In a Fiscal Statement delivered on 23 September 2022, previous Chancellor, Kwasi Kwarteng, introduced a Growth Plan including the tax cuts promised by Liz Truss in her Conservative Party leader campaign. However, the tax cuts were broader than expected and the plan was not accompanied by a report from the Office of Budget Responsibility (OBR), […]
HMRC is encouraging business owners, employers and the self-employed to check online to make sure they are not missing out on a range of tax reliefs and allowances. One page summary of all tax reliefs and allowances HMRC’s new page on GOV.UK summarises items that people running their own businesses should explore that could help them […]
HMRC is urging their Self Assessment customers to be vigilant of fraudsters and scams asking for personal information or bank details. Self Assessment customers, who are starting to think about their annual tax returns for the 2021 to 2022 tax year, should guard against being targeted by fraudsters, warns HMRC. Fraudsters target customers when they […]
The UK Government has announced an enhancement to the eligibility criteria of the Start Up Loans initiative. The £884 million scheme, delivered by the British Business Bank, is designed to help innovative new businesses launch across the UK. It now includes start-ups that have been trading for up to three years and second loans are […]
HMRC have launched a new online G-form which will be the default option to notify them of errors in VAT returns. This is for all VAT-registered businesses who wish to submit a VAT Error Correction Notice (ECN). Once submitted, a copy of the digital form will be captured into the Digital Mail Service (DMS) and […]
The Working Minds campaign has been created by the Health and Safety Executive (HSE), Britain’s national regulator for workplace health and safety and is committed to improving the health of workers. Tackling stress isn’t just the right thing to do, it’s a legal obligation. Working Minds can help you make it a routine priority for […]
The Government has cut SDLT for home buyers across England and Northern Ireland. For residential property transactions completed on or after 23 September 2022; The Nil Rate Band (NRB) has been increased from £125,000 to £250,000. The NRB for first-time buyers has been increased from £300,000 to £425,000. This applies where first-time buyers purchase a […]
The Government has announced two changes to the tax advantaged Company Share Option Plan (CSOP) scheme. There is currently a maximum employee share option limit based on market value at grant of £30,000. This will be increased to £60,000 for any new options granted from 6 April 2023. Existing options are unaffected by this change. […]
Date What’s Due 1/10 Corporation tax for year to 31/12/21, unless quarterly instalments apply 5/10 Deadline for notifying HMRC of chargeability for 2021/22 if not within Self-Assessment and receive income or gains on which tax is due 19/10 PAYE & NIC deductions, and CIS return and tax, for month to 5/10/22 (due 22/10 if […]
Businesses investing in plant and machinery will welcome the decision to make the £1 million Annual Investment Allowance (AIA) permanent. This has been extended several times and was scheduled to revert to just £200,000 from April 2023. Unlike the super-deduction, the AIA is available to unincorporated businesses as well as limited companies and the equipment […]
