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.
Tax Increases and Public Spending Cuts
The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending and tax rises for those with the ‘broadest shoulders’.
Capital Gains Tax Annual Exemption Cut
The Chancellor has announced that the current £12,300 annual tax-free CGT exemption (or allowance) will be reduced to just £6,000 in 2023/24 and only £3,000 in 2024/25.
Get Ready for New VAT Penalties from 1 January 2023
For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with separate penalties for late returns and late payment of VAT. At the same time, HMRC is introducing a new approach to charging interest on late-paid VAT
NIC Bands Frozen
Like the main income tax bandings, NIC thresholds are now also frozen until 5 April 2028.
Chancellor Steps into The Fiscal Storm and Pulls More People into The Top Income Tax Band
His measures on taxes mean that tax as a percentage of national income will increase by 1% over the next 5 years and this is now amongst the highest proportion of income going to HMRC for at least 70 years.
Energy Advice, Guidance and Costs Calculator
The government’s Energy Bill Relief Scheme is in place to reduce the unit price businesses pay for their energy, but navigating these schemes can be a challenging process so we want to offer as much help as possible.
Could your Business Cope with Severe Winter Weather?
Creating a business continuity plan will help you understand and manage the risks faced in the event of extreme snowfall, flooding or similar.
Businesses are also advised to prepare a grab bag with essential items which can be easily accessed should the premises be evacuated or unable to be accessed.
HMRC Late Payment Interest Rates Revised
The Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%.
HMRC interest rates are linked to the Bank of England base rate
The Key to Business Success in Challenging Times
On 17 November we will know more about the government’s spending plans and taxation policies. The prospect is one in which the economy will be less dependent on the government, with spending to be cut aggressively and taxes to rise across the board.
Autumn Statement 2022
The Autumn Statement 2022 comes at a time of significant economic challenge for the UK and global economy. Putin’s illegal war in Ukraine has contributed to a surge in energy prices, driving high inflation across the world.
Workers Paid Via Umbrella Companies
Umbrella companies are commonly used by employment agencies to pay temporary workers. HMRC are aware that some umbrella companies purport to avoid tax and claim to be able to maximise the worker’s take-home pay
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.