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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

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. Consequently, corporate businesses may wish to bring forward planned expenditures to take advantage of this enhanced tax deduction, utilising a loan […]

Read more January 30th, 2023

Advisory Fuel Rates For Company Cars January 2023

The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 December 2022. 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 January 26th, 2023

MTD VAT Returns Can’t Be Submitted Through HMRC Website

Since 1 April 2022, all VAT registered businesses must file their VAT Returns digitally through Making Tax Digital compliant software, regardless of turnover level. You cannot submit VAT returns through the HMRC website anymore. We can sign you up to MTD, although you will be responsible for meeting your VAT obligations. Those who do not […]

Read more January 20th, 2023

2023 – A year for resilience?

In 2022, despite the troubles with the economy, we have been amazed at the resilience of our clients and how they have energetically moved their businesses into new areas, products and services. Many of our clients have redesigned delivery and payment systems, moved their entire processes digital, accepted remote working and adopted to new technologies […]

Read more January 10th, 2023

Dividend Income – Reduced 0% Band

For all individuals, the first £2,000 of dividend income is taxed at 0%. The government have now decided that this ‘dividend allowance’ of £2,000 will be reduced to £1,000 in the 2023/24 tax year and then again to just £500 in the 2024/25 tax year. It should be remembered that the income tax rates applied […]

Read more December 12th, 2022

HMRC Is Changing How They Assess Profits For Some Sole Traders And Partnerships

How HMRC assesses profits for sole traders and partnerships who use an accounting date between 6 April and 30 March will change from 6 April 2023. This change will not affect companies. Your accounting date is the last day of the period that you prepare your accounts for. You choose your accounting date when you […]

Read more December 9th, 2022

Capital Gains Tax Annual Exemption Cut

Many were predicting that the rates of Capital Gains Tax (CGT) paid by individuals would increase, possibly to align with the rates of income tax. Instead, the Chancellor has announced that the current £12,300 annual tax-free CGT exemption (or allowance) will be reduced to just £6,000 in 2023/24 and only £3,000 in 2024/25. This change […]

Read more December 5th, 2022

Councils Given Freedom To Increase Council Tax And Social Rents Capped At 7%

Chancellor Jeremy Hunt announced that English local authorities will be able to increase council tax by 5% annually without a referendum. Following the Autumn Statement, local authorities will be allowed to raise council tax by 3%, and those which also have social care responsibilities can increase it by a further 2% (a total of 5%) […]

Read more December 2nd, 2022

Landlords Require Financial Help To Meet EPC Targets

The organisation Propertymark has urged the government to provide financial and tax incentives to landlords to meet ambitious EPC targets. As part of the government’s plan to be net zero by 2050, all properties in the private rented sector (PRS) in England and Wales will require an Energy Performance Certificate (EPC) rating of C or […]

Read more November 23rd, 2022

Accounting Software For Landlords

When choosing accounting software, there are a few key features to look for. Surprisingly, not all accounting software will work for landlords. In fact, the majority of accounting software does not accommodate smaller landlords who operate as individuals, own less than 5 properties and don’t treat property as their primary income. With Making Tax Digital […]

Read more November 22nd, 2022