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Refundable expense credit reform As announced in the Spring Budget 2023, the government will reform the film, TV and video games tax reliefs to refundable expenditure credits. Full details of the expenditure credits will be published alongside draft legislation in the summer of 2023, and stakeholders will be able to comment. The government will legislate […]

As announced in the Spring Budget 2023, the government will extend the current headline rates of relief for Theatre Tax Relief(TTR), Orchestra Tax Relief(OTR) and Museum and Galleries Exhibitions Tax Relief(MGETR) for two years. The rates for TTR and MGETR, which were due to taper to 30% (for non-touring productions) and 35% (for touring productions) on 1 April 2023,

The Chancellor announced his March budget today.  We knew most of the details in advance, similar to the budgets, autumn statements and ‘non-budget’ statements of the last few years. What we did find out today is that UK PLC is in a better position than feared. Inflation is believed to fall to 2.9% by the

The 130% capital allowances super deduction for companies purchasing new qualifying assets end in the next few weeks. What is the super deduction? The government introduced this new relief to encourage spending to kickstart the economy post-covid from 1 April 2021 to 31 March 2023. The super deduction allows you to deduct 130% of the

As you are aware, the tax year ends on 5 April 2023. This is an excellent time to consider your tax position for the year and whether you need to do anything before the end of the tax year from a tax planning point of view. You might like to consider the following: Covid 19

The Institute of Chartered Accountants in England and Wales urges those planning to claim the UK state pension to check their national insurance (NI) record before 5 April 2023. Currently, voluntary contributions can be made to plug gaps back to April 2006, but this will be curtailed from April. The Tax Faculty has created a

The government is consulting on plans to simplify and modernise audio-visual tax reliefs, including film tax schemes, in the first shake-up since their introduction in 2007. It looks like HMRC will merge the four existing reliefs – film, animation, high-end, and children’s television. The consultation paper can be found here https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118361/5082_consultation_audio_visual_reliefs_reform.pdf

The Chancellor announced his Autumn Statement yesterday.  We already knew that he would raise taxes and reverse most, if not all, of the Truss Budget.  Indeed, the Chancellor set out his priorities as Stability, Growth and Public Services.  What this means is that we are back in Austerity 2.0 mode. Oh, and inflation is still

Talking about money is never easy, especially when you’re a small business owner. But, unfortunately, there’s no avoiding it! There will come a time when you get a client or two who disputes an invoice, and you will have to manage it in a way that doesn’t damage your relationship. You have to implement effective