Author: Katie

As well as charging interest on tax paid late, HMRC may also levy a penalty where there is an error in a tax return. These penalties may be judged as careless or

Please see below for the diary of main tax events February / March 2023. Our team are here to ensure you meet these deadlines.

The government are committed to a number of important changes to Research & Development (R&D) tax relief from 1 April 2023

A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT applies to return periods commencing on or after 1 January 2023.

Companies considering the acquisition of new plant and machinery need to be aware that the temporary ‘super-deduction’ of up to 130% for the cost of acquiring new plant ends on 31 March 2023.

Reduce your 2021/22 tax bill

If you would like to legitimately reduce your 2021/22 tax bill that you have just paid

Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 and then 2024.

Please find below the diary of main tax events January / February 2023. As always, if you need help in meeting these deadlines, do not hesitate to get in touch with our team.

The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 December 2022.

The Capital gains tax annual exempt amount reduces from £12,300 to just £6,000 for gains made in 2023/24. Remember that the 2022/23 allowance is lost if not used by 5 April 2023 and you might want to consider bringing forward disposals of chargeable assets where possible.

A new points-based system for late VAT returns starts for return periods commencing on or after 1 January 2023.

The VAT registration threshold continues to be frozen at £85,000, instead of increasing each year in line with inflation. This will remain the case until March 2026.

For those provided with an electronic or ultra-low emission company car (emitting less than 75g of CO2 per kilometre), there will be annual increases in the benefit-in-kind percentages, and therefore the taxes paid

Many were predicting that the rates of Capital Gains Tax (CGT) paid by individuals would increase, possibly to align with the rates of income tax.

Please find below the diary of main tax events December 2022 / January 2023. As always if you need help in meeting these deadlines, do not hesitate to get in touch with our team.

One of the few changes announced on 23 September that has not been reversed concerns Stamp Duty Land Tax (SDLT) in England and Northern Ireland.

Employers will be relieved that there are no more changes to National Insurance Contribution rates and bandings or therefore consequential payroll software changes!

For all individuals, the first £2,000 of dividend income is taxed at 0%. The government have now decided that this ‘dividend allowance’ of £2,000 will be reduced to £1,000 in the 2023/24 tax year and then again to just £500 in the 2024/25 tax year.

Freezing income tax bands: It had already been announced that the income tax personal allowance (£12,570) and higher (40%) rate threshold (£50,270*) would be frozen until 5 April 2026, instead of increasing each year in line with inflation.

The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering”

Please find below the diary of main tax events: November/December 2022. If you need help in reaching these deadlines or if there is anything we can do please do not hesitate to contact our team. We are here to ensure you are tax compliant. 

The Government will continue to support business capital investment by keeping the level of the 100% Annual Investment Allowance (AIA) at £1 million.

The 23 September Fiscal Statement included the unexpected news that the “off-payroll working” (OPW) rules would be scrapped from 6 April 2023.