14-04-2023
A new shake-up in Benefits in Kind (BIK) payments allows tax agents to run payroll BIK for the first time for the clients. The recent announcement from the Government aims to help reduce administrative burdens on employers and enable agents to support their clients more effectively. All taxable benefits must be valued, such as using
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14-04-2023
The Valuation Office Agency (VOA) has published the official rateable values for non-domestic properties and all businesses in England and Wales. Local authorities use the reevaluation list to determine business rates to levy offices, shops, pubs, and warehouses. Most non-domestic properties will attract business rates, even if only part of the building operates for non-domestic
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14-04-2023
Changes in the Corporation Tax (CT) amount businesses pay came into effect on 1 April. The main rate of CT rose from 19% to 25% for the most profitable companies for the financial year beginning 1 April 2023. Companies whose year-end is 31 March will pay 19% CT for the 2022/23 period and 25% for
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14-04-2023
Does your business use cryptocurrencies and non-fungible tokens (NFTs)? Greater scrutiny is now on reporting all crypto transactions. HM Revenue & Customs (HMRC) confirmed from 2024-25 self-assessment tax return forms will feature a new segment to declare any gains from crypto assets for individuals and trusts. Greater security The heightened scrutiny of crypto-asset holders becomes
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14-04-2023
The Chancellor introduces the full expensing scheme, a partial replacement for the Super Deduction, allowing companies to write off 100% of the investment cost in one go. Announced in the Spring 2023 budget, the full expensing scheme helps businesses that invest in IT equipment and machinery to claim back 100% of the cost by writing
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14-04-2023
Announced in the Spring Budget, the Lifetime Allowance (LTA) abolition releases people to save as much as they like in their pension schemes. The LTA limits how much people can build up their pension pots over a lifetime whilst benefiting from tax incentives. The previous threshold was £1,073,100. Anything over that was subject to a
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14-04-2023
After months of pressure, Chancellor Jeremy Hunt announced a partial reversal to the SME Research & Development (R&D) tax credit cuts in the recent Spring Budget. Startups had warned that the cuts announced in the last Autumn Statement would hinder growth for early-stage and research-intensive tech companies. The R&D tax credits and relief scheme was
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22-03-2023
From 1 March 2023, company car drivers will see changes to the amount they can claim back for fuel costs from their employer. HM Revenue & Customs (HMRC) has also confirmed that calculating advisory electricity rates (AER) is changing to better reflect energy prices, particularly with soaring electricity costs, when reviewed quarterly. Previously it has
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22-03-2023
UK workers will receive a pay rise as we see higher National Minimum Wage (NMW) rates from April 2023. According to the Government, around two million of the UK’s lowest-paid workers will benefit from the rise in the National Living Wage (NLW) and NMW rates. From April 2023, the NLW will increase by £0.92 per
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22-03-2023
Businesses must plan for the rise in Corporation Tax (CT), coming into force from 1 April 2023, and sees the top rate of tax rising from 19% to 25% The tax applies to all profitable limited companies – from trading income or the sale of investments or assets. The new approach to Corporation Tax After
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22-03-2023
In his Autumn Budget, Chancellor Jeremy Hunt announced many R&D tax relief changes, including funding allocation, which we will see implemented in April. The rates paid by the Research and Development Expenditure Credit (RDEC) for larger firms and small to medium (SME) R&D relief schemes are changing. Under these changes, from 1 April, the RDEC
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22-03-2023
You must check your National Insurance (NI) records to identify any payment history shortfalls if you plan to claim the UK state pension. NI contributions, or lack thereof, can affect a person’s entitlement to the state pension in later life. A temporary window allowing people to voluntarily top up their NI contributions as far back
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How The Autumn Budget Impacts You
The Budget 2025 Yesterday, the little red box with big red implications was finally opened, as the Chancellor delivered the 2025 UK Budget against a backdrop of slowing global growth, tightening fiscal conditions, and continued pressure on public finances. With inflation forecast to fall to around 2.5% next year and a renewed emphasis on […]
