A new points-based system for late VAT returns starts for return periods commencing on or after 1 January 2023. A financial penalty will apply when a number of points have been accumulated, which will depend on how frequently the returns should be submitted. For a trader preparing quarterly returns a penalty will be charged when […]
The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 December 2022. Where full reimbursement is made there is no taxable fuel benefit. The rates for the previous quarter, if different, are in brackets. Engine Size Petrol Diesel LPG 1400cc or less 14p (15p) […]
The Scottish Parliament has the power to set income tax rates on non-savings and non-dividend income for Scottish taxpayers. In the Scottish Budget of 15 December 2022, it has been confirmed that the 5-band structure will remain for 2023/24 and most of the thresholds are unchanged. Like the rest of the UK the top rate […]
Date What’s Due 01/01 Corporation tax payment for year to 31/3/22 (unless quarterly instalments apply) 19/01 PAYE & NIC deductions, and CIS return and tax, for month to 5/01/23 (due 22/01 if you pay electronically) 31/01 Deadline for Self-Assessment tax return for 2021/22 if filed online. Also the due date for 2021/22 […]
Just relying on your state pension in later life could leave you suffering a threadbare retirement. The current State Pension stands at just £185.15 a week, as of December 2022. To make sure you have a more financially successful retirement, it pays to put things in place now. Firstly, make sure you have an alternative […]
The September Mini-Budget sent the economy into a tailspin, causing chaos in the mortgage market and sending interest rates rising. A change at Number 10 & 11 Downing Street, and the Autumn Statement has bought some stability, but many mortgage holders and first-time buyers are still left scratching their heads. The burning question for many […]
Given the pandemonium around the gilts market after the Mini-Budget in September, it would seem that investors would naturally shy away from Government bonds. But as the dust settles and rates recover is there an opportunity for investors? Government bonds or gilts are akin to an IOU that the Government issues when it needs to […]
You could see your Income Tax bill increase significantly in 2022-23 because of a freeze on Income Tax thresholds announced by the Chancellor at the Autumn Statement. While the basic (20 per cent) and higher (40 per cent) thresholds will remain at their current levels for an additional two years until 2028, rising wages will […]
Planning for the future is essential when running a business and you should have a perspective of where you want to be in three to five years. Goals or targets provide a sense of direction, focus, and motivation. However, how do you set aims effectively? You could try the SMART method. This relies on five key […]
Chancellor Jeremy Hunt has announced a series of changes to the UK research and development (R&D) tax credit regime, including a cut to the deduction and credit rates for the SME scheme. The R&D SME scheme enhanced deduction rate will be cut to 86 per cent from the current 130 per cent, and the payable […]
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