Super Deductions ends on 31st March 2023

In 2021, the UK government introduced a new tax relief scheme called the 'super deduction' to encourage investment by businesses. Under this scheme, companies were able to claim a 130% tax relief on qualifying investments in plant and machinery. The…

HMRC - Responses by SMS text messages

Individual callers to some HMRC helplines from mobile phones may find that rather than speaking with an adviser they are now sent an SMS text message directing them to online services and guidance. Key dates Since 19 January 2023, HMRC have…

HMRC Penalties - The impact of taxpayers behaviour

HMRC has wide-ranging powers to charge penalties for late and incorrect returns. Where errors are made on returns and other paperwork which understate the tax or misrepresent the tax liability, whether a penalty is charged and the amount of…

Which way to turn? Coping with financial challenges

This update sets out some of the business and personal financial challenges for 2023-24, and a few ideas for countering these challenges. The challenges for business owners The combination of rising energy bills, high inflation, recession…

Business Profits Review 2022-23

The checklist that follows this introduction is relevant for any business structure: sole trader, partnership, or limited company. Where there are ideas listed that are only applicable to one of these three, this will be highlighted in the text. The…

Business Tax Review 2022-23

The Basics: Whether you are self-employed or have your own company your periodic business tax payments will always be based on yearly trading profits and other chargeable gains made in the same period. If you run your business through…

Energy Bills Discount Scheme - What you need to know

The Energy Bill Relief Scheme (EBRS) provides non-domestic energy customers with a discount on their gas and electricity unit prices. The discount is calculated by comparing estimated wholesale element of the unit price with a baseline Government…
Tax efficient family business

Tax Planning for Individuals - 2022-23

Fiscal drag – freezing tax allowances As announced in the Autumn Statement 2022, most of the personal tax and NIC rates and allowances are to be frozen at current levels for a further two years until April 2028. This does mean that most…
How I can I avoid late penalty charges for self-assessment taxes?

Self-assessment tax - How to pay your self-assessment bill

  Tax returns for 2021/22 must be filed online by midnight on 31 January 2023. The same deadline applies for paying any tax due under self-assessment for 2021/22 and, where relevant, the first payment on account of your 2022/23 tax liability.…

Making Tax Digital for Income Tax - Start date delayed

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) was due to be introduced in April 2024. However, the start date has been delayed. MTD for ITSA will now be phased in from April 2026, applying initially to self-employed individuals…
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