The latest Finance Bill will legislate the announcement in the Spring Budget that the lifetime allowance (LTA) charge is abolished from 6 April 2023. Individuals will continue to be able to receive 25% of their pension savings as a tax-free lump sum when they become entitled to their pension benefits. From 6 April 2023, for […]
Our experience tells us that business owners are a resilient bunch and those that are the most successful are also flexible in their planning. Here are some of our recommended actions, based on what we have seen other clients doing recently to firm up their resilience to these tough times: Review your budgets and set […]
Like many other taxes, inheritance tax (IHT) allowances have been frozen and this is likely to remain in place until April 2028. It is estimated that as the value of estates rises, as many as 10,000 more estates could end up paying some inheritance tax. Data from HMRC has revealed that inheritance tax collected between […]
Employers should be aware that from April 2023 several statutory payment rates increase for the 2023-24 financial year. Statutory Maternity, Paternity, Shared Parental and Adoption Pay From Sunday 2 April 2023, Statutory Maternity Pay, Statutory Paternity Pay, Statutory Shared Parental Pay, Statutory Adoption Pay and Statutory Bereavement Pay all increased from £156.66 to £172.48 per […]
The main rate of corporation tax will increase from 19% to 25% on 1 April 2023. For businesses with accounting periods which straddle 1 April, profits will be time apportioned. Businesses with profits of less than £50,000 will continue to be taxed at 19%, for businesses with profits of between £50,000 and £250,000 a tapered […]
As an employer running payroll, you need to report to HM Revenue and Customs (HMRC) on the previous tax year (which ends on 5 April 2023), give your employees a P60, and prepare for the new tax year, which starts on 6 April. What you need to do […]
The expected increase in the rate of corporation tax for many companies from April 2023 to 25% will go ahead. This means that, from April 2023, the rate will increase to 25% for companies with profits over £250,000. The 19% rate will become a small profits rate payable by companies with profits of £50,000 or […]
For expenditure on or after 1 April 2023, the Research and Development Expenditure Credit (RDEC) rate will increase from 13% to 20% but the small and medium- sized enterprises (SME) additional deduction will decrease from 130% to 86% and the SME credit rate will decrease from 14.5% to 10%. A higher rate of SME payable […]
Working parents in England will be able to access 30 hours of free childcare per week, for 38 weeks of the year, from when their child is nine-months old to when they start school. This will be rolled out in stages: From April 2024, all working parents of two-year-olds can access 15 hours per week. […]
The super-deduction regime, which gives a 130% enhanced first year allowance (FYA) to companies on the purchase of qualifying plant and machinery, comes to an end on 31 March 2023. Instead, the government has announced Full Expensing, a 100% FYA, which allows companies to deduct the cost of qualifying plant and machinery from their profits […]
