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. […]
Category: Tax Planning
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.
21st century Revenue – HMRC’s app and new texting service
HMRC’s app was launched a year ago and is gaining in popularity as it is being used to pay self-assessment tax bills.
Making Tax Digital delayed once more
With the self-employed and landlords facing a challenging economic environment, the government has again delayed the introduction of the Making Tax Digital (MTD) scheme for income tax self-assessment (ITSA) – this time by two years until April 2026. Although the […]
Tax rules changing 1 April for Associated companies
Small company owners should by now be aware of the corporation tax changes taking effect from 1 April 2023, but with the associated company rules being introduced at the same time, don’t be caught off guard. From 1 April 2023, […]
The Scottish Budget – 15 December 2022
Introduction The Deputy First Minister, John Swinney, set out “four important factors” in arriving at the measures announced in the 2023/24 Scottish Budget: The pressures on the public finances mean that in some cases, the Scottish Government’s plans will need […]
Upcoming changes to the Capital gains tax
It comes as no surprise that capital gains tax (CGT) was targeted in the government’s Autumn Statement, with the changes forecast to raise some £1.6 billion over the next five years. The annual exempt amount (AEA) will be cut to […]
pension top-ups for lower paid employees
Employees who contribute to an occupational pension scheme under a net pay arrangement do not currently benefit from any tax relief if their earnings are below the personal allowance. This anomaly will be rectified from 6 April 2024 when HMRC […]
R&D tax relief reform on the cards
New reforms will affect companies claiming tax relief or credits on research and development (R&D) expenditure for accounting periods beginning on or after 1 April 2023. Currently, R&D tax relief for small or medium-sized enterprises provides an extra 130% deduction […]
more time to pay CGT bill for transferring assets following separation and divorce
Couples in the process of separating may find themselves facing a costly capital gains tax (CGT) bill if they miss the tight deadline for transferring assets as part of their divorce settlement. From 6 April 2023, separating couples will be […]
Scotland needs a new tax system and higher tax revenue
This was the conclusion reached in a paper published by Reform Scotland at the end of June 2022 and written by Heather McCauley, a former senior civil servant who has worked for the UK, Scottish and New Zealand Governments. We […]
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