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The tax allowances and reliefs you should make the most of before the 2022/23 year-end
We’re now firmly in the last quarter of the 2022/23 financial year, which can only mean one thing… it’s time to make sure that you’ve used all of the tax allowances available to you! As your trusted accountant, we want to make sure that you don’t pay any more taxes...
VAT and Property Option to Tax: what’s happening?
From the 1st of February 2023, HMRC will stop sending receipt letters for VAT option to tax (OTT) notifications. They will, however, still send an automated email reply to OTT notifications sent via email. We recommend that you bear this in mind, and use email when...
Making Tax Digital for Income Tax Self Assessment
In December, the Government pushed back their plans for Making Tax Digital for Income Tax Self Assessment - here's what you need to know. It’s becoming increasingly difficult to ignore the fact that we’re living in a digital world. Whether you use Apple Pay on a daily...
Small Businesses: it’s time to chase late payments before the Self Assessment deadline
As we approach the Self Assessment deadline on the 31st of January, it’s becoming increasingly important for small businesses to receive outstanding payments from their customers and to chase any that are late. Back in December, Business Secretary, Grant Shapps,...
New VAT penalties to apply from January 2023
As we welcome in the New Year, HMRC will be welcoming a new penalty system for the late filing of VAT returns, amongst other changes… On the 1st January 2023 there will be a new points-based penalty system implemented for the late filing of VAT returns, and new...
Research and Development tax reliefs to be reformed from April 2023
In his Autumn Statement, Jeremy Hunt announced that there will be changes to the Research and Development tax relief for small and medium-sized enterprises (SMEs) When Jeremy Hunt delivered his long-awaited Autumn Statement last month, he outlined several changes to...
Temporary Increase of National Insurance Contributions Reversed
As part of his Autumn Statement, Chancellor Jeremy Hunt announced a reversal of the temporary increase in National Insurance Contributions and the cancellation of the Health and Social Care Levy. Back in September 2021, the government published proposals for...
Temporary Annual Investment Allowance Made Permanent
The government has decided to make the £1,000,000 limit for the Annual Investment Allowance permanent, eliminating plans to reduce it to £200,000 in April 2023. The Annual Investment Allowance (AIA) means that businesses can claim capital allowances on items that they...
Increased corporation tax rate confirmed to go ahead in April 2023
Despite previous decisions to cancel the increase, it has been confirmed that the main rate of corporation tax will go up to 25%. In the September mini budget, ex-Chancellor Kwasi Kwarteng had announced that the increase in the rate of corporation tax for a lot of...
Additional income tax rate threshold reduced in Autumn Statement
Last week, Jeremy Hunt announced upcoming changes to income tax, most notably a reduction of the threshold at which people are required to pay the additional income tax. When Chancellor Jeremy Hunt delivered his long-anticipated Autumn Statement to MPs in the House of...
