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.
Making Tax Digital – Update
The obligation to keep records in a digital format and report information quarterly will apply to unincorporated businesses and property landlords with gross income from all business activities in excess of £10,000 a year.
More Details of MTD for Income Tax Reporting
HMRC are currently consulting on the precise details of what needs to be reported each quarter.
Prime Minister Candidates and Possible Tax Cuts
With the departure of Boris Johnson, the contenders as leader of the Conservative Party and Prime Minister (PM) have now been whittled down to the last two – Rishi Sunak and Liz Truss
Childcare Accounts Can Subsidise Summer Camp Costs
If you have children under 12 who attend a nursery, after school club, play scheme, childminder or you are considering sending them to a summer camp, you should think about setting up a tax-free childcare account
Penalties For Overclaimed Seiss Grants
HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potentially penalties of up to 100% of amounts overclaimed in certain circumstances.
R&D Tax Credit Repayments Delayed
The Research & Development (R&D) tax credit scheme for small and medium sized enterprise companies is particularly generous as there is currently 230% relief for qualifying expenditure and, where the company is loss making, this results in a 14.5% repayable credit.
ATED Returns And Revaluations Due
There are numerous exemptions and reliefs from ATED but companies still need to submit an ATED Relief Declaration Return.
Trading Losses - Carry Back Or Carry Forward?
In the March 2021 Budget, it was announced that the normal one year carry back for trading losses would be extended to three years.
Super-Deduction For Equipment Runs For One More Year
The 130% super-deduction for companies that invest in new plant and machinery applies where the expenditure is incurred between 1 April 2021 and 31 March 2023.
Business Tax Relief for Capital Investment
In preparation for the 130% ‘super-deduction’ for companies coming to an end on 31 March 2023, other alternatives are being considered in an attempt to continue encouraging investment from April 2023.
National Insurance Contributions (NICs)
Some new measures have however been announced in an attempt to combat the effect of the increase, at least partially.
The Spring Statement 2022
In our newsletter, we provide an outline of the main areas of taxation covered in the Spring Statement. We have also included our observations on the more important changes, together with any planning points that may arise. In addition, we have included a detailed calendar of the most important dates for 2022/23 that will help you with tax planning ahead of time.
VAT Rates For Hospitality Sector Due To Increase From 1 April
Early in the COVID-19 pandemic, the Chancellor reduced the rates of VAT for the leisure and hospitality sector to just 5%.
Don’t Lose Your 2021/22 Personal Allowance
For every £2 that your adjusted net income exceeds £100,000 the £12,570 personal allowance is reduced by £1