The Nationwide Building Society has paid what is described as a 'fairer share' of £100 each to around three million of its customers.

The main income tax thresholds and allowances had already been frozen at the 2021-22 levels until 2026 and that has been extended to 6 April 2028. The main income tax rates are unchanged for 2023-24 at: 20%, 40% and 45%.

In 2023-24 the cut in the dividend allowance will cost a basic rate taxpayer £87.50; a higher rate taxpayer £337.50; and an additional rate taxpayer £393.50 assuming that these individuals would use the full allowance

Many self-employed people will find January 2023 a tough month as it is predicted that domestic fuel bills will increase again and income tax payments will be due.

Your online personal tax account (PTA) is a useful source of information about your personal tax position and allows you to communicate with HMRC quickly and easily.

Scammers are very aware of the tax payment deadlines and will step-up their efforts to divert payments from taxpayers to their own bank accounts.

Personal tax rates have been held steady for a few years, so it made no difference whether you extracted funds from your company in one tax year or the next.

The tax payable on dividends is set to rise from 7.5% to 8.75% for basic rate taxpayers from 6.4.22. Higher rate taxpayers will pay 33.75% on dividends and additional rate taxpayers must budget for dividend tax of 39.35%. These rates will apply to all dividends taken from all companies where the total dividend income exceeds the dividend allowance which has been held at £2,000 for 2022-23.

B20 Wessex, Spring Budget 2021 Tax Briefing

Management accounting can help develop a clear picture of your monthly performance, financial year to date, performance against budget and previous years.