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Self Assessment Return – What to consider (January 2023)

YOUR 2022 SELF ASSESSMENT RETURN NEEDS TO BE FILED ONLINE BY 31 JANUARY 2023 TO AVOID INCURRING ANY PENALTIES! Failure to file electronically by this date will result in a £100 fine in the first instance. Continued non-submission could also mean incurring further penalties. Are you putting off starting your return or sending information through....

Chancellor Jeremy Hunt delivered his Autumn statement on 17 November 2022. While there were a raft of economic announcements and detailed coverage on spending plans, we consider the key changes to tax rules below:   Top Tax Rate The 45% tax rate stays in place with the Chancellor extending the reach of this tax rate,....

In April 2021, HMRC rolled out a scheme for employers of veterans to receive National Insurance relief. The scheme is designed to encourage employers to look again at the unique skills and experience that former members of the UK armed forces can bring to the workplace. This creates fresh opportunities and supports veterans in making....

The government has announced that it is changing the small company threshold for regulatory purposes in relation to staff numbers, which, it says, could remove 40,000 businesses from certain reporting regulations.   Currently businesses with less than 50 staff on average face much simpler regulatory requirements than those businesses who exceed this staff number.  ....

On Saturday 1st October 2022 the government’s new energy relief scheme came into force.   Under the terms of the scheme the government will provide a discount on wholesale gas and electricity prices for all non-domestic customers. This will include UK Businesses, the voluntary sector and the public sector.  The scheme will apply to variable contracts....

Omicron (Covid-19) Hospitality and Leisure Grant

What is the new grant? On 21st December the Government announced additional support that would be made available to help businesses who have been impacted by the Omicron variant. The new grant is available to the hospitality, leisure and accommodation businesses that have and are still experiencing economic difficulties and will be issued as a....

New Government funding introduced

The Government is introducing a new grant scheme to support businesses that are experiencing difficulties because of the Omicron variant.   Additional Restrictions Grant   The Additional Restrictions Grant (ARG) will also be topped up so local authorities (LAs) can continue to use their discretion to support other businesses in their area, based on local....

What tax reliefs are available on festive treats for your team?

As the season of presents and parties descends upon us, in person events are welcomed by many. Over the festive period there is a lot to be considered, we want to ensure that worrying about tax isn’t added to your ever-growing list.   Events Most businesses have the same question ‘Is our Christmas party is....

The Red Diesel Reform

The Red Diesel Reform   The government is making changes to the way Red Diesel is taxed from 1st April 2022. These new restrictions will result in no tax relief for several industries meaning they can no longer use it.     What is red diesel? This is diesel that has been dyed red to....

UK Capital Gains Tax on property

Last year, the government introduced a new reporting requirement for UK residents disposing of residential property on or after 6 April 2020. Where a capital gains tax (CGT) charge arises, taxpayers now need to submit a return (UK property CGT return) to report the disposal of UK residential property and make a payment on account....