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Tax Update 2022 (PDF)

A PDF Report about...

In a nutshell

This Special Report covers all the major changes to UK tax law up to May 2022 including the Finance Act 2022. Over the course of  the last year the government has announced changes to the tax and NI regimes to raise revenue to help cover the cost of the pandemic. More recently it has had to back pedal on these to help taxpayers under pressure from ballooning inflation. This, added to the changes to the taxation of the self-employed and the continuing move to Making Tax Digital has made the tax landscape more difficult than usual to navigate. Fortunately, this Special Report explains the most important changes in plain English with examples to help you apply them in practice.

In detail

Our Special Report looks at all the key aspects of the latest changes including the:

  • End of the extension period for trading losses relief
  • 1.25% rise in NI and some tax rates increase for 2022/23
  • Abolition of basis periods for calculating taxable profits for the self-employed
  • In-year increase in NI thresholds
  • Making Tax Digital requirements for VAT returns
  • End of the temporary uplift of the annual investment allowance
  • Tax and NI incentives for freeports
  • Creation of the VAT import one stop shop and other post-Brexit measures

With this Special Report, you'll quickly understand the dos and don'ts and the consequences of the the 2022 tax regime for you and your business. It's all you need to play it safe and prepare for additional changes to the tax rules that are already in the pipeline.

We've created this PDF Report especially for... 

Company owners and directors, in-house accountants and individuals that want to:

  • Get a clear view of the new tax and NI rules and mitigate their effects
  • Keep their business and/or personal tax bill down

Tax advisors and accountants that want to:

  • Get to grips with the new tax/NI rules
  • Help their clients save tax

In this PDF Report you'll read about...

Personal tax and National Insurance

Income tax rates and allowances 2022/23

National Insurance

Pensions - lifetime limit

ISAs, Junior ISAs and Child Trust funds

Social Investment tax relief (SITR)

HMRC rates of interest

Inheritance tax (IHT)

Business taxes

Corporation tax (CT) rate

Corporation tax - marginal relief

Loss relief

Trading losses extension to relief rules - companies

Trading losses extension to relief rules - unincorporated businesses

Making Tax Digital for Income Self-assessment (MTD ITSA)

Abolition of basis period for determining taxable profit

Transitional profit spreading

Group relief for European Economic Area (EEA) losses

Research and development (R&D)

Capital allowances

Annual investment allowance (AIA)

Capital allowances in freeports

Employment and employment taxes

Changes to NI rates and thresholds for employers

National minimum wage and national living wage increases

Statutory rates

Student loans and postgraduate loans

Flat rate expenses tax deduction

Income tax exemption and NI disregard for coronavirus tests

Income tax and NI exemption for employer-provided equipment for homeworking

Claims for NI refund for employers of veterans

End of easement of cycle-to-work scheme rules

Statutory sick pay (SSP) - coronavirus

Claims for relief on job expenses

Benefits and expenses reporting - Forms P11D

Off-payroll (IR35) penalties

VAT

Post-Brexit changes

Delay of new penalty regime

MTD for VAT

Energy-saving items

Property taxes

Business rates loophole

Relief for freeports

Capital gains tax

Annual exemption

Residential property disposals

CGT on divorce or separation

Extension of rollover relief

Other changes

Plastic packaging tax (PPT)

Inheritance transferable tax nil rate band claims

HMRC discovery powers

Residential property developer tax (RPDT)

Appendices

Appendix 1

Appendix 2

Appendix 3

Appendix 4

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