As a result of the pension reforms introduced by George Osborne which took effect from 6 April 2015, a drawdown pension fund has become an important part of estate planning. The fund itself is not subject to inheritance tax and, where the pensioner dies under the age of 75, there is no charge when the […]
The Government have announced a number of tax consultations on its Tax Administration and Maintenance Day, 27 April. These include measures designed to support the Government’s ambition to simplify and modernise the tax system, tackle non-compliance, make the tax system fairer for taxpayers and to make the customs system work better for traders. One of […]
Date What’s Due 01/05 Corporation tax payment for year to 31/7/22 (unless quarterly instalments apply) 19/05 PAYE & NIC deductions, and CIS return and tax, for month to 5/05/23 (due 22/05 if you pay electronically) 01/06 Corporation tax payment for year to 31/8/22 (unless quarterly instalments apply) 19/06 PAYE & NIC deductions, and CIS return […]
Surrey accountancy firm TWP is calling on people to be aware of the strict rules on making gifts as part of their Inheritance Tax planning. The firm is reminding families who may be considering gifting property or money to be aware of the rules, to avoid sanctions from HM Revenue & Customs (HMRC). Lump sums […]
Chancellor Jeremy Hunt announced a partial reversal to the SME Research & Development (R&D) tax credit cuts in the recent Spring Budget after facing months of pressure. Startups had warned that the cuts, first announced last November in the Autumn Statement, would hinder growth for early-stage and research-intensive tech companies. The R&D tax credits and relief scheme […]
The abolition of the pensions Lifetime Allowance, (LTA) which was announced in the Spring Budget, releases people to save as much as they like into their schemes. Chancellor Jeremy Hunt abolished the allowance, which is the limit on how much people can build up in their pension pots over their lifetime while still benefiting from key […]
Chancellor Jeremy Hunt has announced a partial replacement for the Super Deduction that allows companies to write off 100 per cent of the cost of investment in one go. The Full Expensing scheme was announced in the March Budget. Businesses that invest in IT equipment and machinery will be able to claim back the cost […]
The Government has announced there will be greater scrutiny on the reporting of all crypto transactions, including for cryptocurrencies and non-fungible tokens (NFTs). HM Revenue & Customs (HMRC) will now require cryptoasset reporting in Self-Assessment tax returns by requiring separate reporting of gains and income. The changes will be introduced on the forms for the […]
Changes to the amount of Corporation Tax (CT) businesses pay came into effect on 1 April. From that date, the main rate of CT rose from 19 per cent to 25 per cent for the most profitable companies. Companies whose year-end is 31 March will pay 19 per cent CT for the whole of the […]
The Valuation Office Agency (VOA) has updated the rateable values of all businesses, and other non-domestic, properties in England and Wales from 1 April 2023. The Government levies the charge on offices, shops, pubs, and warehouses. In fact, most non-domestic properties will attract business rates. They may also be charged where only part of a […]
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