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.

Team Truss Cut Taxes to Stimulate the Economy
On 23 September 2022, Kwasi Kwarteng, the new Chancellor (the fifth in as many years) delivered a Tax Cutting “Fiscal Event” or Mini-Budget to help boost economic growth.

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.

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.

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.

Mini Budget 2022
Chancellor Kwasi Kwarteng has unveiled the biggest package of tax cuts in 50 years, as he hailed a "new era" for the UK economy.

Thinking of Retirement?
We have a tried and tested methodology to address these issues and to help you prepare your business for sale, find potential buyers and help you negotiate to get the maximum price.

New Beginnings in Uncertain Times
During the run-up to the leadership election, the new Prime Minister promised tax cuts to stimulate economic growth, including the abolition of the 1.25% Health and Social Care Levy and cuts in corporation tax and income tax.

File Companies House Accounts Early to Avoid Penalties
If you are due to file accounts with Companies House by the end of September, use the online services where possible and allow plenty of time before your deadline

Finance And Support For Your Business
The Department for Business, Energy & Industrial Strategy has a webpage listing 151 schemes both locally and for all the UK.

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.

Companies House to Introduce A New Web-Filing Account
Companies House will soon be introducing a new Web-Filing account that will have more functionality with improved security features. It is the first step in creating a single sign-in across all Companies House services.

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.

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

Proposed Changes to CGT on Separation
Under the current rules the no gain/no loss rule that means that there is no CGT on transfers of assets between spouses or civil partners only applies up to the end of the tax year in which they separate

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.

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.

Back to School – Childcare Vouchers or Tax-Free Childcare Account?
Tax-free childcare accounts will gradually replace childcare voucher schemes as no new schemes could be set up after 4 October 2018. Those within voucher schemes continue to be eligible until their child is aged 16, provided the employer is willing to continue operating the scheme.

Support and Manage Disability and Health at Work
The UK Government is testing a new online service for employers, which provides advice and guidance on managing health and disability in the workplace and also explains your legal obligations and good practice.