Corporation Tax changes 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 companies with profits of up to £50,000 – ensuring these companies pay Corporation Tax at the same rate as currently. […]
Scottish Child Payment
The Scottish Child Payment increased to £25 per week from 14 November 2022. The payment is available to qualifying applicants living in Scotland for children under the age of 16. The Scottish Child Payment was launched in February 2021, initially for children under the age of 6. It is estimated that some 400,000 children in […]
New laws to mitigate disruption during public service strikes
Working people across the UK will be protected from disruptive strikes thanks to new laws introduced recently. They will allow employers in critical public sectors to maintain minimum levels of service during strikes. The government is introducing this legislation to ensure that striking workers don’t put the public’s lives at risk and prevent people getting […]
When you must register for VAT
The taxable turnover threshold, that determines whether businesses should be registered for VAT, is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for deregistration is £83,000. It was confirmed as part of the Autumn Statement 2022 measures that the taxable turnover registration and deregistration thresholds will be frozen at the current […]
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 their beneficial owners and / or managing officers. Overseas entities that already own UK property were required to register […]
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 the final day and over 36,000 that filed in the last hour before the deadline. Whilst this was the highest ever number of filings, there […]
UK regains control over business subsidies
A new system to regulate the award of subsidies to business came into force on Wednesday 4 January 2023. It should provide a boost to businesses across the country and empower public authorities to deliver support to businesses in a quicker, fairer, and simpler way. Subsidies will be tailored to local needs, with public authorities and devolved […]
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 before being further reduced to £3,000 from April 2024. Taxpayers with small gains should consider the benefits of crystalising these gains before […]
Setting up a salary sacrifice arrangement
A salary sacrifice arrangement is an agreement to reduce an employee’s entitlement to cash pay, usually in return for a non-cash benefit. The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The change removed the Income Tax and employer NIC advantages of […]
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 gifts each tax year. This is known as your annual exemption. Any unused part of the annual […]