The new Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons against a backdrop of a worsening cost of living crisis and with confirmation from the Office for Budget Responsibility OBR that the UK has now entered into a recession. The OBR has stated that the economy is […]
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Receiving a big tax bill can be overwhelming and can create an even bigger problem – how to pay it. To help provide a solution and ease the financial burden, HMRC offers the Time to Pay scheme, enabling Self Assessment customers to set up a payment plan to spread the cost. Since 6 April this […]
Are you a sole trader or partnership? Do you use an accounting date between 6 April and 30 March? If you answered ‘yes’ to both questions, you need to be prepared for a change coming from HMRC in the way it assesses your profits. From 6 April 2024 you will be assessed on your profits […]
Green investment can help future-proof the UK economy, but we need to ‘act fast and act now’. Those were the words of Trade Secretary Kemi Badenoch when she spoke at a landmark trade event in the North East of England. Speaking to an audience of global investors and executives at the Green Trade and Investment […]
The clock is ticking down to complete Self Assessment tax returns with HM Revenue and Customs (HMRC) reminding customers not to forget to include a very important payment. More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be […]
Business owners who are minded to celebrate the forthcoming Christmas break with their staff are reminded that there is a tax-free allowance for the provision of an annual party or other event for the benefit of staff and their partners. The present limit to tax relief is £150 per head. If this amount is exceeded, […]
Brexit. COVID-19. Cost of living. Energy prices. Number 10. Bank rates. Economic freefall. It’s fair to say businesses have faced an unprecedented number of challenges over the past two years and if you’ve felt like curling up under a blanket until it’s all gone away, then you are not alone. But there is an increasing […]
A rising number of businesses are failing as the Government’s pandemic support is withdrawn and banks push their credit score limits higher making it harder to borrow. The Office for National Statistics has reported that there were 5,600 registered company insolvencies from April to June this year, a 13 per cent increase from the first […]
The tax reductions set out in the Kwarteng/Truss mini-budget of 22 September 2022 have been scrapped, apart from the cancellation of the NIC increase for 2022-23, the withdrawal of the Healthcare Levy from April 2023, the changes to Stamp Duty Land Tax and the increase in the Annual Investment Allowance. As we are presented with […]
The way businesses register for VAT changed on 1 August 2022. A new VAT Registration Service (VRS) has been created to manage the process. One of the key features of the new VRS is that every business will be automatically signed up to Making Tax Digital (MTD) VAT as part of registration. This removes the […]