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Home Insulation Grants

The “Eco Plus” scheme, announced recently by the government, will provide insulation grants to thousands of households across the UK. It is expected to run from April 2023 to March 2026 as part of Chancellor Jeremy Hunt’s aim to cut Britain’s energy use 15% by 2030. The scheme is designed to help families reduce their […]

Read more February 27th, 2023

Six Weeks For Developers To Sign Contract To Fix Unsafe Buildings

Developers have received legally binding contracts that will commit them to pay to repair unsafe buildings. The government has set a six-week deadline for developers to sign the legal agreements and is warning that companies who fail to sign and comply with the terms of the contract will face significant consequences. Legislation will be brought […]

Read more February 24th, 2023

Buy To Let Crisis: An Overview

2022 was a turbulent year for our finances, particularly when it came to property. Those in the industry are hoping that 2023 will see less volatility, and we are already seeing signs of recovery such as lower mortgage rates and a predicted fall in inflation. Damage has been done however, and one of the biggest […]

Read more February 23rd, 2023

CGT Problems On Residential Property

Capital Gains Tax (CGT) in respect of gains on residential property must be reported and paid to HMRC using the Property Disposals Return Service, as well as being reported in the taxpayer’s self assessment. For properties sold since 27 October 2021, the CGT must be paid within 60 days of completion of conveyance. In some […]

Read more February 22nd, 2023

National Minimum Wage April 2023

National Minimum Wage (NMW) and National Living Wages (NLW) increased from 1 April 2023. Please see the table below for the new rates: Employers should review the ages of employees to ensure they are paid the correct gross pay when carrying out your payroll procedures. At Shapcotts we check an employee’s age as part of […]

Read more February 21st, 2023

Sustainable Farming Incentive Rollout

The Secretary of State for Environment, Food and Rural Affairs has set out detailed plans for the nation’s farming sector, “supporting farmers to be profitable and resilient as they produce food sustainably while protecting nature and enhancing the environment”. The accelerated rollout of the Sustainable Farming Incentive – a key part of the Government’s Environmental […]

Read more February 20th, 2023

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). You will […]

Read more February 17th, 2023

Energy Bill Discount Scheme: Help For Non-Domestic Customers

The Government has announced a new Energy Bills Discount Scheme (EBDS) from April 2023 to April 2024 for eligible non-domestic consumers in Great Britain and Northern Ireland. The current Energy Bill Relief Scheme announced in September comes to an end in March 2023. It supports businesses and public sector organisations such as schools and hospitals […]

Read more February 15th, 2023

Developing Future Leaders

How do you recognise leadership potential in your existing team? Hiring new people can bring fresh thinking and new ideas, however, you may already have the right people in place. Those who take the lead Look for people in your team who get stuck into projects and tend to take the lead, regardless of their […]

Read more February 13th, 2023

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. Remember that the 2022/23 allowance is lost if not used by 5 April 2023 and you might want to consider bringing forward disposals of chargeable assets where possible. Where a married couple who are higher rate taxpayers own a […]

Read more February 7th, 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! Under the new regime, taxpayers will […]

Read more February 6th, 2023

MTD For Income Tax Delayed, But New Basis Goes Ahead

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! The start date will now depend upon […]

Read more February 3rd, 2023

Scottish Income Tax Rates 2023/24

The Scottish Parliament has the power to set income tax rates on non-savings and non-dividend income for Scottish taxpayers. In the Scottish Budget of 15 December 2022, it has been confirmed that the 5-band structure will remain for 2023/24 and most of the thresholds are unchanged. Like the rest of the UK the top rate […]

Read more February 2nd, 2023

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 increasingly likely that the two existing systems will be merged into a single system in future years and we hope to hear more in the March 2023 Budget. We already know […]

Read more February 1st, 2023