Tel: 01492 593345 | Email: contact@garethhughes.co.uk | The Round House, Glan-Y-Mor Rd, Llandudno Junction, Conwy LL31 9SN
Gareth Hughes & Co is the trading name of Gareth Hughes & Company Ltd, registered in England and Wales, Company number 06248470. Registered Office: The Round House, Glan-y-Mor Road, Llandudno Junction, Conwy, LL31 9SN.
Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details of our audit registration can be viewed at https://www.auditregister.org.uk under reference number C001524264
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AUTO-ENROLMENT HAS HELPED WORKERS SAVE £114 BILLION INTO PENSIONS
/in Financial /by Matthew WilliamsWorkers have saved more than £114 billion into their pension pots since pensions automatic enrolment was implemented ten years ago, according to data published by the Department for Work and Pensions (DWP).
The data showed that more than 10.7 million employees were paying into a workplace pension in 2021. The proportion of young people saving into a pension has more than doubled since the introduction of pensions auto-enrolment in 2012, according to the statistics.
The government says it intends to continue work to further boost the amount of people in a workplace pension. It says it will explore how auto-enrolment can ‘go even further to help more people save more, sooner‘ by abolishing the Lower Earnings Limit for pension contributions and reducing the eligible age to 18.
Laura Trott, Minister for Pensions, said:
‘Automatic enrolment has completely transformed how people save – with staggering results. In the ten years since its introduction, 10.7 million people have started saving for their pensions with this easy-to-use scheme. We have also seen a huge and much needed increase in women and young people being enrolled into a pension.’
Internet link: GOV.UK
MERRY CHRISTMAS AND A HAPPY NEW YEAR
/0 Comments/in Financial /by Matthew WilliamsMerry Christmas and a Happy New Year from all at Gareth Hughes & Co.
Our office will close at 1pm on Friday 23 December 2022 and re open at 9am on Tuesday 3 January 2023.
TAX BURDEN RISES FOLLOWING AUTUMN STATEMENT
/in Financial /by Matthew WilliamsThe UK’s tax burden will rise after Chancellor Jeremy Hunt reduced the threshold on the top rate of tax and announced freezes on other taxes in the Autumn Statement.
The threshold for the top 45% additional rate of income tax was cut to £125,140 from £150,000.
The government is also fixing other personal tax thresholds within income tax, NICs and inheritance tax for an additional two years, until April 2028.
The Dividend Allowance will be reduced from £2,000 to £1,000 next year and £500 from April 2024.
In addition, the capital gains tax exemption will be reduced from £12,300 to £6,000 next year and then to £3,000 from April 2024.
As energy prices continue to drive inflation, the Chancellor confirmed that the Energy Price Guarantee will be extended for a year from April 2023. However, the level at which typical bills are capped will increase to £3,000 a year from £2,500.
The windfall tax on the profits of oil and gas firms was increased from 25% to 35% and extended until March 2028.
The Chancellor also announced a £13.6 billion package of support for business rates payers in England. To protect businesses from rising inflation, the multiplier will be frozen in 2023/24, while relief for 230,000 businesses in the retail, hospitality and leisure sectors was also increased from 50% to 75% next year.
Mr Hunt also confirmed the National Living Wage (NLW) will rise from £9.50 to £10.42 an hour, while the triple lock on state pensions was protected.
The Chancellor said:
‘There is a global energy crisis, a global inflation crisis and a global economic crisis. But today with this plan for stability, growth and public services, we will face into the storm. Because of the difficult decisions we take in our plan, we strengthen our public finances, bring down inflation and protect jobs.’
Internet links: GOV.UK