Based On 100+ Google Reviews
Self-employed individuals are required to pay Class 2 and Class 4 NICs if their profits exceed £12,570. These NICs are usually collected with the individual’s income tax self-assessment payments.
Please see below for the diary of main tax events for April/May 2023. If you have any questions do not hesitate to contact us.
In the Autumn Statement, the Chancellor announced that the £12,300 annual tax-free capital gains tax exemption (or allowance) will be reduced to just £6,000 in 2023/24 and only £3,000 in 2024/25.
There was good news in the Budget for those saving in a personal pension. The current pension lifetime allowance (LTA) charge is being abolished from 6 April 2023.
Please find below the important tax dates for March/April 2023. As always we are here to ensure you meet these deadlines.
The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 March 2023.
Following on from the alleged abuse of the Research and Development (R&D) tax relief schemes, particularly the SME tax credit scheme, HMRC
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!