Downing Street

Autumn Statement Summary 2022

On 17th November, Chancellor Jeremy Hunt announced the Autumn Statement 2022, which was the third fiscal statement this year.

To help digest the main areas covered in the Autumn Statement, we have separated the significant points into those which have been frozen and those which have changed.


  • Basic rate of income tax to remain at 20% and additional rate at 45% for 2023/24
  • Most tax rate bands frozen at current levels until 5 April 2028
  • No changes announced to pension tax reliefs
  • Inheritance tax thresholds also frozen until 5 April 2028
  • VAT registration threshold frozen at £85,000 for two more years, to 31 March 2026


  • 45% rate will apply to income above £125,140 in 2023/24
  • Dividend income and capital gains to be more heavily taxed from 2023/24
  • Corporation tax rate increase to 25% from 1 April 2023 restored
  • SME R&D Scheme rate changes to bring more in line with RDEC Relief
  • Business Rate changes and targeted reliefs announced for 2023/24

For further details on these key areas, and to view our full summary of the Autumn Statement 2022, click the link below to download our summary.

If you have any questions relating to any of the areas within the Autumn Statement, please contact us via our contact page.


Liric Accountants join Ad Valorem Group

We are extremely pleased to announce that as of Monday 3rd October LIRIC Accountants have joined Ad Valorem Group.

Ad Valorem are a family owned, award-winning practice based in Old Wolverton, near Milton Keynes. We have been working with Ad Valorem for several months and it became clear early on that we share a number of similarities when it comes to providing support to our clients.

Commenting on the completion, LIRIC founder Lisa Compton commented…

“LIRIC is delighted to now be part of the Ad Valorem family. My team and I are excited about joining an award-winning practice that shares the same values. We look forward to helping Ad Valorem grow into the Cambridge area and are confident that our existing clients will continue to experience great service and at the same time gain access to additional technical expertise, to support their own personal and business needs.”

Lisa Compton – LIRIC Accountants Founder

Joint Ad Valorem Group Managing Director, Nikki Adams added…

“The acquisition of Liric Accountants is an exciting addition to the Ad Valorem Group.  Extending our reach for both talent and clients into the innovation hotspot of the Cambridge area, Liric’s digital presence fits extremely well with our existing Milton Keynes operation. We are extremely excited to have Annette, Eva, Amber, Donna, Jill and Lisa join the Ad Valorem family and look forward to getting to know their clients.”

Nikki Adams – Ad Valorem Group Managing Director

Liric Emergency Budget Summary 2022

Last Friday Chancellor Kwasi Kwarteng set out an Emergency Budget for the UK, focused on growth. He outlined three priority areas: reforming the supply side of the economy, maintaining a responsible approach to public finances, and cutting taxes to boost growth. 

Kwarteng’s budget has been described as the biggest tax cutting budget for half a century. We have highlighted the significant points from the Chancellors budget below:

  • Reversal of the April 2022 increase in National Insurance rates with effect from 6 November 2022 
  • Cancellation of the Health and Social Care Levy that was to be introduced in April 2023 
  • Cancellation of the 1.25% addition to dividend tax rates that was introduced in April 2022, with effect from April 2023 
  • Basic income tax rate cut to 19% a year early, from April 2023 
  • Abolition of 45% rate of tax on incomes above £150,000 from April 2023 
  • Cancellation of planned corporation tax increase to 25% in April 2023: the rate will remain 19% 
  • Increases in thresholds for Stamp Duty Land Tax with immediate effect 
  • From April 2023, repeal of the ‘off-payroll working’ measures introduced in 2017 and 2021 
  • Confirmation of energy cost support packages

For further details on these key areas, along with a full summary of the Emergency Budget 22/23, click the link below to download our summary. 

If you have any questions relating to any of the areas within the Emergency Budget, please contact us .


Liric Emergency Budget Summary 2022

Working from Home expenses claim information for 21/22 tax return

For the 21/22 tax year, for employees and Directors, there are 3 options, the simplest being option 1 below:

  1. Claim £6 per week – You’ll get tax relief based on the rate at which you pay tax. For example, if you pay the 20% basic rate of tax and claim tax relief on £6 a week you would get £1.20 per week in tax relief (20% of £6). HMRC recognise the ongoing lockdown restrictions that were in place during 21/22 and are accepting a full years claim for employees who are eligible . To be eligible for tax relief you must carry out work which forms all or part of the central duties of your employment and in doing so, you must have additional costs, such as heating, metered water bills or business calls, that are incurred as a direct result of working from home. They don’t include costs that would stay the same whether you worked at home or in an office.

    Please note that after 5/4/22, the relaxed rules will come to an end which means that homeworking arrangements need to be in place between the employer and the employee (usually via the employee’s contract)

  2. Claim a % of actual expenses – HMRC suggests the acceptable costs are:
    • Gas and electricity/heating
    • Metered water
    • Business phone calls
    • Other specific costs incurred such as business insurance, repairs of business equipment, cleaning materials to clean your work area (Covid being the reason)Mortgage Interest, Rent, Rates are not allowable as HMRC say that costs must be ‘wholly and exclusively for business’ and HMRC are unconvinced that employees/directors meet this criteria.

  3. Rent part of your home to your company – To do this you need to create a licence agreement with your company in order to allow it to occupy part of your property. It then pays you rent and you then claim all your expenses under Self-Assessment. This means you will need to complete the property section of the Self-Assessment return as you are effectively becoming a commercial landlord but it means you can recover all relevant overheads and variable costs, mortgage interest ( the relevant %)  would only be eligible for Finance cost allowance and hence may be further restricted.

    Whilst your home is usually exempt for Capital Gains Tax (PRR) your home office once rented out will not be.

View and download the above as a PDF:

Working form home expenses claim information for 2021-2022

Marriage Allowance Claim Information

Download PDF below:

Marriage Allowance Claim Information


Marriage Allowance

HMRC link –

How it works

Marriage Allowance lets you transfer £1,260 of your Personal Allowance to your husband, wife or civil partner.

This reduces their tax by up to £252 in the tax year (6 April to 5 April the next year).

To benefit as a couple, you need to earn less than your partner and have an income of £12,570 or less. Your partner’s income must be between £12,571 and £50,270 (£43,662 in Scotland) for you to be eligible.

You can backdate your claim to include any tax year since 5 April 2018 that you were eligible for Marriage Allowance. If your partner has since died you can still claim – phone the Income Tax helpline.

You can calculate how much tax you could save as a couple. You should call the Income Tax helpline instead if you receive other income such as dividends, savings or benefits from your job. You can also call if you do not know what your taxable income is.


Your income is £11,500 and your Personal Allowance is £12,570, so you do not pay tax.

Your partner’s income is £20,000 and their Personal Allowance is £12,570, so they pay tax on £7,430 (their ‘taxable income’). This means as a couple you are paying Income Tax on £7,430.

When you claim Marriage Allowance you transfer £1,260 of your Personal Allowance to your partner. Your Personal Allowance becomes £11,310 and your partner gets a ‘tax credit’ on £1,260 of their taxable income.

This means you will now pay tax on £190, but your partner will only pay tax on £6,170. As a couple you benefit, as you are only paying Income Tax on £6,360 rather than £7,430, which saves you £214 in tax.

Who can apply

You can benefit from Marriage Allowance if all the following apply:

  • you’re married or in a civil partnership

  • you do not pay Income Tax or your income is below your Personal Allowance (usually


  • your partner pays Income Tax at the basic rate, which usually means their income is between £12,571 and £50,270 before they receive Marriage Allowance

You cannot claim Marriage Allowance if you’re living together but you’re not married or in a civil partnership.

If you’re in Scotland, your partner must pay the starter, basic or intermediate rate, which usually means their income is between £12,571 and £43,662.

It will not affect your application for Marriage Allowance if you or your partner:

  • are currently receiving a pension

  • live abroad – as long as you get a Personal Allowance.

If you or your partner were born before 6 April 1935, you might benefit more as a couple by applying for Married Couple’s Allowance instead.

You cannot get Marriage Allowance and Married Couple’s Allowance at the same time.

Backdating your claim

You can backdate your claim to include any tax year since 5 April 2018 that you were eligible for Marriage Allowance.

Your partner’s tax bill will be reduced depending on the Personal Allowance rate for the years you’re backdating.

If your partner has died since 5 April 2018 you can still claim – phone the Income Tax helpline. If your partner was the lower earner, the person responsible for managing their tax affairs needs to phone.

Stopping Marriage Allowance

Your Personal Allowance will transfer automatically to your partner every year until you cancel Marriage Allowance – for example if your income changes or your relationship ends.

How to apply

It’s free to apply for Marriage Allowance.
If both of you have no income other than your wages, then the person who earns the least should make the claim.
If either of you gets other income, such as dividends or savings, you may need to work out who should claim. You can call the Income Tax helpline if you’re unsure.
Changes to your Personal Allowances will be backdated to the start of the tax year (6 April) if your application is successful.

How your Personal Allowances change

HM Revenue and Customs (HMRC) will give your partner the allowance you have transferred to them either:

  • by changing their tax code – this can take up to 2 months

  • when they send their Self Assessment tax return

If your new Personal Allowance is lower than your income after you’ve made a claim, you might have to pay some income tax. However, you might still benefit as a couple.

How your tax code will change

You and your partner will get new tax codes that reflect the transferred allowance. Your tax code will end with:

  • ‘M’ if you are receiving the allowance

  • ‘N’ if you are transferring the allowance

Your tax code will also change if you’re employed or get a pension.

Before you apply

You need your National Insurance number and your partner’s.

If you have come to the UK and you do not plan to work or study, you cannot get a National Insurance number. Phone the Income Tax helpline to apply for Marriage Allowance.

You also need a way to prove your identity. You can use any 2 of the following:

  • your P60

  • one of your 3 most recent payslips

  • your UK passport details

  • information held on your credit file (such as loans, credit cards or mortgages)

  • details from your Self Assessment tax return (in the last 3 years)

  • your Northern Ireland driving licence

Apply online

The quickest way to apply for Marriage Allowance is online. You’ll get an email confirming your application within 24 hours.

Other ways to apply for Marriage Allowance

You can apply for Marriage Allowance through your personal account , under ‘services you might need’.

You can also call HM Revenue and Customs (HMRC) to make an application.

You will need to know you and your partner’s National Insurance number.

You can call HMRC on:

Telephone: 0300 200 3300
8am to 8pm, Monday to Friday
8am to 4pm, Saturday. Closed Sundays and bank holidays.
Phone lines are less busy before 10am, Monday to Friday.

Pre Year end tax planning

Here is a pre year end planning checklist which has been put together by our associated Independent Financial Advisors at Continuum.  If you would like any further information on any of the topics mentioned please do get in touch with us or contact Terri Hall at Continuum direct.

Please remember that any additional contributions to personal pension schemes or payments into EIS schemes (or similar) need to be made BEFORE 5/4/22. To make sure that you use your tax allowances for 2021/22 and minimise your tax bills, its important to make sure that you have this planned in advance to allow the providers to get the relevant paperwork in place.

Liric – Tax Year End Planning Checklist

Autumn 2021 – Budget Report

Yesterday the Chancellor Rishi Sunak presented his third Budget and set out plans to “build back better” – whilst there was not a lot of new information, our Budget Report summary recaps  the current tax rules and forthcoming changes.

Budget Newsletter – Autumn 2021

2021 Budget Review

With the UK having been adversely affected by the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak presented the 2021 Budget against a backdrop of ongoing economic hardship.

Our Budget Summary (see the link at the bottom of the page) provides an overview of the key announcements arising from the Chancellor’s speech. Measures for businesses include the extension of the furlough scheme until September, a £5 billion restart grant fund as England comes out of lockdown and an increase in corporation tax scheduled for 2023. 

Meanwhile drivers will benefit from a freeze in fuel duty and homebuyers will welcome an extension of the stamp duty holiday.

Thankfully there are no immediate changes to VAT threshold, tax rate on dividend income or national insurance rates as had been feared. The increased corporation tax rate to 25% from April 2023 will potentially have an impact on how company profits are most tax-efficiently extracted and we will be looking at this further once more detailed information becomes available.

Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally, as well as a handy 2021/22 Tax Calendar.  

Don’t forget, we can help to ensure that your accounts are accurate and fully compliant. We can also suggest strategies to minimise your tax liability and maximise your profitability.  

If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Budget speech, please do get in touch or call on 01763-853633

Please find our budget newsletter below:

Budget newsletter February 2021

Changes to the Coronavirus Job Retention Scheme – written 12 June 2020

This guidance page was updated on 12 June to include details on how the scheme will change from 1 July. The first time you will be able to make claims for days in July will be 1 July, you cannot claim for periods in July before this point. 31 July is the last day that you can submit claims for periods ending on or before 30 June. Read more below:

Changes to the Coronavirus Job Retention Scheme

C19 Business News Update

Today face masks become compulsory on public transport in England and the Government has outlined its recovery strategy.

The Coronavirus job retention scheme rules (CJRS) are changing, and these are outlined below and other Government news.

At the end of the newsletter are details of allowable expenses for home working.

Please contact us if you have any queries. Stay safe! Read more below:

C19 Business News Update