The annual exempt amount applicable to Capital Gains Tax (CGT) has been reduced to £6,000 (from £12,300) for the new 2023-24 tax year. CGT is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small […]
27
Apr
Apr
From time to time, it feels good as a boss to be able to treat your team, whether it’s someone’s birthday or as a get-well gift. But there are rules to be followed to prevent you getting in trouble with the taxman. Trivial benefits are small gifts or perks given to employees that are exempt […]
25
Apr
Apr
Taxes are one of the certainties of life, according to Benjamin Franklin, and if you are in business it pays to know for which taxes you are liable. Understanding the taxes that your business is required to pay can help you plan and budget accordingly. There are several types of taxes that businesses may be […]
20
Apr
Apr
As a business owner, it’s important to have a good relationship with your accountant. We can provide valuable insights into your business finances and help you make informed decisions that can improve your bottom line. However, it can be challenging to know what questions to ask, so here’s your starter for 10. How can you […]
18
Apr
Apr
Households using alternative fuels will be able to access more financial support after the Government expanded its energy bills initiative. Those whose heating comes from heating oil, LPG, biomass and other alternative fuels will receive £200 after a three-month extension was announced. Energy Security Secretary Grant Shapps has increased the period of time that applicants […]
13
Apr
Apr
The start of the new tax year brings with it the opportunity for businesses to take advantage of the Chancellor’s capital allowances package. A new regime has been introduced to boost investment and spur UK growth, with a £27 billion cut to corporation tax, via Jeremy Hunt’s new full expensing policy, expected to boost investment […]
11
Apr
Apr
Fears that the State Pension age (SPa) could rise to 70 have been allayed – for now – as the Government announced it plans to stick to the current timetable for increases. A further review into the age at which a state pension can be claimed will be carried out in the next Parliament, but […]
06
Apr
Apr
The Monetary Policy Committee decided last month to increase the Bank of England (BoE) base rate to 4.25% from 4% and HMRC has followed with an announcement to increase the interest charged on late payment and repayment. When will this happen? As HMRC interest rates are linked to the BoE base rate, these changes will […]
05
Apr
Apr
1 April 2023 – Due date for Corporation Tax due for the year ended 30 June 2022. 19 April 2023 – PAYE and NIC deductions due for month ended 5 April 2023. (If you pay your tax electronically the due date is 22 April 2023). 19 April 2023 – Filing deadline for the CIS300 monthly […]