Specialist Tax News

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

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