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.

Dividend Rates Reduced from 2023/24
Tax News Andrew Mellor Tax News Andrew Mellor

Dividend Rates Reduced from 2023/24

Many director/shareholders of family companies pay themselves a small salary and take the rest of their “pay” in dividends. With dividends being free of NIC, this would have allowed them to avoid the extra 1.25% NIC charge when it was originally introduced.

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New Investment Zones
Tax News Andrew Mellor Tax News Andrew Mellor

New Investment Zones

The Government is in discussion with 38 local authority areas in England to set up ‘Investment Zones’ in specific sites within their area.

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UK Government Outlines Plans to Help Households and Businesses With Energy Bills
Business Resources Andrew Mellor Business Resources Andrew Mellor

UK Government Outlines Plans to Help Households and Businesses With Energy Bills

Through a new Energy Bill Relief Scheme (EBRS), the government will provide a discount on wholesale gas and electricity prices for all non-domestic customers (including UK businesses, voluntary sector organisations like charities and public sector organisations such as schools and hospitals) whose current gas and electricity prices have been significantly inflated in light of global energy prices.

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HMRC Issues Warning to Contractors About the Use of Umbrella Companies
Business Resources Andrew Mellor Business Resources Andrew Mellor

HMRC Issues Warning to Contractors About the Use of Umbrella Companies

Using these non-compliant umbrella companies could leave the workers at risk of being involved in a tax avoidance scheme and owing HMRC the tax and NICs that should have been deducted.

Under PAYE regulations, employers have an obligation to deduct tax and NICs from employment income on workers’ behalf. However, where this does not happen, HMRC may recover the tax directly from the worker.

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How Does A New Prime Minister Affect You?
Business Resources Andrew Mellor Business Resources Andrew Mellor

How Does A New Prime Minister Affect You?

Unlike domestic customers, energy bills for businesses are not capped and the rising cost is proving critical for many companies, especially smaller firms. Liz Truss announced that businesses will get an "equivalent support" for a six-month period, but it is not clear what that means as the UK government have not yet published the unit cost per unit of gas and electricity that they are using to generate the domestic cap and cannot yet confirm whether the same unit cost will be applied to business customers.

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Advisory Fuel Rate for Company Cars
Tax News Andrew Mellor Tax News Andrew Mellor

Advisory Fuel Rate for Company Cars

The figures in the table below are the HMRC suggested reimbursement rates for employees' private mileage using their company car from 1 September 2022. Remember that provided all private fuel is fully reimbursed the fuel benefit does not apply

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Self-Employed Need to Plan For Big Tax Bills in 2023/24
Tax News Andrew Mellor Tax News Andrew Mellor

Self-Employed Need to Plan For Big Tax Bills in 2023/24

The changes to the basis of assessment of self-employed profits are scheduled to change from 6 April 2024. The new rules mean that profits (and losses) will be assessed based on the amounts arising between 6 April and 5 April instead of the profit/loss of an accounting period ending in the tax year.

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Employers Should Prepare for A Warmer Future
Business Resources Andrew Mellor Business Resources Andrew Mellor

Employers Should Prepare for A Warmer Future

The Health and Safety Executive (HSE) is advising businesses to think about how they need to adapt to warmer working conditions for their staff. After last month’s record-breaking temperatures and with more hot weather this month, HSE is asking employers to ensure extreme heat becomes part of their long-term planning.

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