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The £1 million Annual Investment Allowance has now been made permanent. You can claim capital allowances when you buy assets that you keep to use in your business, for example:
Below is our diary of main tax events October/November 2022. If you need any more guidance or assistance with these our team are on hand to help.
The Government has announced two changes to the tax advantaged Company Share Option Plan scheme. There is currently a maximum employee share option limit based on market value at grant of £30,000.
The much criticised “off-payroll” working rules were introduced for the public sector from 6 April 2017 and then extended
The Government is in discussion with 38 local authority areas in England to set up ‘Investment Zones’ in specific sites within their area.
Many director/shareholders of family companies pay themselves a small salary and take the rest of their “pay” in a dividend.
It was on 7 September 2021 that we first heard about a new 1.25% Health and Social Care Levy, imposed on employers, employees and the self-employed,
On 23 September 2022, Kwasi Kwarteng, the new Chancellor (the fifth in as many years) delivered a Tax Cutting “Fiscal Event” or Mini-Budget to help boost economic growth.
The first announcement of the new Prime Minister, Liz Truss, was a plan to freeze energy prices for two years at £2500 for the average home.
Please see below for the diary of main tax events for September/October 2022. If you have any further questions, please do not hesitate to speak to us.
In response to a recommendation by the Office of Tax Simplification the Government have introduced draft legislation for inclusion in Finance Bill 2023 that extends the no gain/no loss rule when a couple separate.
The figures in the table below are the HMRC suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2022.
There continues to be poor take-up of the Government’s Tax free Childcare Accounts which provide a 25% subsidy towards the cost of childcare.
A need for additional income is motivating people to start their own businesses. As UK inflation hits a 40-year high of over 9%, more and more people are starting their own businesses.
Find below our diary of main tax events August/September 2022. If you need further guidance or support on meeting these deadlines, our team our here to help.
In recent years HMRC have identified and successfully challenged a number of spurious claims for Research and Development
Find below our diary of main tax events July/August 2022. If you need further guidance or support on meeting these deadlines,
This generous tax break has reportedly resulted in abuse of the system. HMRC have recently paused some repayments while they investigate an increase in irregular claims.
HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potentially penalties of up to 100% of amounts overclaimed in certain circumstances.
If you have children under 12 who attend a nursery, after school club, play scheme, childminder
In the Spring Statement 2022, the UK Government announced an increase in National Insurance thresholds affecting the 2022 to 2023 tax year.
On the 4th-5th June 2022, Client Manager, Mikey took part in a charity hike in The Cateran Yomp. A 54-mile hike in 24 hours across rural Perthshire.
The Government’s Recovery Loan Scheme (RLS) launched on the 6th of April 2021 and allows businesses of any size to get up to £10million
A recent study by the Federation for small businesses (FSB) shows lending to small businesses has hit an all-time low. New findings from the quarterly Small Business Index (SBI) show successful finance applications plummeting to lowest level on record.