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The Windsor Framework

More than a regional agreement Last week we saw the Windsor Framework, agreed by the Prime Minister and European Commission President, replacing the old Northern Ireland Protocol, providing a new legal and UK constitutional framework. The UK government states that “It delivers free-flowing trade in goods between Great Britain and Northern Ireland by removing […]

Read more March 7th, 2023

Pension & CGT Annual Allowance

You might want to consider increasing your pension savings before 5 April 2023, if you have available ‘pension annual allowance’ to obtain tax relief for any additional contributions. The pension annual allowance includes any unused elements from the last three tax years as well. Under the current rules, the government adds to your pension contributions […]

Read more March 7th, 2023

Penalties For Careless And Deliberate Errors

As well as charging interest on tax paid late, HMRC may also levy a penalty where there is an error in a tax return. These penalties may be judged as careless or deliberate and the level of penalty will also depend upon whether or not; This matter is topical following the recent sacking of the […]

Read more March 6th, 2023

“Nudge” Letters From HMRC About R&D Claims

Following on from the alleged abuse of the Research and Development (R&D) tax relief schemes, particularly the SME tax credit scheme, HMRC have issued “nudge” letters to the directors of over 2,000 claimant companies asking them to check their claims. Here is an extract from the letter:- We encourage all R&D claimants to consider questions […]

Read more March 6th, 2023

Will The Spring Budget Stimulate Economic Growth?

With the UK economy flat lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may also extend the 130% super-deduction for investment in new plant and machinery which is due to end […]

Read more March 3rd, 2023

Advisory Fuel Rates For Company Cars March 2023

The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 March 2023. Where full reimbursement is made there is no taxable fuel benefit. The rates for the previous quarter, if different, are in brackets. In cases where the employer pays for the car fuel, these […]

Read more March 2nd, 2023

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