Search Results

Your profit and loss account as it was known when I trained (P&L), helps you understand your business performance and profitability over time. Nowadays it is sometimes called an Income statement, including in statutory company accounts and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a month, quarter, financial year or any other period, and it can be a stand-alone report or a comparative period report. Together with the balance sheet, these two reports provide a comprehensive understanding of the financial position and performance of a business. Companies sometimes include a cashflow statement as part of their financial reports, especially larger companies. The profit and loss account has two main sections: income and expense These may be further subdivided depending on the complexity of the business and reporting requirements. Income or Revenue Income primarily includes main business activities such as sale of goods or services. Other income such as interest received, capital gains or income from secondary business activities is also reported. Expenses Expenses are usually divided into two sections: direct costs, or cost of goods sold, and expenses. Cost of goods are those that are directly linked to the provision of services or sale of goods. For example, if you buy widgets from a wholesaler and sell them at a marked-up value, the cost of the widgets is a direct cost, not an overhead expense. Other types of direct costs might be importing and freight costs, contractor costs or certain equipment. Some direct costs are fixed, that is, they are the same from month to month, or they could be a fixed percentage of sales; others vary in value but are still related to the income producing activities. Overhead expenses are all the other expenses required to run the business, regardless of the level of income: for example, rent, utilities, bank fees, bookkeeping fees, professional development costs, vehicle costs and staff costs. Many of these costs form the basis of working out your break-even point, or how much it costs just to open the doors for business. There are some expenses which may be reported as a direct cost in one business but an indirect cost in another type of business, for example, merchant fees or contractor costs. The Bottom Line Total income minus total expenses results in the net profit (or loss), is often called ‘the bottom line’. Often business owners are just interested in looking at the bottom line, but a true financial picture requires an understanding of several reports and an ability to see the big picture that the reports are illustrating. The P&L is a vital tool to analyse for trends over time. What does your P&L tell you about relationships and ratios between sales and expenses, seasonal changes and annual trends? Have all your direct costs been allocated correctly? Have you recouped all billable expenses from customers? Financial statements help you understand the big picture for your business. With deeper understanding of your business operations and performance you can make informed decisions about your business finances. Book a FREE call of up to 20 minutes to go through this with Gayle, an experienced Chartered Accountant who loves to help small business owners get better value out of their accounts and financial reports!

Here at GWA Accountancy, we work with our 'Full Accounting' and 'Advanced Accounting' clients as standard, to help them check whether they have made the most of their available tax allowances. Having posted about this before, it is worth revisiting the tax allowances for 2022/23. There is still sufficient time to take advantage of some if not all of the available tax allowances which might otherwise be left on the table. To reiterate what was said in the earlier blog, back in March 22 just before the end of 2021/22 - it really is a case of 'use them or lose them' where tax allowances are confirmed, as they don't roll over to the following tax year. What tax allowances are available? Personal Allowance It may sound obvious, however there are times when some or all of a personal allowance might not get used by individuals, despite having available income sources to draw upon. Examples include, i) when a sole trader decides to incorporate part-way through a tax year, doesn't have a full year of sole trader profits to report on their tax return with the level of their taxable profits falling below the level of their personal allowance in the year their business incorporated. If the business owner then does not get a payroll scheme set up in sufficient time to draw a salary and/or the company doesn't pay any dividends, then the unused proportion of the business owners personal allowance would be lost for that year. Tax Tip: If the new owner/Director of the company continues to draw cash without voting a dividend or running it through the payroll as salary, then the company may suffer a hefty, 33.75% tax charge (it was 32.5% in 2021/22) if not repaid. This is effectively the higher rate of dividend tax. Worked scenario: A sole trader and basic-rate tax payer, Elsie, incorporates her business from 1st July 2022. For the final sole trader period ending 30th June 2022, £7,000 of taxable profits arise. These profits are reported on the Elsie's 2022/23 tax return. Elsie works a 70 hour week, sometimes more and has not had time to speak to her accountant to plan the best strategy to extract profits from her company. As Elsie has other available income to tide her over, she uses it to temporarily cover her bills, whilst she carry on getting her current workload and company administration tasks arising from the incorporation under control. As Elsie neither drawn a salary or voted a dividend, unless she does so by 5th April 2023, she will permanently lose out on: 1) using the remaining £5,570 of her 2022/23 personal allowance against salary (i.e. £12,570 personal allowance - £7,000 self-employed income = £5,570 unused personal allowance); AND 2) the £2,000 annual dividend allowance *see 'Dividends' below Tax Tip: In the example above, had Elsie had drawn £5,570 of salary from her company, not only would it have been tax-free for her personally as illustrated above, but Elsie's company would also have saved corporation tax at 19% for the year 22/23 (a corporation tax saving of £1,058), as salary is a tax deductible expense for a company. Dividends Assuming that Elsie's company is making sufficient profits to be able to pay out dividends, Elsie can also draw dividends from her company, as mentioned in the worked scenario above. If Elsie draws a £2,000 dividend from her company, in addition to the £5,570 salary, BOTH income streams will be tax-free. In effect, Elsie will have maximised the use of her £12,570 personal allowance and her £2,000 dividend allowance for the 2022/23 tax year. It should be mentioned that there will be 19% corporation tax to pay on company profits before the dividend allowance is used up, however, Elsie's company will still save Employer's National Insurance (NI) on the £2,000 of dividends and Elsie will not pay any tax on the dividends either. Elsie is not restricted to a £2,000 dividend limit, however any additional dividends she receives during 2021/22 will be subject to 7.5% tax assuming that she is a basic rate tax payer. Tax Note: Note that the basic rate dividend tax rate has increased by 1.25% from 6th April 2022 to support the NHS, health and social care. From 6th April 2022 you can find the relevant rates here https://www.gov.uk/government/publications/increase-of-the-rates-of-income-tax-applicable-to-dividend-income Other Allowances Capital Gains Tax Exemption So far we have considered maximising usage of an individual's personal allowance and also how a further £2,000 of tax-free income could be taken by the same individual, if they were a shareholder of their own limited company. Using our example of Elsie, if she also held an investment portfolio of shares, she might also wish to consider disposing of any shares that she is thinking of selling in the current tax year. Worked scenario: Elsie has a portfolio of shares and is considering selling all of her 100 shareholding in Dinky Things Plc, which would give rise to a gain of £8,000. She also wishes to sell her 50 shares in Nougat Days Plc, which would give rise to a £8,000 gain. If Elsie sells both of her shareholdings in Dinky Things Plc and also Nougat Days Plc, she would be entitled to use her £12,300 annual capital gains tax exemption to reduce the taxable gain to £3,700. However, Elsie could sell all of her shares in Dinky Things Plc for £8,000, plus only 26 of her Nougat Days Plc shares (for £160 each) in March 2023 and the remaining 24 shares in Nougat Days Plc on 7th April 2024, Elsie would be able to use up all of her £12,300 2022/23 capital gains allowance against the gains from the first share sale and use up some of her 2023/24 capital gains allowance against the second share sale - meaning that Elsie would pay no tax on the sale of these shares. NB. Please be aware that the above example is for illustration only and note that the share price for Elsie's remaining shares may change if she waits to sell some of her holding in 2023/24 Savings Interest, ISA Allowance and Pension Allowance So far Elsie has managed to think about the tax-free allowances available to her and she has utilised a number of these. There are a few extra tax-free allowances that Elsie might like to consider. As a basic-rate taxpayer Elsie can earn £1,000 of interest on savings that she invests in a savings account. It can take time to build up savings interest, despite the recent increases in interest rates, so Elsie would need to think about investing her savings as early as possible to earn sufficient interest to take advantage of this allowance during the 2022/23. Additional allowances that may also be available to basic-rate tax payer Elsie, include the opton to invest up to £40,000 tax-free into a pension, if she has not already started to draw money out of her pension, with tax relief restricted to the higher of £3,600 or net relevant UK earnings on her individual contributions. Also, Elsie's company can contribute into her pension for her whilst securing a tax saving, as subject to a few additional considerations, pension contributions are a tax deductible cost for Elsie's company. *This information should not be relied upon as tax advice and was based upon the relevant laws and guidance in force at the time of writing. Each businesses circumstances should be considered individually, as in our experience, every business and business owners circumstances are different therefore we strongly recommend that you speak to your accountant or contact us on (01908) 382475 if you have any further questions, as we would love to hear from you.

Are you confident in understanding the financial snapshot shown by your balance sheet? Book a FREE call now to analyse your reports with Chartered Accountant, Gayle Parnham. With over 20 years' experience preparing accounts and financial reports; Gayle has also reported and deciphered the meaning of financial reports - including the balance sheet - to sole traders, directors and management teams. So what’s involved? - The balance sheet has three sections: assets, liabilities and equity. What are Assets? Assets are things and resources that a company owns. They have current and/or future value and can be measured in currency. Assets may be subdivided on the balance sheet into bank accounts, current assets, (receivable within one year), fixed assets, inventory, non-current (or long term) assets, intangible assets and prepayments. These include banks and other financial accounts held, accounts receivable (trade debtors), supplier deposits or bonds, stock on hand, property, equipment, vehicles, investments and intellectual property. All of these can be translated into monetary value. What are Liabilities? Liabilities are amounts owed to suppliers and other creditors for goods or services already received. Liabilities may also include amounts received in advance for future services yet to be provided by the business. Liabilities are generally subdivided into current, (payable within one year), and non-current liabilities. These include accounts payable (trade creditors), payroll obligations (salaries, taxes, superannuation), interest, customer deposits received, warranties and loans. What is Equity? Equity includes owner funds contributed, drawings, retained earnings and stocks. The value of the equity equals assets minus liabilities. Transactions that affect profit and loss accounts also affect balance sheet accounts. For example, providing a service increases the accounts receivable balance, which therefore increases the equity. The Balance Sheet Equation The balance sheet must always balance! Asset value = liabilities + equity. For example, if you buy a new vehicle for the business at say 50,000, having paid a 10,000 deposit and taking out a 40,000 loan, the value of fixed assets increases by 50k, but the bank asset value decreases by the 10k deposit paid. The value of liabilities increases by 40k loan, thus leaving the balance sheet balanced on both sides of the equation. The balance sheet equation shows you how much money you would have left over if you paid all your bills and debts and sold all your assets at a given date. This amount is the Owner’s Equity. Note that the balance sheet equity total is not necessarily how much the business is worth at market value. The balance sheet equity total is a reflection of the historic cost of total assets less total liabilities. This is because assets are listed on the balance sheet at their transaction value, which may be very different from the market value. Some assets may be worth more, and others may depreciate in value. Business value is calculated not just on the balance sheet figures but many other factors. Need more information? Talk to us. Get the complete picture of your business performance and financial position, regardless of what stage of business you are at. Know your numbers and use them to help shape your business plans to support growth.

Managing your company's tax filing administration and payment deadlines for any tax due to HMRC can be a daunting prospect. However, managing these deadlines needn’t be a huge chore. We’ll help you identify the key dates, so you can stay in control of your filing and payment duties, avoid fines and help ensure peace of mind and a good nights sleep! Time to fire up your diary....... Why is it important to stay on top of tax filings and payments? Your Key Deadlines for the Coming Year Talk to us about planning your company deadlines Why is it Important to Stay on Top of Tax Filings and Payments? Keeping on top of the deadlines for your company filing and tax payments can be hard work. With so many elements to coordinate and keep track of, it’s easy for deadlines to occasionally slip through the cracks – potentially leading to fines, penalties and other issues, not to mention increasing your risk of a time consuming visit from HMRC. The key is to stay fully in control of your deadlines and to plan the key dates across the coming business year. Your Key Deadlines for the Coming Year To help you manage and plan your company deadlines effectively, we’ve created a list of the key dates – so you can add these to whichever calendar(s) you use and avoid costly penalties. Company-specific deadlines: File your first year accounts with Companies House - 1 year and 9 months (to the specific day) after your company's incorporation date File your annual accounts at Companies House - 9 months after your company's financial year-end. Pay your corporation tax (or tell HMRC that you don't owe any) - 9 months and 1 day after your accounting period for corporation tax ends. (Note: if your accounting period is longer than 12 months, the first deadline is 21 months and 1 day after the accounting period started, and the second one is 9 months and 1 day after the accounting period ends). File a Company Tax Return - 12 months after your accounting period ends. Submit your VAT return - 1 month and 7 days from the end of your VAT period. Make VAT payments - 1 month and 7 days from the end of your VAT quarter (1 month and 10 days if payment is by Direct Debit, giving you a slight cashflow advantage for opting to pay by direct debit). General deadlines: End of personal/payroll tax year - 5th April File P35 (Employed Annual Return) and P14 - 19th May Provide P60 to employees (for previous tax year) - 31st May Submit P11D, P11D(b) and P9D returns (for previous tax year) - 6th July Pay Class 1A National Insurance contributions to HMRC (for previous tax year) - 19th July Make second payment on account for personal tax (company Directors and sole traders) - 31st July Submit self-assessment tax return (if filing paper copy - company Directors and sole traders) - 31st October Make first payment on account for personal tax and balancing payment for previous year - 31st January Make Capital Gains Tax payment - 31st January (60 days after completion for gains re residential property) Final date to submit self-assessment tax return online for personal tax - 31st January PAYE and National Insurance Payments due - 19th calendar day of the month after the end of the month or quarter, as applicable (22nd for electronic payments). (For example; many people will think of payroll month 9 as being Dec when, actually, it runs up to 5th Jan. This makes a difference when running weekly payrolls. PAYE payments would be due on 19th/22nd Jan) There’s a full breakdown of limited company compliance requirements available on the HM Revenue & Customs website here. Talk to us about planning your company deadlines Coping with your company deadlines needn’t be a huge chore, if managed in the right way. Where we carry out the related activities (e.g. your corporation tax or VAT return processing) we’ll monitor those deadlines automatically for you. However, bear in mind that you remain legally responsible for these deadlines being met, and for any penalties if deadlines are missed. You can monitor the deadlines for all relevant company and tax activities, but remember to pay particular attention related to services that we are not carrying out for you. Having a clear timeline, with reminders in your online diary or your project management software, will help immensely. Email or call us to discuss your yearly tax planning or for a no-obligation FREE quote

Here at GWA Accountancy, we work with our 'Full Accounting' and 'Advanced Accounting' clients as standard, to help them check whether they have made the most of their available tax allowances. Before the 2021/22 tax year draws to a close, it is worth reviewing your own position as there may still be time to take advantage of some tax allowances which might otherwise be left on the table. Where tax allowances are concerned, it really is a case of 'use them or lose them' and for those who plan in advance, it is possible to use most if not all of these allowances in each tax year. What tax allowances are available? Personal Allowance It may sound obvious, however there are times when some or all of a personal allowance might not get used by individuals, despite having available income sources to draw upon. Examples include, i) when a sole trader decides to incorporate part-way through a tax year, doesn't have a full year of sole trader profits to report on their tax return with the level of their taxable profits falling below the level of their personal allowance in the year their business incorporated. If the business owner then does not get a payroll scheme set up in sufficient time to draw a salary and/or the company doesn't pay any dividends, then the unused proportion of the business owners personal allowance would be lost for that year. Tax Tip: If the new owner/Director of the company continues to draw cash without voting a dividend or running it through the payroll as salary, then the company may suffer a hefty, 32.5% tax charge if not repaid. Worked scenario: A sole trader and basic-rate tax payer, Elsie, incorporates her business from 1st July 2021. For the final sole trader period ending 30th June 2021, £7,000 of taxable profits arise. These profits are reported on the Elsie's 2021/22 tax return. Elsie works a 70 hour week, sometimes more and has not had time to speak to her accountant to plan the best strategy to extract profits from her company. As Elsie has other available income to tide her over, she uses it to temporarily cover her bills, whilst she carry on getting her current workload and company administration tasks arising from the incorporation under control. As Elsie neither drawn a salary or voted a dividend, unless she does so by 5th April 2022, she will permanently lose out on: 1) using the remaining £5,570 of her 2021/22 personal allowance against salary (i.e. £12,570 personal allowance - £7,000 self-employed income = £5,570 unused personal allowance); AND 2) the £2,000 annual dividend allowance *see 'Dividends' below Tax Tip: In the example above, had Elsie had drawn £5,570 of salary from her company, not only would it have been tax-free for her personally as illustrated above, but Elsie's company would also have saved corporation tax at 19% (a corporation tax saving of £1,058), as salary is a tax deductible expense for a company. Dividends Assuming that Elsie's company is making sufficient profits to be able to pay out dividends, Elsie can also draw dividends from her company, as mentioned in the worked scenario above. If Elsie draws a £2,000 dividend from her company, in addition to the £5,570 salary, BOTH income streams will be tax-free. In effect, Elsie will have maximised the use of her £12,570 personal allowance and her £2,000 dividend allowance for the 2021/22 tax year. It should be mentioned that there will be 19% corporation tax to pay on company profits before the dividend allowance is used up, however, Elsie's company will still save Employer's National Insurance (NI) on the £2,000 of dividends and Elsie will not pay any tax or NI on the dividends either. Elsie is not restricted to a £2,000 dividend limit, however any additional dividends she receives during 2021/22 will be subject to 7.5% tax assuming that she is a basic rate tax payer. Tax Note: Note that the basic rate dividend tax rate will increase by 1.25% from 6th April 2022 to support the NHS, health and social care. For all 2021/22 income tax band rates for dividends see https://www.gov.uk/tax-on-dividends and from 6th April 2022 you can find the relevant rates here https://www.gov.uk/government/publications/increase-of-the-rates-of-income-tax-applicable-to-dividend-income Other Allowances Capital Gains Tax Exemption So far we have considered maximising usage of an individual's personal allowance and also how a further £2,000 of tax-free income could be taken by the same individual, if they were a shareholder of their own limited company. Using our example of Elsie, if she also held an investment portfolio of shares, she might also wish to consider disposing of any shares that she is thinking of selling in the current tax year. Worked scenario: Elsie has a portfolio of shares and is considering selling all of her 100 shareholding in Dinky Things Plc, which would give rise to a gain of £8,000. She also wishes to sell her 50 shares in Nougat Days Plc, which would give rise to a £8,000 gain. If Elsie sells both of her shareholdings in Dinky Things Plc and also Nougat Days Plc, she would be entitled to use her £12,300 annual capital gains tax exemption to reduce the taxable gain to £3,700. However, Elsie could sell all of her shares in Dinky Things Plc for £8,000, plus only 26 of her Nougat Days Plc shares (for £160 each) in March 2022 and the remaining 24 shares in Nougat Days Plc on 7th April 2022, Elsie would be able to use up all of her £12,300 2021/22 capital gains allowance against the gains from the first share sale and use up some of her 2022/23 capital gains allowance against the second share sale - meaning that Elsie would pay no tax on the sale of these shares. NB. Please be aware that the above example is for illustration only and note that the share price for Elsie's remaining shares may change if she waits to sell some of her holding in 2022/23 Savings Interest, ISA Allowance and Pension Allowance So far Elsie has managed to think about the tax-free allowances available to her and she has utilised a number of these. There are a few extra tax-free allowances that Elsie might like to consider. As a basic-rate taxpayer Elsie can earn £1,000 of interest on savings that she invests in a savings account. It can take time to build up savings interest, so Elsie would need to think about investing her savings as early as possible to earn sufficient interest to take advantage of this allowance during the 2021/22. Tip: If Elsie has missed this opportunity and has available savings, then she could invest her money now and take advantage of the 'tax-free savings interest allowance' in 2022/23, as the allowance remains unchanged in the upcoming tax year. Additional allowances that may also be available to basic-rate tax payer Elsie, include the opton to invest up to £40,000 tax-free into a pension, if she has not already started to draw money out of her pension, with tax relief restricted to the higher of £3,600 or net relevant UK earnings on her individual contributions. Also, Elsie's company can contribute into her pension for her whilst securing a tax saving, as subject to a few additional considerations, pension contributions are a tax deductible cost for Elsie's company. *This information should not be relied upon as tax advice and was based upon the relevant laws and guidance in force at the time of writing. Each businesses circumstances should be considered individually, as in our experience, every business and business owners circumstances are different therefore we strongly recommend that you speak to your accountant or contact us on (01908) 382475 if you have any further questions, as we would love to hear from you.

Christmas 2020 was tough and whilst stories of increased Covid cases and the new Omicron variant abound; Christmas 2021 might not be cancelled just yet. So what Christmas costs can your small UK business claim? Tinsel No Christmas is complete without tinsel. Even if tinsel is not to your taste, you can claim for decorations and the cost of a tree in your accounts. Just one note of caution, if you work from a home office, unfortunately you cannot claim for the cost of any decorations. Christmas Gifts Perhaps you want to send your clients a Christmas gift, can you claim anything in the accounts? The good news is, provided you stick to the following guidelines: The limit for any one client each year is gifts to the value of £50 You can't give gifts of food, drink, tobacco or vouchers exchangeable for cash or goods The gift must contain a conspicuous advert for your business The Office Party Assuming that there are no last minute changes over the next two weeks, what can you claim in your accounts? Staff parties - no extra tax will arise if all attendees are employees, all are invited and the cost is no more than £150 per head (and you haven't used up the £150 on another function during the year), nothing will need to be reported to HMRC. However, if you go over the £150, everything is taxable and not just the excess. Client or non-staff parties - unfortunately HMRC will regard parties for clients or non-staff as business entertaining. This means that your business can still cover the costs of those parties, but you will need to add the costs back when calculating your profit for tax - which means that you will not get any tax relief for them. Staff Gifts and Bonuses For gifts without a direct cash value (e.g. vouchers) and given for personal reasons, rather than business ones, they may qualify as trivial benefits. If so, no tax or NI will be due and the gifts do not need to be reported to HMRC. Cash-value gifts to staff would need to be reported on either as earnings or their forms P11D. If you decide to pay your staff a Christmas bonus, HMRC regards these the same as regular earnings and you should run these through your payroll and pay the tax and NI as usual. *This information should not be relied upon as tax advice and was based upon the relevant laws and guidance in force at the time of writing. Each businesses circumstances should be considered individually and we recommend that you speak to your accountant or contact us on (01908) 382475 if you have anu further questions, as we would love to hear from you.

With Wix Blog, you’re not only sharing your voice with the world, you can also grow an active online community. That’s why the Wix blog comes with a built-in members area - so that readers can easily sign easily up to become members of your blog. What can members do? Members can follow each other, write and reply to comments and receive blog notifications. Each member gets their own personal profile page that they can customize. Tip: You can make any member of your blog a writer so they can write posts for your blog. Adding multiple writers is a great way to grow your content and keep it fresh and diversified. Here’s how to do it: Head to your Member’s Page Search for the member you want to make a writer Click on the member’s profile Click the 3 dot icon ( ⠇) on the Follow button Select Set as Writer

When it comes to design, the Wix blog has everything you need to create beautiful posts that will grab your reader's attention. Check out our essential design features. Choose from 8 stunning layouts Your Wix Blog comes with 8 beautiful layouts. From your blog's settings, choose the layout that’s right for you. For example, a tiled layout is popular for helping visitors discover more posts that interest them. Or, choose a classic single column layout that lets readers scroll down and see your post topics one by one. Every layout comes with the latest social features built in. Readers can easily share posts on social networks like Facebook and Twitter and view how many people have liked a post, made comments and more. Add media to your posts When creating your posts you can: Upload images or GIFs Embed videos and music Create galleries to showcase a media collection Customize the look of your media by making it widescreen or small and easily align media inside your posts. Hashtag your posts Love to #hashtag? Good news! You can add tags (#vacation #dream #summer) throughout your posts to reach more people. Why hashtag? People can use your hashtags to search through content on your blog and find the content that matters to them. So go ahead and #hashtag away!

On 7 September Boris Johnson announced that NI and dividend tax rates will increase in an effort to help fund social care, pay for coronavirus support measures and clear the NHS backlog. Will you be affected and if so, by how much? NI Rates NI rates will increase by 1.25% from April 2022. The increase will apply to both primary and secondary Class 1 contributions, which will increase to 13.25% and 3.25% for earnings up to, and above, the upper earnings limit respectively. Class 4 rates will also increase to 10.25% and 3.25%. From April 2023, the increases will be carved out separately as a “health and social care levy” and NIC rates will return to 2021/22 levels. Essentially it will be a new tax. Example1) on a salary of £15,000 per annum the current NI bill would be £651.84. After the increase kicks in, the NI increases by £67.90 to £719.74. Example 2) on a salary of £45,000 per annum the current NI bill would be £4251.84, becoming £4,694.74 (an increase of £442.90). Dividend Tax Rates Dividend tax rates will also increase by 1.25%, i.e. to 8.75%, 33.75% and 39.35% for basic, higher and additional rate taxpayers respectively. However, the £2,000 dividend allowance will remain. The increase in dividend tax rates will be legislated for in the next Finance Bill, with the government estimating that 70% of the revenue raised will be paid for by additional and higher rate taxpayers in 2022/23. #bloggingtips #WixBlog