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…
Tax Increases and Public Spending Cuts The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include ‘eye-watering’ cuts in public spending and tax rises for those with the ‘broadest shoulders’. Unlike the ill-fated Fiscal Event of 23rd September, the Government ‘rolled…
Here’s a brief overview of today’s Autumn Statement from the Chancellor, Jeremy Hunt: Personal Tax Reduction in the 45p threshold to £125,140 from £150,000 (this will cost Additional Rate Taxpayers £1,250) All other allowances and thresholds to remain the same until the end of March 2028 (which means that the…
In the light of a recent article in The Times last week, the HMRC Press Office issued the following tweet: “By acting quickly to pause payments and implement additional checks on claims we have protected £46 million of public money. We have also arrested 8 people suspected of conspiring to…
Prime Minister Candidates and Possible Tax Cuts With the departure of Boris Johnson, the contenders as leader of the Conservative Party and Prime Minister (PM) have now been whittled down to the last two – Rishi Sunak and Liz Truss. Whoever wins will need to appoint a new chancellor and…
HMRC has identified and successfully challenged several false claims for Research and Development (R&D) tax credit relief made by purported R&D Consultants. Over the last 12 months Folkes Worton has made over 20 claims for clients ranging between £13.5k and £150k - they have all been accepted by HMRC.
In this month’s ‘Tax Update’ there’s information about Childcare Accounts, SEISS Grant Penalties and Tax Returns, Making Tax Digital and Research & Development.