25-04-2023
The Economic Crime Levy (ECL) is an annual charge that affects organisations supervised under MLR (Money Laundering Regulations) with a UK revenue exceeding £10.2 million annually. HMRC-supervised entities affected will have to: register for the ECL, submit a return yearly, pay an annual fee. However, not all entities must submit a return or register for
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17-04-2023
With the new April 2023-24 tax year upon us, we want to take a moment to look at what changes are coming and how these could impact your business. Business owners are encountering many challenges, with rising energy costs hitting hard, supply chain complications and high inflation. As we approach the new financial year, we
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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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A Strategic Alternative: ADR for High-Value Commercial Disputes
FA Strategic Alternative: ADR for High-Value Commercial Disputes When a significant commercial dispute arises, the instinctive response is often to resort to court proceedings. For business owners, shareholders, and directors facing disputes that revolve around intricate financial issues and evidence, however, judicial processes can involve aspects which are detrimental to achieving an efficient resolution. Often characterised as a long, arduous process, litigation can also be a very expensive way to resolve disputes, and in instances […]
