Welcome to the March 2023 Tax Update! In this edition we look ahead to the Spring Budget, ‘nudge’ letters from HMRC about R&D claims, penalties for errors in tax submissions, the updated advisory fuel rates for company cars and key dates on the Accounting Horizon. Will the Spring Budget Stimulate…
For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they control the company outright and…
The new tax year starts on 6th April 2023, so there’s still some time left to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before the 6th April. Do you fall…
State Pension Update – Tuesday 7th March 2023Since this Insight was posted on 23rd February 2023, HMRC has announced an extension to the deadline to pay missing NI years to 31st July 2023.CLICK HERE to visit HMRC’s announcement If you are planning to claim the UK state pension you should…
If you have recently registered a new company with Companies House, beware of scam letters you may receive that look as though they are from an official source, asking you to register an account and make a payment to them. We have just received the example below from ‘Company Registry’.…
If you regularly sell goods or services through an online marketplace, you could be classed as a ‘trader’. And if you earn more than £1,000 before deducting expenses through your trading, you will need to pay Income Tax on this. For tax, an online marketplace is any website or mobile…
Minimum wage rates increase from 1st April 2023 Employers should be aware that all minimum wage rates increase on 1st April of each year. This includes all National Minimum Wage rates and the National Living Wage rate. See the table below that shows the current minimum wage rates and new…
The 2017 non domestic rating list is closing. This means that you have up until 31st March 2023 to check that the factual information the Valuations Office Agency (VOA) holds about your property on this list is correct, and to let them know if it isn’t (this is known as…
Welcome to the February 2023 Tax Update! In this edition we look at the delay to Making Tax Digital – again! The new VAT penalty regime, 130% Super Deduction ending soon, changes to R&D this April and key dates on the Accounting Horizon. Making Tax Digital for Income Tax Delayed…
New Energy Bills Discount Scheme (help for businesses and other non-domestic customers) to begin in April 2023 The Government has announced a new Energy Bills Discount Scheme (EBDS) from April 2023 to March 2024 for eligible non-domestic consumers in Great Britain and Northern Ireland. The current Energy Bill Relief Scheme…