This measure supports the government’s efforts to encourage inactive individuals to return to work, in particular those aged 50 and above, and it removes incentives to reduce hours or leave the labour market due to pension tax limits. Legislation will be introduced in Spring Finance Bill 2023 and will have effect from 6 April 2023. […]
For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they control the company outright and can veto the decisions of […]
If you are due to file accounts with Companies House be sure to use the online services where possible and allow plenty of time before your deadline. Companies House will send you an email to confirm that they have received your accounts. They will send you another email when they have registered your accounts. If […]
What is Capital Gains Tax? Capital gains tax (CGT) is the tax you pay on any profit (gain) made when selling an asset – including a property that is not your main home. The gain is the difference between the price paid for the property, and the amount it is later sold for. If a […]
Phishing attacks continue to be on the rise, following a surge during the pandemic. Criminals are now using the cost of living crisis to target further victims, and using more sophisticated methods via telephone and text message, as well as email scams. What is phishing? ‘Phishing’ is when criminals use scam emails, text messages or […]
The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 March 2023. Where full reimbursement is made there is no taxable fuel benefit. The rates for the previous quarter, if different, are in brackets. Engine Size Petrol Diesel LPG 1400cc or less 13p (14p) 10p […]
Date What’s Due 01/03 Corporation tax payment for year to 31/05/22 (unless quarterly instalments apply) 19/03 PAYE & NIC deductions, and CIS return and tax, for month to 05/03/23 (due 22/03 if you pay electronically) 01/04 Corporation tax payment for year to 30/6/22 (unless quarterly instalments apply) 05/04 End of 2022/23 tax year – many […]
It’s not too late to undertake some end of year tax planning. If you have available funds, an obvious tax planning point would be to maximise your £20,000 ISA allowances for the 2022/23 tax year. You might also want to consider increasing your pension savings before 5 April 2023, if you have available ‘pension annual […]
As well as charging interest on tax paid late, HMRC may also now levy a penalty where there is an error in a tax return. These penalties may be judged as careless or deliberate and the level of penalty will also depend upon whether or not; the taxpayer has been upfront, making unprompted disclosures to […]
Following on from the alleged abuse of the Research and Development (R&D) tax relief schemes, particularly the SME tax credit scheme, HMRC have issued so-called “nudge” letters to the directors of over 2,000 claimant companies asking them to check their claims. Here is an extract from the letter:- “As Company Director, it’s important you submit […]
