On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions necessary to strengthen the economy and build a brighter future. Fuelled by falling inflation and stabilised public finances, focus is now being applied to reducing debt, cutting tax and rewarding hard work […]

Main points are:
• Salary or dividend best in 2023/24?
• Year end tax planning ideas for your business
• Not all LLP members are self-employed
• HMRC challenges LLP Scheme for property businesses
• Charging electric cars at home
• Reclaiming VAT on sale of shares.

Main points are:
• It’s important to have up-to-date profit forecasts for tax
• When are companies associated?
• Larger companies are required to pay tax quarterly
• Autumn Statement date set for 22 November
• Rumours that Inheritance Tax may be abolished.

Main points are:
• Back to School – Set up Tax-free Childcare Account
• Child Benefit may create tax charge for high-incomes
• Merger of R&D tax relief schemes to go ahead
• Income tax on Inheritance Tax
• HMRC to require more information from taxpayers.

Main points are:
• Provide Additional Information of R&D Claims from 1 August 2023
• Use Tax-Free Childcare Account to pay for Summer Holiday Clubs
• Planning a Staff Summer Barbeque?
• Rumours of the Abolition of Inheritance Tax
• HMRC Raise Interest Rates again as Base Rate increases

Main points are:
• Deadline for topping up NI Contributions extended again to 5 April 2025
• Super-Deduction replaced by “Full Expensing”
• Should Small Businesses still use the VAT Flat Rate scheme?
• Can we still be paid £6 a week for Working From Home?
• HMRC challenging a Marketed School Fees plan.

Welcome to the June edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. Below we set out some of the main points. 2022/23 EMPLOYMENT-RELATED SECURITIES RETURNS DUE BY 6 JULY The deadline for reporting shares […]

Welcome to the May edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. Below we set out some of the main points. 2022/23 P11d FORMS TO BE SUBMITTED ONLINE The deadline for filing the P11d […]

On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages.