VALUE ADDED TAX Registration and deregistration The VAT registration and deregistration thresholds will stay at their current levels of £85,000 and £83,000, respectively, until 31 March 2026, as announced in the Autumn Statement. THINK AHEAD Make sure you submit your […]
Category: Tax Planning
Spring Statement 2023: Business Taxes
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 […]
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 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 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,
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.
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 […]
Super Deduction Scheme Ending
Did you know the Super Deduction Scheme Ends on 31 March 2023? The good news is there is still time to take advantage of this opportunity to grow your business with the Super Deduction allowance before the incentive runs out. […]
Profit withdrawal changes for 2023/24
From 1 April 2023, the current 19% rate of corporation tax will only be available for the first £50,000 of profits.
Tax warnings for online sellers, influencers and content creators
HMRC’s latest wave of ‘nudge letters’ has been targeted at online sellers, influencers and content creators warning them that they may not have paid enough tax.
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