Specialist Tax News

31 October 2022

The corporation tax rate increases and the continuance of the higher income tax rates on dividends will impact on the profit extraction strategies adopted by director/shareholders

31 October 2022

Off-Payroll working lives to see another day

The 23 September Fiscal Statement included the unexpected news that the “off-payroll working” (OPW) rules would be scrapped from 6 April 2023. These rules were introduced

31 October 2022

£1 million Annual Investment Allowance to stay

The Government will continue to support business capital investment by keeping the level of the 100% Annual Investment Allowance (AIA) at £1 million. This deduction is

31 October 2022

SEIS changes go ahead

The Government will continue to support the Seed Enterprise Investment Scheme (SEIS), although we still await further detail. In the original 23 September 2022 statement, it

31 October 2022

Energy support to be reviewed in April 2023

It should be noted that there has also been a U-turn on the original 2-year cap on domestic gas and electricity tariffs. Instead, the cap will

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