17-10-2022
The Prime Minister has announced that the Corporation Tax increase declared by the previous administration and then cancelled by the former Chancellor Kwasi Kwarteng will take place in April 2023. What does the announcement mean? Companies with profits of £250,000 or more For companies with profits of £250,000 or more, the upper profits limit, the
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05-10-2022
In his mini-Budget, the former Chancellor Kwasi Kwarteng announced plans for Tax-Free Investment Zones across England. The Government says these new economic zones will drive growth by lowering taxes and freeing up planning to encourage development and business investment. What are the benefits of Tax-Free Investment Zones? These zones will offer several advantages to the
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05-10-2022
Research & Development (R&D) tax reliefs have supported thousands of businesses to invest in innovation by cutting the tax they pay. However, from 1 April 2023, there will be several changes to the rules surrounding R&D, which could affect how much relief you can claim. Expand eligible expenditure to data sets, cloud computing and pure
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05-10-2022
From 11 October, the interest rates on late tax payments rise again in line with the Bank of England’s (BoE) latest base rate increase. The BoE increased the base rate by 0.5% to 2.25% in September due to inflation. Due to this, the late payment and repayment interest rates applied to tax debts will rise
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05-10-2022
The Pound Sterling’s fall to close to parity with the dollar means that the cost of investing in UK businesses is lower than ever. In particular, for organisations and individuals based in the United States or otherwise primarily trading in dollars. Simply put, their dollars are now worth more pounds, meaning they get more bang
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23-09-2022
With a new King at the Palace and a new Prime Minister at Number 10, it was no surprise that the new Chancellor at Number 11 used his first statement to the House of Commons to signal a “new era” for fiscal policy. It turned out to be a striking change of direction, as the
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16-09-2022
The UK has seen a boom in the ownership of Furnished Holiday Lets thanks to the increase in staycations. As the summer holidays draw to a close many of us may be considering purchasing a holiday let to boost our income, but there are some very specific tax reliefs to consider when doing so. What
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16-09-2022
The Government could move to crack down on anyone providing accountancy services who is not professionally qualified. As the law stands there is no requirement for these individuals, who can set up and start advising clients, to have professional qualifications. High profile campaigns A survey by the Association of Accounting Technicians (AAT) and conducted by
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16-09-2022
There were stunning figures released in a new survey about business start-ups recently. Data from small business lender iwoca showed that 93 new businesses were created every hour. Despite economic headwinds, rising inflation and rocketing energy costs, the number jumped by 18 per cent year on year. Data from Companies House show over 402,000 businesses were
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16-09-2022
The march of the digital age and the effects of the pandemic have led to a Government institution closing its physical doors. After two years of closure due to the pandemic, Companies House has confirmed that it will permanently close its office in London with all filing being transferred online. It has also permanently shut
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16-09-2022
Expenses incurred by employees are generally the responsibility of the employer. Quite often, however, employees have to bear the cost themselves when travelling for work, having meals and even providing clothes, which in most cases are not tax deductible. What employment expenses qualify for tax relief in the UK? Work-related travel Having to travel to
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16-09-2022
New measures have been introduced for the even-handed treatment of spouses and civil partners who are in the process of separation, divorce or dissolution. The new legislation clarifies Capital Gains Tax (CGT) rules that apply to transfers of assets between spouses and civil partners, giving them up to three years in which to make no-gain
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