Corporation Tax increases from April 2023
The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for Read More
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Reminder of working from home allowances
Employees who work from home may be able to claim tax relief for bills they pay that are related to their work. Employers may reimburse employees for the additional household expenses incurred Read More
CGT – share exchange
One of the more ‘niche’ measures introduced as part of the Autumn Statement measures related to Capital Gains Tax: Share for Share Exchange. This is intended to stop UK tax being avoided by non-UK Read More
MTD for ITSA
The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is set to commence from April 2024. This means that clients who have not yet prepared for the change have less than Read More
Tax Diary December 2022/January 2023
1 December 2022 - Due date for Corporation Tax payable for the year ended 28 February 2022. 19 December 2022 - PAYE and NIC deductions due for month ended 5 December 2022. (If you pay your tax Read More
Fiscal drag
You may have encountered this phrase, fiscal drag, in recent weeks, particularly if following the Autumn Statement announcements last week. A large part of Chancellor Hunt’s announcements confirmed Read More
Gifts paid out of disposable income
It is possible for wealthier taxpayers to make tax exempt gifts and payments that are funded as normal expenditure out of income. This is a very flexible exemption from IHT as there are no specific Read More
Basis of assessment changing
Forthcoming 'basis of assessment' reforms will change the way trading income is allocated to tax years for the self-employed. The changes will affect sole traders and partnerships that use an Read More
More on HMRC payment plans
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. An Read More
Autumn Statement Summary
The new Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons against a backdrop of a worsening cost of living crisis and with confirmation from the Read More
