Specialist Tax News

28 November 2023

The biggest ever increase to the National Living Wage has been announced, with the government fully accepting the recommendations made by the Low Pay Commission. Eligibility

28 November 2023

Backing British business

Tax Relief for expenditure on plant and machinery The Annual Investment Allowance (AIA) is now permanently set at £1million. This means that businesses can claim tax

28 November 2023

VAT

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 is

28 November 2023

Income tax

‘Stealth’ increases The personal allowance and basic rate band threshold are still frozen at their 2021/22 levels and, subject to the outcome of the next general

28 November 2023

Pension reform

The government has announced a comprehensive package of pension reforms that aim to provide better outcomes for savers, drive a more consolidated pensions market and enable

28 November 2023

Capital gains tax

The capital gains tax annual exemption is set to drop to £3,000 in 2024/25, down from £6,000 in 2023/24. This change will mean that those selling

28 November 2023

Inheritance tax

The inheritance tax nil rate band continues to be frozen at £325,000 until April 2028. The residence nil rate band will also remain at £175,000 and

28 November 2023

Corporate taxes

Rates from 1 April 2024 From 1 April 2024, the rate of Corporation Tax will continue to be 25% if a company’s profits exceed £250,000 a

28 November 2023

Employment taxes

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

28 November 2023

Tackling the tax gap and collecting HMRC debt

The government continues to commit to a tax system that is easy for businesses and individuals to engage with, and where everyone pays their fair share.

28 November 2023

Tax administration framework

New measures will be introduced to strengthen HMRC’s data gathering powers. From 2025/26: Employers will be required to provide data on employee hours paid as part

28 November 2023

Diary of main tax events December 2023 / January 2024

Date What’s Due 1/12/23 Corporation tax payment for the year to 28/2/23 (unless quarterly instalments apply) 19/12/23 Employer PAYE & NIC deductions, and CIS return and