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.
PAYE Settlement Agreements Also Online
Where benefits in kind are provided to employees that will usually result an income tax charge on the employee and a Class 1A national insurance (NI) charge on the employer. The rate to be used for 2022/23 is 14.53% because of the withdrawal of the 1.25% Health and Social Care levy part way through the year.
HMRC Phasing Out Paper Tax Returns For 2023/24
As well as moving more and more employer returns online HMRC have announced that they will be phasing out paper self-assessment tax returns
2022/23 P11d Forms to be Submitted Online
The deadline for filing the P11d forms to report benefits in kind in respect of directors and employees for 2022/23 is 6 July 2023. Note, however, that the original and amended reports must now be made online and paper returns will be rejected.
New Holiday Let Rules to Protect Local People and Support Tourism – Consultation
A consultation published recently by the Department for Levelling Up, Housing and Communities will propose introducing planning permission for an existing home to start to be used as a short term let
Working Capital Finance Explained
Working capital finance solutions offer businesses the opportunity to improve cash flow. The world of commercial finance and asset-based lending (ABL) is complex and expansive with products, terminology, and contractual interpretation varying from lender-to-lender.
Building Business Resilience
Millions of businesses and households are struggling with their energy costs, alongside increases in general taxation, the cost of council tax, water bills and other utilities.
Energy Bills Discount Scheme for Non-Domestic Customers
This scheme replaces the Energy Bill Relief Scheme which supported businesses and organisations between 1 October 2022 and 31 March 2023
Managing Your Cash Flow
With increasing supplier prices and economic uncertainty, managing your business’s cash and understanding the flow are now vital tools in maintaining resilience and being able to adopt flexible strategies for success
Rates and Thresholds for Employers 2023 To 2024
Employers should be aware that from April 2023 several statutory payment rates increase for the 2023-24 financial year.
Changes to Reporting Material Discrepancies to Companies House
Obliged entities carry out due diligence checks on companies under anti-money laundering regulations. They must report differences between the information they gather, and the information held at Companies House.
Companies House Direct and WebCHeck are Closing
Companies House (CH) has confirmed that Companies House Direct (CHD) and WebCHeck are closing on the 30 November 2023
Managing Inheritance Tax
Like many other taxes, inheritance tax (or IHT) allowances have been frozen. This sounds generous of the chancellor at a time when the government is strapped for cash. But it actually means that we are paying more
Data Protection and Marketing Webinar for Small Businesses
The Information Commissioner's Office (ICO) is repeating its data protection and marketing webinar for small businesses, due to the popular demand it received last time it ran.
Changes to Business Rates Rules for Self-Catering Properties
From April 2023, new eligibility rules for business rates will apply to self-catering properties in England and Wales. If you don’t meet these rules, your property will become eligible for paying Council Tax
Extending the “Income Tax Cash Basis” for the Self-Employed
This HM Revenue & Customs (HMRC) consultation seeks views and feedback on proposals to increase eligibility and use of the income tax cash basis for the self-employed.
HMRC Late Payment Interest Rates to Be Revised After Bank of England Increases Base Rate
The Bank of England Monetary Policy Committee announced on 23 March 2023 to increase the Bank of England base rate to 4.25% from 4%.
Budget Special – Part 2
Like the main income tax bandings, employer and employee NIC thresholds are now also frozen until 5 April 2028. This broadly means that employers’ NIC will continue to apply at 13.8% to earnings in excess of £9,100 a year (£175 per week) and employees will continue to pay 12% on earnings between £12,570 and £50,270 and 2% thereafter.
Budget Special - Part 1
In the Autumn Statement, the Chancellor announced that the £12,300 annual tax-free capital gains tax exemption (or allowance) will be reduced to just £6,000 in 2023/24 and only £3,000 in 2024/25.