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.
Households, Businesses, and Organisations Who Are “Off the Gas Grid” to Receive Energy Bill Support Over the Coming Weeks
From Monday last week, households across Great Britain who don’t use mains gas for heating started to receive £200 towards their energy bills as the Alternative Fuel Payment (AFP) scheme launched. Most will get the £200 AFP automatically as a credit on their electricity bill, but
Want to Reduce Your 2021/22 Tax Bill?
If you would like to legitimately reduce your 2021/22 tax bill that you have just paid, or your bill for 2022/23, you might want to consider
Important R&D Changes from April 2023
The government are committed to a number of important changes to Research & Development (R&D) tax relief from 1 April 2023. It also looks increasing likely that the two existing systems will be merged into a single system in future years
130% Super Deduction Ends Soon
Companies considering the acquisition of new plant and machinery need to be aware that the temporary ‘super-deduction’ of up to 130% for the cost of acquiring new plant ends on 31 March 2023.
New Vat Penalty Regime
A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT applies to return periods commencing on or after 1 January 2023. The same system will also apply to the returns to be submitted under MTD for income tax, when it eventually starts!
Making Tax Digital for Income Tax Delayed Again
Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 and then 2024. It was announced just before Christmas that the new system of submitting digital information quarterly to HMRC has been delayed yet again!
Cost of Living Payments from Spring 2023 – Low Income Households
The Department for Work and Pensions (DWP) has announced more detail on the payment schedule for the next round of cost of living support.
Business Rates List Closes Soon
The 2017 non domestic rating list is closing. This means that you have up until 31 March 2023 to check that the factual information the Valuations Office Agency (VOA) holds about your property on this list is correct, and to let them know if it isn’t (this is known as making a Check case).
Pre-April Tax Planning Reminder
The new tax year starts 6 April 2023, so you have a couple of months to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before the 6 April.
Advisory Fuel Rate for Company Cars
HMRC advisory reimbursement rates for employees' private mileage using their company car from 1 December 2022.
Pension Planning
For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and by their employer.
New Vat Penalties for Late Returns
A new points-based system for late VAT returns starts for return periods commencing on or after 1 January 2023.
130% Super-Deduction Ends 31 March 2023
The 130% super-deduction for the investment in plant and machinery was introduced in the March 2021 Budget.
£12,300 CGT Annual Allowance – Use it or Lose it
The CGT annual exempt amount reduces from £12,300 to just £6,000 for gains made in 2023/24.
New Year Resolutions to Save Tax
At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.
HSE Guidance on Keeping Workplace Temperature Reasonable
The Workplace (Health, Safety and Welfare) Regulations require employers to provide a reasonable indoor temperature in the workplace.
Post-Brexit Reform of Financial Services Announced
Last week the Chancellor, Jeremy Hunt, set out plans to repeal and replace EU retained laws governing financial services. This will establish a new regulatory framework for the UK with the aim of making it more agile, less costly, and more responsive to emerging trends.
Tax Year Basis for Unincorporated Businesses – Amending Estimates
From tax year 2024/25 unincorporated businesses will be required to compute their profits on the new ‘tax year’ basis, i.e. those arising between 6 April and 5 April. Many businesses are considering changing their accounting period end to align with the tax year but those that choose not to will need to apportion their profits and may need to estimate some of the figures in order to meet the 31 January filing deadline.