NEWS Catch up with the latest in accounting news
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Catch up on the latest news in accounting here, from cutting edge bookkeeping technology to self-assessment updates.
Corporation Tax increases from April 2023
The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for
Personal tax allowances frozen to April 2028
Chancellor Jeremy Hunt announced as part of the Autumn Statement measures that the Income Tax thresholds will be maintained at their current levels for a further two years until April 2028. This will
CGT tax-free allowance reducing
In the Autumn Statement, the Chancellor announced that the annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved next year. This rate had previously been fixed at
Fiscal drag
You may have encountered this phrase, fiscal drag, in recent weeks, particularly if following the Autumn Statement announcements last week.
A large part of Chancellor Hunt’s announcements confirmed
Tax Diary December 2022/January 2023
1 December 2022 – Due date for Corporation Tax payable for the year ended 28 February 2022.
19 December 2022 – PAYE and NIC deductions due for month ended 5 December 2022. (If you pay your tax
Gifts paid out of disposable income
It is possible for wealthier taxpayers to make tax exempt gifts and payments that are funded as normal expenditure out of income. This is a very flexible exemption from IHT as there are no specific
Private pension contributions tax relief
Under current rules, you can claim tax relief for your private pension contributions within certain limitations.
The current annual allowance for tax relief on pension contributions is £40,000. You
VAT – partly exempt businesses
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes.
This means that the business is required to make an apportionment between the
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