News
Chancellor abolishes Lifetime Allowance pensions shake-up
19 April 2023
The abolition of the pensions Lifetime Allowance, (LTA) which was announced in the Spring Budget, releases people to save as much as they like into their schemes. Chancellor Jeremy Hunt abolished the allowance, which is the limit on how much people can build up in their pension pots over their lifetime while still benefiting...
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How does Full Expensing work?
19 April 2023
Chancellor Jeremy Hunt has announced a partial replacement for the Super Deduction that allows companies to write off 100 per cent of the cost of investment in one go. The Full Expensing scheme was announced in the March Budget.
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Crypto transactions to become part of Self-Assessment under new regulations
19 April 2023
The Government has announced there will be greater scrutiny on the reporting of all crypto transactions, including for cryptocurrencies and non-fungible tokens (NFTs). HM Revenue & Customs (HMRC) will now require cryptoasset reporting in Self-Assessment tax returns by requiring separate reporting of gains and income.
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How do changes in Corporation Tax affect my business?
19 April 2023
Changes to the amount of Corporation Tax (CT) businesses pay came into effect on 1 April. From that date, the main rate of CT rose from 19 per cent to 25 per cent for the most profitable companies. Companies whose year-end is 31 March will pay 19 per cent CT for the whole of the 2022/23 period...
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Be prepared for business rate changes as rateable value update takes effect
19 April 2023
The Valuation Office Agency (VOA) has updated the rateable values of all businesses, and other non-domestic, properties in England and Wales from 1 April 2023. The Government levies the charge on offices, shops, pubs, and warehouses. In fact, most non-domestic properties will attract business rates.
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Government announces shakeup in the payment of Benefits in Kind
19 April 2023
The Government has announced a shake-up in how Benefits in Kind (BIK) are paid. The move will allow tax agents to run payroll BIK on behalf of clients for the first time. The Government says it will help to reduce administrative burdens on employers and enable agents to support their clients more effectively.
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Fuel rate boost for electric car drivers, but other advisory fuel rates cut
29 March 2023
Company car drivers will see changes to the amount they can claim back for fuel costs from their employer from 1 March. HM Revenue & Customs (HMRC) has also confirmed that the way the advisory electricity rate (AER) is calculated has been changed to better reflect energy prices, particularly with soaring electricity...
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Employers brace for uplift to the National Minimum Wage
29 March 2023
Workers across the UK will get a pay rise from April as higher National Minimum Wage (NMW) rates are introduced. According to the Government, around two million of the UK’s lowest-paid workers will benefit from the rise in the National Living Wage (NLW) and NMW rates.
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Businesses must be prepared for imminent changes to Corporation Tax
29 March 2023
Businesses should be planning for the rise in Corporation Tax (CT), which comes into force from 1 April 2023, and sees the top rate of tax rising from 19 per cent to 25 per cent. The tax applies to all profitable limited companies – both from trading income and from the sale of investments or assets.
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R&D tax reliefs are changing in April – Are you ready?
29 March 2023
Chancellor Jeremy Hunt announced many R&D tax changes in his Autumn Budget, including how the funding is allocated, which will be implemented in April. He announced changes to the rates paid by the Research and Development Expenditure Credit (RDEC) for larger firms and the small and medium enterprises (SME) R&D relief scheme.
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