Specialist Tax News

25 September 2023

HMRC to require more information to be provided by taxpayers

Draft legislation released for consultation on 18 July indicates that business and individual taxpayers will be required to provide more information to HMRC in the next

25 September 2023

Advisory fuel rate for company cars

The table below sets out the HMRC advisory fuel rates from 1 September 2023. These are the suggested reimbursement rates for employees' private mileage using their

25 September 2023

Diary of main tax events October 2023

Date What’s Due 1 October Corporation tax for year to 31/12/22 unless paid by quarterly instalments. 5 October Deadline for notifying HMRC of chargeability for 2022/23

28 July 2023

Provide additional information of R&D claims from 1 August 2023

The latest Finance Act includes two changes that will affect all R&D claims: (1) a requirement to provide additional information before an R&D claim is made;

28 July 2023

Use Tax-Free Childcare account to pay for summer holiday clubs

Tax-Free Childcare accounts can be used to pay for approved childcare for children aged 11 or under, or 16 if the child has a disability. This

28 July 2023

Planning a staff summer barbeque?

Employers may meet the cost of certain social events for staff without creating a tax liability. This used to be a concession but is now a

28 July 2023

Rumours of the abolition of inheritance tax

There are rumours circulating in the press of the possible abolition of inheritance tax (IHT) in a bid by the Government to secure the support of

28 July 2023

HMRC raise interest rates again as base rate increases

HMRC interest rates are linked to the Bank of England base rate. Late payment interest is set at base rate plus 2.5%. Repayment interest is set

28 July 2023

Diary of main tax events August/ September 2023

Date What’s Due 01/08 Corporation tax payment for year to 31/10/22 (unless quarterly instalments apply) 19/08 PAYE & NIC deductions, and CIS return and tax, for

28 June 2023

Deadline for topping up NI contributions extended again to 5 April 2025

With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new

28 June 2023

Super-deduction replaced by “full expensing”

In the Spring Budget the Chancellor announced that “full expensing” - 100% relief for new, eligible plant and machinery - would replace the 130% super-deduction from

28 June 2023

Should small businesses still use the VAT flat rate scheme?

The VAT Flat Rate scheme was introduced in 2002 to simplify VAT reporting for small traders, reducing the time taken to calculate VAT and prepare returns