Blog
All the latest changes to tax legislation- important tax dates and deadlines, Help-Sheets on managing your personal finances, business news & opinion, as well as updates on what’s happening at Rawcliffe’s.
Buy New Equipment Before 6 April?
Your business year end, not 5 April, is relevant for capital allowances purposes.
Will There Be A Mini Budget On 23 March?
The main Budget is scheduled for Autumn each year, but it is anticipated that the Chancellor will take the opportunity to make a number of tax announcements.
Planning To Sell Your Business In 2022?
Now that the economy is starting to recover, this could be a good time to think about selling your business. Remember that under the current capital gains rules, the first £1 million of an individual’s gains potentially qualify for a 10% rate of tax, provided business asset disposal relief applies.
HMRC Have Put Back Tax Return Deadline
Normally self-assessment tax returns need to submitted by 31 January, otherwise there is an automatic £100 late filing penalty. Don’t panic however, as HMRC have recently announced that provided 2020/21 tax returns are received by the end of February, the late filing penalty will not be applied.
130% Super -deduction For Investing In New Plant Continues
This tax break, which started on 1 April 2021 continues until 31 March 2023, allows companies to deduct 130% of the cost of new plant and machinery from their profits where that plant would normally be included in the general capital allowances pool
Summary Of Freeport Tax Advantages
7 of the 8 freeport areas are on the coast and thus ideal locations for businesses importing goods into the UK. There is however no restriction on the nature of business carried out within the designated freeport area.
Remember To Declare Covid-19 Grants On Your Tax Return
HM Revenue and Customs (HMRC) is reminding Self-Assessment tax payers to declare any COVID-19 grant payments on their 2020 to 2021 tax return. These grants are taxable, and you should declare them on your 2020 to 2021 tax return before the deadline on 31 January 2022.
New Year Tax Planning Ideas
At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.
Christmas Is The Time For Giving…(and Tax Planning)
One tax planning opportunity that many thought the chancellor might restrict was the exemption from inheritance tax for regular gifts out of an employee’s income.
Round-Up of the Budget
On 27 October 2021, the Chancellor delivered his third Budget in conjunction with the Public Spending Review. Many of the spending announcements had already been leaked to the Press prior to Budget Day and arguably a lot of it was not new money. The Chancellor did however manage to keep a few surprises back for Budget Day.
The Growth Plan 2022
The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality.
HMRC Support With Childcare Costs
If they haven’t already done so employees should set up a “Tax-Free” Childcare Account to help pay towards the cost of childminders, breakfast and after school clubs, nursery fees and approved play schemes.
Advisory Fuel Rate For Company Cars
As the result in recent increases in petrol and diesel prices HMRC have increased the advisory fuel rates that apply for the reimbursement of employees' private fuel for their company cars.
MTD For Income Tax Postponed To 2024/25
Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024.
Capital Allowances On Plant In Residential Property
The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. | Blackpool, Poulton based Chartered Accountants
1.25% Increase In NICs And Tax On Dividends To Fund Health And Social Care
The Prime Minister announced on 7th September that the government will introduce a new 1.25% Levy to provide an extra £12 bn a year to support the NHS and social care.
VAT Rate Reduction For Hospitality, Holiday Accommodation and Attractions.
If you are a VAT registered business, check if you can temporarily reduce the rate of VAT on supplies relating to hospitality, accommodation, or admission to certain attractions.
Plastic Packaging Tax Starts 1 April 2022
If you are a business that manufactures or imports 10 or more tonnes of plastic packaging over a 12-month period you will need to register for the tax