The VAT registration and deregistration thresholds continue to be frozen at £85,000 and £83,000 respectively, instead of increasing each year in line with inflation. This will remain the case until March 2026. Since 1 January 2023, a new penalty regime has been in operation for late VAT return submission and late payment of VAT. The […]

National Insurance Contributions (NIC) for the self-employed in 2023/24 Self-employed individuals are required to pay Class 2 and Class 4 NICs if their profits exceed £12,570. These NICs are usually collected with the individual’s income tax self-assessment payments. For 2023/24, Class 2 NICs are calculated at £3.45 per week and Class 4 NICs are calculated […]

New rates from 1 April 2023 From 1 April 2023, the rate of Corporation Tax will increase to 25% if a company’s profits exceed £250,000 a year. The current 19% rate will however continue to apply where profits are no more than £50,000 a year. Where a company’s profits fall between £50,000 and £250,000 a […]

National Insurance Contributions (NICs) Like the main income tax bandings, employer and employee NIC thresholds are now also frozen until 5 April 2028. This broadly means that employers’ NIC will continue to apply at 13.8% to earnings in excess of £9,100 a year (£175 per week) and employees will continue to pay 12% on earnings […]

The Government will establish 12 ‘Investment Zones’ across the UK, including a promise to have at least one each in Scotland, Northern Ireland and Wales. Each successful zone will have access to £80m funding over 5 years and benefit from a package of tax reliefs. These include relief from Stamp Duty Land Tax (SDLT), enhanced […]

The Government is increasing the generosity and availability of the Seed Enterprise Investment Scheme for start-up companies. The amount of investment that companies will be able to raise under the scheme will increase from £150,000 to £250,000. The gross asset limit will be increased from £200,000 to £350,000 and the investment must be made within […]

Date What’s Due 01/04 Corporation tax payment for year to 30/6/22 (unless quarterly instalments apply) 05/04 2022/23 tax year ends on 5th April. 2023/24 tax year begins on 6th April. 19/04 PAYE & NIC deductions, and CIS return and tax, for month to 5/04/23 (due 22/04 if you pay electronically) 01/05 Corporation tax payment for […]