The legislation to abolish the 1.25 percentage point increase in the rate of National Insurance Contributions (NICs) paid by workers, employers and the self-employed was already in progress when the U-turns were being made. The reduction therefore continues to go ahead and the rate of NICs on salary payments made on or after 6 November […]
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 […]
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 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 […]
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 […]
