Specialist Tax News

02 May 2023
PAYE settlement agreements also online
Where benefits in kind are provided to employees that will usually result an income tax charge on the employee and a Class 1A national insurance (NI)
Read more
02 May 2023
HMRC phasing out paper tax returns for 2023/24
As well as moving more and more employer returns online HMRC have announced that they will be phasing out paper self-assessment tax returns and encouraging individuals
Read more
02 May 2023
Pension lifetime allowance
The latest Finance Bill will legislate the announcement in the Spring Budget that the lifetime allowance (LTA) charge is abolished from 6 April 2023. Individuals will
Read more
02 May 2023
Pensions and estate planning
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
Read more
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
Read more
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
Read more
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
Read more
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
Read more
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
Read more
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
Read more
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
Read more
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.
Read more