Specialist Tax News

02 May 2023

As a result of the pension reforms introduced by George Osborne which took effect from 6 April 2015, a drawdown pension fund has become an important

02 May 2023

Consultation into possible reform of construction industry scheme

The Government have announced a number of tax consultations on its Tax Administration and Maintenance Day, 27 April. These include measures designed to support the Government’s

02 May 2023

Diary of main tax events May/June 2023

Date What’s Due 01/05 Corporation tax payment for year to 31/7/22 (unless quarterly instalments apply) 19/05 PAYE & NIC deductions, and CIS return and tax, for

28 March 2023

Cost of living support

Energy Costs The Energy Price Guarantee (EPG) brings a typical household energy bill in Great Britain down to around £2,500 per year. It has now been announced that

28 March 2023

Income tax

Increasing liabilities The personal allowance and basic rate band threshold are now frozen in place until 5 April 2028. As earnings increase, individuals will move into

28 March 2023

Capital gains tax

In the Autumn Statement, the Chancellor announced that the £12,300 annual tax-free capital gains tax exemption (or allowance) will be reduced to just £6,000 in 2023/24

28 March 2023

Inheritance tax

In the 2023 Autumn Statement, the inheritance tax nil rate band was frozen at £325,000 until April 2028. The residence nil rate band will also remain

28 March 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 will

28 March 2023

Business taxes

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.

28 March 2023

Corporate taxes

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

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