With the rates of national insurance contributions (NICs) having increased by 1.25% from 6 April 2022, fringe benefits have a definite tax advantage when compared to conventional salary. Even if there is not much, if anything, in the way of income tax saving, directors and employees can avoid NICs at 13.25% or 3.25%. Certain tax-advantaged fringe benefits will also mean no, or little, NICs at 15.05% for the employer, with these types of benefit particularly suited to a salary sacrifice arrangement.

All too often, people put off estate planning. This is understandable as, rather than preparing for the here and now, it requires you to consider what will happen when your life is over, hardly something most of us rush to contemplate.

The whole tax system has grown increasingly elaborate, thanks to revenue-raising tweaks such as the taxation of child benefit and multiple reforms of dividend taxation. As more changes are introduced, the complexities increase.

If you work as a contractor, there are three different possible tax treatments which could apply to your engagements depending on your circumstances. For contracts not subject to the off-payroll working (IR35) rules, whether working in the private or public sector, you will
be in a position to withdraw profits on a very advantageous tax basis.

If you are a high earner and feel you are paying more and more tax, you are not alone. Increasing the tax burden for higher earners has been a deliberate policy of successive governments. Higher and additional rate taxpayers now pay about two thirds of all income tax.

Tax does not disappear once you start the retirement process. While your income is likely to fall when you cease work completely, you will still have an income tax liability if your pension and other incomes exceed your available allowances.

Although virtually all Covid-19 restrictions have now been removed, anyone contemplating starting a new business, especially a bricks and mortar one, needs to be wary of current economic conditions. Higher energy and fuel prices will not just mean increased costs for your business, but less spare cash for consumers to spend.

Your plans will also need to factor in the current high rate of inflation, increased borrowing costs following four Bank of England base rate increases since December 2021, plus staffing shortages.

The income tax system has changed significantly in recent years. Until the spring 2021 Budget, governments had focused on increasing the personal allowance, but despite this the number of income tax payers today is much the same as in 2010/11 and will increase sharply in the next few years because of the freezing of the personal allowance.

At the same time, the share of income tax paid by those with higher incomes has increased: the share of total income tax receipts paid by the top 25% of taxpayers rose from 71.3% in 2010/11 to an estimated 76.0% in 2021/22.

The current high level of annual investment allowance for plant and machinery means that for many businesses there is no immediate difference between capital and revenue expenditure.

For companies, the situation might be even better than this because of the introduction of a 130% super-deduction which is available until 31 March 2023. However, where such reliefs are not available, it is important that you benefit from any other available tax relief for capital expenditure.

Although there are some signs of the housing market cooling off, prices continue to rise and the market is still much busier than it was before the pandemic. The October 2021 Budget and March 2022 Spring Statement have come and gone without any adverse property tax changes; in particular, property income has avoided the 1.25 percentage point tax rate increase applicable to most other types of income, including dividends. However, four Bank of England base rate increases since December 2021 have pushed up borrowing costs. This, together with the current high rate of inflation, looks like it will lead to more modest price increases going forward.