BUSINESS TAXES Corporation tax rates Corporation tax is charged at 25% (main rate) and 19% (small profits rate) for financial years 2023 and 2024. The Patent Box deduction formula will be amended to ensure the correct amount of relief is […]
Category: All News
Spring Statement 2023: Capital Taxes
Capital gains tax (CGT) annual exempt amount The CGT annual exempt amount for individuals and personal representatives will be cut to £6,000 for 2023/24. The annual exempt amount for most trusts will likewise fall to £3,000 (minimum £600), as previously […]
Spring Statement 2023: Pensions, Savings & Investments
Lifetime allowance (LTA) The Chancellor announced the abolition of the LTA. The 55% and 25% LTA charge tax rates that apply when an individual exceeds the LTA for pension savings will be reduced to nil from 6 April 2023. Consequently, […]
Spring Budget 2023: personal taxation
PERSONAL TAXATION INCOME TAX 1 Personal allowance reduced by £1 for every £2 of adjusted net income over £100,000.2 Reduced by £1 for every £2 of adjusted net income over £34,600 (£31,400 for 2022/23), until the minimum is reached. 3 […]
Spring Statement 2023 Introduction
The first Budget since October 2021 was widely expected to be an uneventful affair. Five months ago, the then new Chancellor, Jeremy Hunt, presented an Autumn Statement that was more of a Budget than many formal Budgets. Not only did […]
Spring Statement Summary
Most of the announcements made by UK Chancellor Jeremy Hunt will have a significant impact on our personal finances. The energy price guarantee will continue until July, the fuel duty rise has been cancelled and the lifetime allowance for pensions […]
New points-based penalties for late VAT returns
A new points-based penalty applies to late VAT returns for VAT periods beginning on or after 1 January 2023. The first monthly return to be affected was the one due by 7 March, with the first affected quarterly return due […]
Winding-up petitions on the rise in HMRC squeeze
HMRC’s use of winding-up petitions to actively chase the money it is owed comes at the worst possible time as many companies struggle to cope with inflationary pressures,
Bereavement benefits extended to unmarried couples
The eligibility for some bereavement payments has now been extended to unmarried couples, but there are two major caveats.
Pay attention to tax codes
The easiest way a person can check and correct a tax code is by logging onto their personal tax account using their Government Gateway user ID and password.
HMRC sets its sights on hidden electronic sales
Any software designed to facilitate the under reporting of sales is essentially a tax evasion tool and should always be avoided.
Personal Tax Year Ending – Take These Actions Now
The end of the tax year is just around the corner, so it’s time to get your tax matters in order. Set aside a few moments now to review your finances before the end of the tax year to optimise […]
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