Specialist Tax News

28 March 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 March 2023

Investment zones

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

28 March 2023

Venture Capital Schemes

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

28 March 2023

Diary of main tax events April / May 2023

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

28 February 2023

Will the Spring Budget stimulate economic growth?

With the UK economy flat lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation

28 February 2023

Nudge” letters from HMRC about R&D claims

Following on from the alleged abuse of the Research and Development (R&D) tax relief schemes, particularly the SME tax credit scheme, HMRC have issued “nudge” letters

28 February 2023

Penalties for careless and deliberate errors

As well as charging interest on tax paid late, HMRC may also levy a penalty where there is an error in a tax return. These penalties

28 February 2023

Advisory fuel rate for company cars

The table below sets out the HMRC advisory reimbursement rates for employees' private mileage using their company car from 1 March 2023. Where full reimbursement is

31 January 2023

Making tax digital for income tax delayed again

Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 and then 2024.

31 January 2023

New tax year basis goes ahead

Although the start of MTD for ITSA has been delayed to 2026 at the earliest, the start date of the new regime for taxing the profits

31 January 2023

New VAT penalty regime

A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT applies to return periods commencing on or after 1

31 January 2023

130% super deduction ends soon

Companies considering the acquisition of new plant and machinery need to be aware that the temporary ‘super-deduction’ of up to 130% for the cost of acquiring