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 […]
Through a new Energy Bill Relief Scheme (EBRS), the government will provide a discount on wholesale gas and electricity prices for all non-domestic customers (including UK businesses, voluntary sector organisations like charities and public sector organisations such as schools and hospitals) whose current gas and electricity prices have been significantly inflated in light of global […]
The “off-payroll” working rules were introduced for the public sector from 6 April 2017 and then extended to large and medium-sized private-sector organisations from 6 April 2021. The rules replaced the ‘IR35’ rules where workers supplied their services to these organisations via a personal service company (PSC) or other intermediary. The effect was to transfer […]
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 […]
