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Industry News

Government U-turn on 45p tax rate

Government U-turn on 45p tax rate

The Chancellor, Kwasi Kwarteng has announced plans to scrap the proposed removal of the 45p tax rate from April 2023. The proposed removal of the 45p Rate was first announced as part of the

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IR35 reforms

IR35 reforms

One of the measures the Chancellor of the Exchequer, Kwasi Kwarteng referred to in the delivery of the Growth Plan 2022 (commonly referred to as the mini-Budget) concerned moves to simplify

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Changing a will after death

Changing a will after death

In certain circumstances, a will can be changed after death. This can be done by using what is known as a Deed of Variation. Any changes to the will must be done within two years from the

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Minimum wage for different types of work

Minimum wage for different types of work

Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers must pay

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Tax relief for job expenses

Tax relief for job expenses

Employees who are working from home may be able to claim tax relief for bills they pay that are related to their work. Employers may reimburse employees for the additional household

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Joining the MTD ITSA pilot

Joining the MTD ITSA pilot

Many businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the Making Tax Digital (MTD) for Income Tax

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Capital Allowance Pools

Capital Allowance Pools

A Writing Down Allowance (WDA) is available for plant and machinery expenditure that exceeds the Annual investment allowance (AIA) and / or does not qualify for a First-Year Allowance as

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Private residence relief

Private residence relief

In general, there is no CGT payable on a property disposal which has been used as the main family residence. An investment property which has never been used as a private residence will not

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The Growth Plan 2022

The Growth Plan 2022

The new Chancellor of the Exchequer, Kwasi Kwarteng, delivered a fiscal statement referred to as The Growth Plan 2022 on 23 September 2022. The statement to a packed House of Commons centred

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Energy Bill Relief Scheme launched

Energy Bill Relief Scheme launched

The Business Secretary Jacob Rees-Mogg has announced the launch of the new Energy Bill Relief Scheme to help cut energy bills in the non-domestic sector. The new scheme will cover all

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New Chancellor’s approach to economic priorities

New Chancellor’s approach to economic priorities

The new Chancellor, Kwasi Kwarteng, recently met in London with various market and city leaders to set out the Prime Minister’s new, pro-growth economic approach. The new approach focuses

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Land Registry Property Alerts

Land Registry Property Alerts

HM Land Registry's property alert service is a free service to help protect property owners from fraud. The counter-fraud security measure was introduced by the Land Registry to monitor

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The Customs Declaration Service

The Customs Declaration Service

Businesses importing goods must submit import declarations from 1 October 2022 using the Customs Declaration Service (CDS). The CDS is a customs IT platform designed to modernise the process

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Companies House new WebFiling account

Companies House new WebFiling account

Companies House has introduced a new WebFiling account. The new account represents a first step in creating a single sign-in across all Companies House services and a continued push to

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Creditor bankruptcy and liquidation cost changes

Creditor bankruptcy and liquidation cost changes

The Insolvency Service is a government agency that provides services to those affected by financial distress or failure. The Insolvency Service operates as an executive agency of the

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Transfer of business as a going concern

Transfer of business as a going concern

The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable

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Tax Diary October/November 2022

Tax Diary October/November 2022

1 October 2022 - Due date for Corporation Tax due for the year ended 31 December 2021. 19 October 2022 - PAYE and NIC deductions due for month ended 5 October 2022. (If you pay your tax

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Her Majesty Queen Elizabeth II’s State Funeral

Her Majesty Queen Elizabeth II’s State Funeral

It has been confirmed that the date of Her Majesty Queen Elizabeth II’s State Funeral will be Monday, 19 September 2022 following 10-days of national mourning. King Charles III approved an

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Sponsoring a charity

Sponsoring a charity

There are special rules in place when a limited company gives to charity. This can include Corporation Tax relief for qualifying donations made to registered charities or community amateur

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Goods sent from abroad

Goods sent from abroad

There are special rules to help ensure that goods sent from abroad are taxed appropriately and do not disadvantage UK businesses supplying goods in the UK. For example, by having to compete

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The pension savings annual allowance

The pension savings annual allowance

The pension savings annual allowance for tax relief on pensions has been fixed at £40,000 since 6 April 2014. The annual allowance is further reduced for high earners. Since 6 April 2020,

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HMRC’s shared workspace

HMRC’s shared workspace

HMRC’s Shared Workspace is a service that allows businesses and tax agents to share sensitive data, for example, accounts or employee information, with HMRC. According to HMRC, the service

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Taxable and tax-free State Benefits

Taxable and tax-free State Benefits

Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free. HMRC’s guidance provides the following list of the

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PAYE Settlement Agreements

PAYE Settlement Agreements

A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and National Insurance due on small or irregular taxable expenses or benefits for

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