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 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 […]
The figures in the table below are the HMRC suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2022. Remember that provided all private fuel is fully reimbursed the fuel benefit does not apply. Engine Size Petrol Diesel LPG 1400cc or less 15p (14p) 9p 1600cc or less 14p […]
There continues to be poor take-up of the Government’s Tax-Free Childcare Accounts which provide a 25% subsidy towards the cost of childcare. The system operates by topping up savings of up to £8,000 per child by 25%, potentially an extra £2,000 from the Government to spend on qualifying childcare. The scheme applies to children under […]
The government scheme that cuts the price of leading software, boosting productivity and growth of UK small businesses, will now benefit even more firms. The Digital Scheme eligibility has been expanded to businesses with at least one employee, meaning up to 1.2 million businesses could benefit. This means businesses can now access a £5,000 discount […]
