation Tax

As part of your Company Tax Return, you’ll need to work out how much Corporation Tax your organisation owes. The current Corporation Tax rate in the UK is 19%. From the 1st April 2023, Corporation Tax will increase to 25% for profits of over £250,000 (see the government announcement to learn more).

To work out how much Corporation Tax you owe, first calculate your total profits for the accounting period (including chargeable gains and investments). Subtract from this the value of costs associated with running your business, including allowances on assets you’ve bought such as:

  • Equipment
  • Machinery
  • Business vehicles

Consult the gov.uk ‘Allowances and tax reliefs’ page for more detailed information on the deductions you can make.

The amount left after deducting allowances is your taxable profit for Corporation Tax. The amount you owe is based on the rate during the accounting period in question – this would be 19% of the taxable profit at present.

If the rate of Corporation Tax changed during your accounting period, then separately work out the tax due during the period before the rate was changed and during the time after. Add these two amounts together to get your total Corporation Tax owed for the accounting period.

 

How do I pay Corporation Tax?

There are several payment options for Corporation Tax, each of which takes a different number of days for your transfer to clear. Check how long your chosen payment method will take and make sure to allow enough time for the payment to go through in time for the deadline.

Regardless of which option you choose, you’ll need to have your 17-digit Corporation Tax reference number for the accounting period to hand. Before you make your payment, make sure you’ve submitted your Company Tax Return, which includes the amount of tax you owe.

Same-day payments

If you’d like your payment to go through on the same day, you can either pay via Clearing House Automated Payment System (CHAPS) or Faster Payments (online or over the phone). 

Three working day payments

BACS transfers, Direct Debits, online payments, and in-person payments at banks or Post Offices take around three working days in most cases. Paying corporation tax online is easy – just visit the gov.uk ‘Pay your Corporation Tax’ page

Five working day payments

The first time you set up a Direct Debit for recurring Corporation Tax payments, it should take around five working days for the payment to go through.

 

Checking your payments

Once you’ve paid your Corporation Tax, you should log in to your HRMC account to ensure that your payment has been received (your account will usually be updated within a few days of you making the payment).

 

Should I tell HMRC if there is no tax due?

Even if you calculate in your Company Tax Return that you have no Corporation Tax outstanding, your organisation is legally required to notify HMRC of this. You can inform them either by completing a ‘nil payment’ form on the HMRC ‘No Corporation Tax payment due’ page or by returning a signed Corporate Tax payslip for the accounting period marked with the words ‘NIL due’.

 

This guide has explained how to pay Corporation Tax, as well as providing all of the information you need on deadlines and how to work out how much your organisation owes.

We can help you with your Corporation Tax by:

  • Informing HMRC that your company is liable for Corporation Tax
  • Working with you to calculate how much you owe, and ensuring that you meet your deadline
  • Establishing any allowances and reliefs your business may be eligible for

Get in touch today to learn more.

UK Budget 2021: The Key Points

Today, Chancellor Rishi Sunak announced the 2021 Budget, laying out plans on how the country will recover from the economic effects of coronavirus.

Sunak’s plans detailed how a further £65 billion worth of support will be introduced, as well as several other announcements that will affect businesses, the self-employed and working families. Here is a breakdown of everything you need to know.

Further COVID-19 support

The chancellor delivered some key points surrounding support following coronavirus:

  • Furlough will be further extended up until September 2021. The Government will continue to pay 80% of employees’ wages for hours that they cannot work. Employers will be asked to contribute 10% in July and 20% in August.
  • The self-employed will receive further help as it was announced that the Self-Employment Income Support Scheme will be extended up until September 2021, covering 80% of average trading profits up to £7,500. These schemes will also become more accessible as the access to the grant is widened: if you filed a tax return for the 2019-20 tax year, you will now be eligible to claim for the first time.
  • The £20 uplift in Universal Credit will be extended for another six months. A one-off payment of £500 will be available to eligible Working Tax Credit claimants.

 

Help for businesses

There have been several new plans announced to help businesses:

  • From April 2021, businesses will be able to claim a new Restart Grant to help them open following the coronavirus pandemic. These are a one-off cash grant of up to £18,000 for hospitality, accommodation, leisure, personal care and gym businesses. Retail businesses could claim up to £6,000.
  • A new Recovery Loan Scheme was announced, meaning that businesses of any size could get a loan of between £25,001 and £10 million to help businesses through the next stage of recovery.
  • The apprentice hiring incentive has now doubled meaning businesses will now receive a payment of £3,000 if employers hire a new apprentice between 1st April 2021 and 30th September 2021.
  • An additional £300 million in support will be provided to the arts to support theatres, museums and other cultural organisations.
  • The 100% business rates holiday will continue until June and then will be cut by two-thirds for the remainder of the year.
  • A Help to Grow business scheme had been announced to provide free training and discounts on productivity software to help businesses grow – you can apply for the Help to Grow scheme here.
  • All small to medium-sized businesses will be able to continue to claim up to two weeks of eligible Statutory Sick Pay costs per employee from the government.
  • Businesses will be able to carry back losses of up to £2 million for up to 3 years to support cashflow.

 

Taxation

  • The VAT cut for the hospitality sector will stay at 5% until 30th September, at which point it will then change to 12.5% for 6 months until April 2022.
  • Alcohol and fuel duty had been frozen.
  • Corporation Tax will increase to 25% in 2023. Businesses with a trading profit of £50,000 or less will be taxed at 19%. Businesses with profits greater than £250,000 will be taxed at 25%.
  • A new super-deduction will be introduced which will cut companies tax bills by 25p for every pound they invest in new equipment.

 

Housing

  • The Chancellor announced that 95% mortgages will return meaning first-time buyers have the option to buy a home worth up to £600,000 with a 5% deposit
  • The temporary cut in residential Stamp Duty Land Tax (NIL to £500,000) has been extended to 30th June 2021. From 1st July to 30th September 2021, the NIL rate band will be reduced to £250,000 before going back to £125,000 as from 1st October 2021.

 

National Living Wage & personal tax threshold

  • The National Living Wage will increase to £8.91 as of April 2021.
  • The personal tax threshold will freeze at £12,500 up until April 2022, after which point it will increase to £12,570 and then freeze again until April 2026.
  • The higher rate income tax threshold will be frozen at £50,270 from April 2022 to 2026.

 

If you need further advice following the proposed changes announced by Rishi Sunak, you can contact our team today and we will be more than happy to answer any queries you may have.