In the March 2021 Budget, the previous Chancellor announced that the rate of corporation tax would increase to 25% from 1 April 2023 where a company’s profits exceeded £250,000 a year, with the current 19% rate continuing to apply where profits were no more than £50,000 a year. There was also scheduled to be an […]
The Health and Social Care Levy announced on 7 September 2021 of 1.25% was due to come into effect in 2022/2023 alongside an increase in National Insurance contributions (NICs). The Health and Social Care Levy has now been abolished and the Government is also removing the associated 1.25 percentage point increase in NICs from 6 […]
The cut in the basic rate of income tax from 20% to 19% has been brought forward by one year to 2023/24 and will apply to non-dividend income. The 45% and 39.35% ‘additional rates’ of income tax that apply to income over £150,000 will be abolished from 6 April 2023. This will mean that, in […]
The Chancellor, Kwasi Kwarteng has set out a series of measures in the Government’s “Growth Plan” that he believes will boost growth in the British economy. The main measures are set out below: The basic rate of income tax will be reduced to 19p from April 2023 one year earlier than expected The highest rate […]
If you are due to file accounts with Companies House by the end of September, use the online services where possible and allow plenty of time before your deadline File online before your deadline. Companies House will send you an email to confirm that they have received your accounts. They will send you another email […]
During times of economic uncertainty, it is important to consider and plan for your personal financial stability. The pandemic, rises in inflation, government changes, and the current economic downturn can make planning ahead quite daunting but it’s a good time to get things in order. When both partner’s income and assets are vital for the […]
If your business imports goods into the UK, then you need to move to the Customs Declaration Service (CDS) now. If you do not, you will not be able to import goods into the UK from 1 October 2022. Even if you use a customs agent to help you with customs declarations, there are still actions you […]
Date What’s Due 1 September Corporation tax for year to 30/11/21 unless pay by quarterly instalments 19 September PAYE & NIC deductions, and CIS return and tax, for month to 5/9/22 (due 22 September if you pay electronically) 1 October Corporation tax for year to 31/12/21 unless pay by quarterly instalments 5 October Deadline for […]
The changes to the basis of assessment of self-employed profits are scheduled to change from 6 April 2024. The new rules mean that profits (and losses) will be assessed based on the amounts arising between 6 April and 5 April instead of the profit/loss of an accounting period ending in the tax year. This means […]
In response to a recommendation by the Office of Tax Simplification the Government have introduced draft legislation for inclusion in Finance Bill 2023 that extends the no gain/no loss rule when a couple separate. Under the current rules the no gain/no loss rule that means that there is no CGT on transfers of assets between […]
