NEWSLETTER ARTICLES
16-03-2023
Spring Budget 2023 - Childcare changes
One of the main areas targeted by the Spring Budget was changes to childcare. Billed as a revolution in childcare, the Chancellor, Jeremy Hunt, said that he wanted to reform the childcare system to ...
read more16-03-2023
Spring Budget 2023 - Capital allowances
Designed in part to help offset the increased Corporation Tax main rate, the Chancellor announced the introduction of a new ground-breaking 100% first-year capital allowance for qualifying plant and ...
read more16-03-2023
Spring Budget 2023 - Energy Price Guarantee
The Chancellor had previously announced that the energy price guarantee cap, which will see the average household have their energy bills capped at £2,500 a year, would remain in place until the 31 ...
read more16-03-2023
Spring Budget 2023 - Pension changes
One of the key measures of the Spring Budget was the announcement that the £40,000 cap on annual pension contributions will be increased by 50% to £60,000 from 6 April 2023. Tax relief for ...
read more16-03-2023
Spring Budget 2023 - Alcohol and Tobacco Duty
As part of the Budget measures the Chancellor confirmed that the duty rates on beers, spirits, wines and ciders will increase in line with the retail price index (RPI). These rates will increase from ...
read more16-03-2023
Spring Budget 2023 - Creative industry tax reliefs
As part of the Spring Budget measures, the Chancellor announced that the government will extend the temporary higher rates for Theatre Tax Relief (TTR), Orchestra Tax Relief (OTR) and Museums and ...
read more16-03-2023
Spring Budget 2023 - Social investment tax relief to end
It was confirmed as part of the Spring Budget announcements that the Social investment tax relief (SITR) scheme will end as planned on 5 April 2023. New investments made on or after 6 April 2023 will ...
read more15-03-2023
Spring Budget summary 2023
As expected, the Chancellor, Jeremy Hunt, resisted pressure to reduce taxes in any significant way, and the majority of his announced changes were already in the public domain. According to the ...
read more13-03-2023
New UK Data Protection rules
The Data Protection and Digital Information Bill was first introduced last Summer and paused in September 2022 so ministers could engage in a co-design process with business leaders and data experts - ...
read more09-03-2023
Get information about a company
There is a significant amount of information about companies that can be obtained from Companies House. Companies House is responsible for incorporating and dissolving limited companies, examining and ...
read more09-03-2023
National Insurance if working abroad
If you move abroad, it can often be advantageous to continue paying your UK National Insurance Contributions (NICs) in order to preserve your entitlement to the State Pension and other benefits.
If ...
read more09-03-2023
Adding employees to a workplace pension scheme
Automatic enrolment for workplace pensions has helped many employees make a start on providing for their retirement with the advantage that employers and government are also contributing to their ...
read more09-03-2023
NIC and company directors
Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary Threshold. The annual threshold is pro-rated to £11,908 this year ...
read more09-03-2023
Valuing an estate for IHT purposes
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The rate of Inheritance Tax payable is 40% on death ...
read more09-03-2023
Corporation tax from 1 April 2023
Barring any unforeseen changes being announced at next week’s Budget, the Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits ...
read more06-03-2023
Why credit control is vital
The ultimate financial objective of most trading companies is to convert their supply of goods and services into cash - deposits in their bank account.
However, when goods are sold on credit, and you ...
read more06-03-2023
Incentive to invest
Next week, 15 March, the Chancellor will deliver his first Spring Budget. It will provide an opportunity to cushion companies from the effects of the Corporation Tax (CT) increase to 25% and the ...
read more02-03-2023
Scottish Winter Payments Support
The Scottish Winter Heating Payment is a new Scottish Government benefit that replaces the Department for Work and Pensions’ (DWP) Cold Weather Payment. It can be claimed by eligible claimants on low ...
read more02-03-2023
New VAT penalty regime
The first monthly returns and payments affected by HMRC’s new VAT penalty regime are due by 7 March 2023. The new rules apply to the late submission and / or late payments of VAT returns for VAT ...
read more02-03-2023
Still time to claim Marriage Allowance
HMRC is reminding married couples and those in civil partnerships that there is still time to sign up for marriage allowance before the end of the current tax year (5 April 2023) if they are eligible ...
read more02-03-2023
Tax when you sell shares
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% when you sell shares unless they are in a CGT free investment such as an ISA or qualifying pension.
If you only pay basic ...
read more02-03-2023
What is a Share Incentive Plan?
Share Incentive Plans (SIPs) were first introduced in July 2000 to give employees tax and NICs savings when they buy or are given shares in the company they work for.
Provided all the qualifying ...
read more02-03-2023
National Living Wage rates from April 2023
New National Minimum Wage (NMW) and National Living Wage (NLW) rates come into effect on 1 April 2023.
The new rate for the NLW will be £10.42 which will represent a 92p increase over the current ...
read more27-02-2023
Bereavement Support Payment
The amount of Bereavement Support Payment you can claim will depend on your relationship to the person who died and when you make your claim.
Your payments will be paid into your bank, building ...
read more27-02-2023
Breaking even – checking the numbers
In previous newsfeeds we have described how you can calculate the level of turnover you need to create in order to meet all your costs whether they be fixed costs (rent, rates etc.,) or variable costs ...
read more23-02-2023
The digital pound
A new consultation has been published jointly by HM Treasury and the Bank of England to consider the launch of a potential digital pound, or central bank digital currency (CBDC). The possible new ...
read more23-02-2023
VAT – transfer of business as a going concern
The transfer of a business as a going concern (TOGC) rules concern the VAT liability of the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be ...
read more23-02-2023
Beneficial loans that are exempt
An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial ...
read more23-02-2023
Miscellaneous benefits in kind
The list of miscellaneous company benefits that can be provided tax-free to employees is quite short. However, some of the benefits that can be provided include the following:
Medical insurance or ...
read more23-02-2023
Properties not let at commercial rates
There are special rules where a property is let at less than a commercial rate or isn’t let on commercial terms. These rules also apply if a property is occupied rent free or at less than a commercial ...
read more23-02-2023
Tax codes for employees
The P9X form is used to notify employers of the tax codes to use for employees. The latest version of the form has been published and shows the tax codes to use from 6 April 2023. The form states that ...
read more20-02-2023
Tax Diary March/April 2023
1 March 2023 - Due date for Corporation Tax due for the year ended 31 May 2022.
2 March 2023 - Self-Assessment tax for 2021-22 paid after this date will incur a 5% surcharge unless liabilities are ...
read more20-02-2023
Balancing your budget
Homeowners and landlords will have seen a significant increase in their mortgage payments due to the rise in the Bank of England Base rate over the past 6-months if any fixed rate agreements have ...
read more16-02-2023
Closing a limited company
There are a number of reasons why you may look to close your limited company. This could be because the limited company structure no longer suits your needs, your business is no longer active, or the ...
read more16-02-2023
Gaps in your National Insurance record
National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of National Insurance ...
read more16-02-2023
Scotland's non-domestic rates reliefs
Business rates is the commonly used term for non-domestic property rates. Business rates are charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, ...
read more16-02-2023
Moving goods to and from Northern Ireland
There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern Ireland businesses continue to have access to the whole UK market. ...
read more16-02-2023
Newly self-employed taxpayers
Newly self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. However, HMRC must be officially notified by the 5 October following the end of the tax ...
read more16-02-2023
Making a claim on an unclaimed estate
There are special intestacy rules that govern how assets are divided if you die without making a will. If this happens your assets are passed on to family members in accordance with a set legal ...
read more14-02-2023
Passport fee increase
The government introduced new passport fees for all applications from 2 February 2023, the first time in 5 years that the cost of applying for a passport has increased.
The new fees include the ...
read more09-02-2023
Late tax payment interest rate rise
The Bank of England’s Monetary Policy Committee (MPC) met on 2 February 2023 and voted 6-3 in favour of raising interest rates by 50 basis points to 4% in a move to try and continue to tackle upward ...
read more09-02-2023
Record number of taxpayers file on time
HMRC has confirmed that more than 11.7 million people submitted their 2021-22 Self-Assessment tax returns by the 31 January deadline. This included over 861,000 taxpayers who left their filing until ...
read more09-02-2023
Half-term help with childcare costs
HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for February half-term holiday clubs and wraparound care during the school terms.
The TFC scheme can help ...
read more09-02-2023
Register as a childminder
There are fines for not registering as a childminder if you were required to do so.
GOV.UK guidance on the matter states that you must register as a childminder if all of the following apply:
the ...
read more09-02-2023
Post valuation transaction checks
A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a Capital Gains Tax liability or for companies to calculate Corporation Tax liability on chargeable ...
read more09-02-2023
Register of Overseas Entities
The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held by Companies House and requires overseas entities that own land or property in the UK to declare ...
read more02-02-2023
ATED update
The Annual Tax on Enveloped Dwellings (ATED) came into effect from 1 April 2013. The tax applies to certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. ...
read more02-02-2023
Have you utilised 2022-23 IHT allowances and reliefs?
We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2022-23 tax year that will end on 5 April 2023.
You can give away up to £3,000 worth of ...
read more02-02-2023
CGT reliefs much reduced from April 2023
The annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved from April 2023. This means that the exempt amount will be reduced from £12,300 to £6,000 from April 2023 ...
read more02-02-2023
Using the Gift Aid scheme
The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take your donation and, provided all the qualifying conditions are met, reclaim ...
read more
