Specialist Tax News

31 October 2022

Diary of main tax events Nov / Dec 2022

Date What’s Due 1/11/22 Corporation tax for year to 31/01/2022 unless quarterly instalments apply 19/11/22 PAYE & NIC deductions, and CIS return and tax, for month

27 September 2022

Team Truss cut taxes to stimulate the economy

On 23 September 2022, Kwasi Kwarteng, the new Chancellor (the fifth in as many years) delivered a Tax Cutting “Fiscal Event” or Mini-Budget to help boost

27 September 2022

Why was that not a real Budget?

The normal budget process is for the Office of Budget Responsibility (OBR) to report on the state of the UK economy at the time of the

27 September 2022

Health and social care levy scrapped

It was on 7 September 2021 that we first heard about a new 1.25% Health and Social Care Levy, imposed on employers, employees and the self-employed,

27 September 2022

Dividend rates reduced from 2023/24

Many director/shareholders of family companies pay themselves a small salary and take the rest of their “pay” in dividends. With dividends being free of NIC, this

27 September 2022

Income tax rates Cut for 2023/24

The previous Chancellor, Rishi Sunak, had dangled a possible cut in the basic rate of income tax from 20% to 19% from 2024/25. This will now

27 September 2022

Corporation tax rate increase scrapped

In the March 2021 Budget, Rishi Sunak announced that the rate of corporation tax would increase to 25% from 1 April 2023 where a company’s profits

27 September 2022

£1 million annual investment allowance now permanent

Businesses investing in plant and machinery will welcome the decision to make the £1 million Annual Investment Allowance (AIA) permanent. This has been extended several times

27 September 2022

IR35 U-turn

The much criticised “off-payroll” working rules were introduced for the public sector from 6 April 2017 and then extended to large and medium-sized private-sector organisations from

27 September 2022

New investment zones

The Government is in discussion with 38 local authority areas in England to set up ‘Investment Zones’ in specific sites within their area. Each Investment Zone

27 September 2022

Encouraging investment in unlisted companies

The new Chancellor has given his support to the tax-advantaged Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) and said he sees the value of

27 September 2022

Employee share ownership

The Government has announced two changes to the tax advantaged Company Share Option Plan (CSOP) scheme. There is currently a maximum employee share option limit based