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.
Self-Assessment: Declare your COVID-19 Payments
SEISS payments
The SEISS application and payment windows during the 2021 to 2022 tax year were:
● SEISS Four: 22 April 2021 to 1 June 2021
● SEISS Five: 29 July 2021 to 30 September 2021
Registration of Overseas Entities Deadline
The new Register of Overseas Entities requires overseas entities that own land or property in the UK to declare their beneficial owners and/or managing officers.
HMRC Make Arrests in Connection with Suspected Fraudulent R&D Claims
The accountancy definition of R&D is modified for tax purposes by the Guidelines, which are given legal force by Parliamentary Regulations.
Living Wage Week 2022
The Living Wage rates are independently calculated based on the real cost of living in the UK and London.
Company Tax Returns – Job Retention Scheme and Eat Out to Help Out
If you received a Coronavirus Job Retention Scheme (CJRS) grant or an Eat Out to Help Out payment, you will need to do both of the following:
HMRC Guidance on Goodwill Valuations
The valuation of business goodwill for tax purposes is very subjective and is often a contentious area. HMRC have recently updated their guidance in their Shares and Assets Valuation Manual.
New Supply Chain Cyber Security Guidance
The National Cyber Security Centre (NCSC) has published new guidance to help organisations effectively assess and gain confidence in the cyber security of their supply chains.
Latest Recommended Christmas Posting Dates
Royal Mail has released the latest posting dates for Christmas. They say to allow plenty of time for posting
The Rural Start-Up Fund
The Prince’s Countryside Fund and Forest Holidays have teamed up to create The Rural Start-Up Fund, an exciting opportunity for rural businesses to receive financial support as they embark on a new business venture.
SDLT Changes Go Ahead
On 23 September 2022, it was announced that the Stamp Duty Land Tax (SDLT) nil-rate threshold on residential property would be increased from £125,000 to £250,000.
U-Turns to Steady the Financial Markets
In his Fiscal Statement delivered on 23 September 2022, the previous Chancellor, Kwasi Kwarteng, introduced a Growth Plan including the tax cuts promised by Liz Truss in her Conservative Party leader campaign.
Income Tax Rates Stand Still
For dividends, although the associated 1.25 percentage point supplement on NICs is being removed from 6 November, income tax rates on dividends will not be reduced
£1 Million Annual Investment Allowance to Stay
We are, however, expecting the temporary 130% ‘super-deduction’ for company expenditure on qualifying new equipment to come to an end on 31 March 2023.
Off-Payroll Working Lives to See Another Day
The 23 September Fiscal Statement included the unexpected news that the “off-payroll working” (OPW) rules would be scrapped from 6 April 2023.
Corporation Tax Rates to Increase After All
Another of Liz Truss’ flagship policies was to halt the planned rise in corporation tax rates from 1 April 2023.
These increases will now go ahead. From 1 April 2023, corporation tax will increase to 25% where a company’s profits exceed £250,000 a year
SEIS Changes Go Ahead
In the original 23 September 2022 statement, it was announced that qualifying start-up companies would be allowed to raise £250,000 under the scheme, an increase over the current £150,000 limit.