Spring Statement 2025 On 26 March 2025, Chancellor Rachel Reeves presented her Spring Statement to parliament. Despite a backdrop of low economic growth and increasing government borrowing costs, the Chancellor remains committed to her ‘non-negotiable’ fiscal rules that aim to bring stability to the economy and security for working people.…
In this edition we take a look at year-end tax planning, double-cab pickups, employment expenses, VAT on food and drink, and upcoming dates on the accounting horizon – which include the date for the next Bank of England interest rate decision and the Chancellor’s Spring Forecast. YEAR-END TAX PLANNING! With…
A client recently asked us to check a letter they had received, as they felt it was suspicious. The letter looks as though it has come from HMRC with an urgent request regarding Web Filing Access for Corporation Tax. The letter looks very authentic and a great deal of time…
HMRC is reminding their Self-Assessment taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year. More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be…
This month’s Tax Update focuses on the Government’s U-Turns from 23rd September’s plans in order to steady the financial markets.
This month’s Tax Update is understandably focused on the recent mini-budget announced by the Government to stimulate economic growth.
The Government updates are coming through as thick and fast as Boris’s speech notes, so here’s some more guidance to help you with your Corporation Tax Return CT600. Report CJRS Furlough grants and overpayments on Corporation Tax Return CT600 The latest version of the CT600 Corporation Tax Return updated on…
HMRC have updated their guidance on claiming relief for company trading losses to take account of the extended carry back announced in the Spring Budget and now legislated in the Finance Act 2021. The guidance sets out the details required by HMRC where a company is making a claim for…
In the Budget on 3rd March, the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1st April 2021 and 31st March 2023. However, it now transpires that this tax relief is only available to limited companies, with the latest Finance Bill revealing…
To help smaller Limited Companies, Partnerships and Sole Traders get through and recover from the current pandemic, the Government launched the ‘Bounce Back Loan Scheme’ for loans between £2,000 and a maximum of £50,000 over 6 years. There’s no set-up fees and the first 12 months is interest on capital…