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The Growth Plan 2022
23/09/2022 - More...
The new Chancellor of the Exchequer, Kwasi Kwarteng, delivered a fiscal statement referred to as The Growth Plan 2022 on 23 September 2022. The statement to a packed House of Commons centred on the government’s plans for generating growth. Colloquially referred to as a mini-budget, it would perhaps be more fitting to refer to the

Energy Bill Relief Scheme launched
22/09/2022 - More...
The Business Secretary Jacob Rees-Mogg has announced the launch of the new Energy Bill Relief Scheme to help cut energy bills in the non-domestic sector. The new scheme will cover all non-domestic energy customers, including UK businesses, the voluntary sector, for example charities and the public sector such as schools and

New Chancellor’s approach to economic priorities
22/09/2022 - More...
The new Chancellor, Kwasi Kwarteng, recently met in London with various market and city leaders to set out the Prime Minister’s new, pro-growth economic approach. The new approach focuses on providing immediate support for families and businesses to cope with soaring inflation and rising fuel costs whilst at the same time supporting the

Land Registry Property Alerts
22/09/2022 - More...
HM Land Registry's property alert service is a free service to help protect property owners from fraud. The counter-fraud security measure was introduced by the Land Registry to monitor registered properties where there is a concern that it might be subject to a fraudulent sale or mortgage. The alert service can be used to monitor up to

The Customs Declaration Service
22/09/2022 - More...
Businesses importing goods must submit import declarations from 1 October 2022 using the Customs Declaration Service (CDS). The CDS is a customs IT platform designed to modernise the process for completing customs declarations for businesses that import or export goods from and to the UK. A phased launch of the service started in August

Companies House new WebFiling account
22/09/2022 - More...
Companies House has introduced a new WebFiling account. The new account represents a first step in creating a single sign-in across all Companies House services and a continued push to becoming a fully digital organisation. The new WebFiling account also includes new benefits and options for users that include the

Creditor bankruptcy and liquidation cost changes
22/09/2022 - More...
The Insolvency Service is a government agency that provides services to those affected by financial distress or failure. The Insolvency Service operates as an executive agency of the Department of Business, Energy and Industrial Strategy (BEIS). The Insolvency Service has announced changes to the deposits paid to initiate creditor

Transfer of business as a going concern
22/09/2022 - More...
The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where the sale of a business includes assets and meets certain conditions the sale will be

Tax Diary October/November 2022
21/09/2022 - More...
1 October 2022 - Due date for Corporation Tax due for the year ended 31 December 2021. 19 October 2022 - PAYE and NIC deductions due for month ended 5 October 2022. (If you pay your tax electronically the due date is 22 October 2022.) 19 October 2022 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2022.

Her Majesty Queen Elizabeth II’s State Funeral
15/09/2022 - More...
It has been confirmed that the date of Her Majesty Queen Elizabeth II’s State Funeral will be Monday, 19 September 2022 following 10-days of national mourning. King Charles III approved an order that the day of the Queen’s funeral will be a national bank holiday across the UK. A press release from the Department for Business, Energy

Sponsoring a charity
15/09/2022 - More...
There are special rules in place when a limited company gives to charity. This can include Corporation Tax relief for qualifying donations made to registered charities or community amateur sports clubs (CASC) as including capital allowances for giving away equipment that has been used by a donor company. However, the rules are different

Goods sent from abroad
15/09/2022 - More...
There are special rules to help ensure that goods sent from abroad are taxed appropriately and do not disadvantage UK businesses supplying goods in the UK. For example, by having to compete with VAT free imports. This includes goods that are new or used and bought online, bought abroad and shipped to the UK and goods received as

The pension savings annual allowance
15/09/2022 - More...
The pension savings annual allowance for tax relief on pensions has been fixed at £40,000 since 6 April 2014. The annual allowance is further reduced for high earners. Since 6 April 2020, the tapered annual allowance increased from £150,000 to £240,000. This means that anyone with income below £240,000 is not affected by the tapered

HMRC’s shared workspace
15/09/2022 - More...
HMRC’s Shared Workspace is a service that allows businesses and tax agents to share sensitive data, for example, accounts or employee information, with HMRC. According to HMRC, the service allows members to ‘share’ information in a ‘space’ where they can work together in real time. More than one person can view or edit material at the

Taxable and tax-free State Benefits
15/09/2022 - More...
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free. HMRC’s guidance provides the following list of the most common state benefits that are taxable i.e., Income Tax is potentially payable, subject to the usual allowances and reliefs: Bereavement

PAYE Settlement Agreements
08/09/2022 - More...
A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and National Insurance due on small or irregular taxable expenses or benefits for employees. The expenses or benefits included in a PSA must be defined as one of the following; minor - e.g., a small birthday present; irregular - e.g.,

Back to school – help with childcare costs
08/09/2022 - More...
As children have returned to school, HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for breakfast and after school clubs. The TFC scheme can help parents of children aged up to 11 years old (17 for those with certain disabilities). The TFC scheme supports working families with their childcare

Interest rates on student loans from September 2022
08/09/2022 - More...
Student loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying. It is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is responsible for

UK residence and tax
08/09/2022 - More...
UK Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust income. The tax rules for foreign income can be overly complex. However, as a general rule if you are resident

VAT Capital Goods Scheme
08/09/2022 - More...
The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable supplies relating to the use of an asset over its lifetime. The adjustment period for land and

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