More than 77,500 customers submitted their 2022 to 2023 tax returns on 6 April 2023 according to the HMRC. The early filing does not mean early payment Choosing to file your tax return early does not mean you have to pay HMRC straight away. The 31 January deadline for payment remains unchanged. You have until 31 […]
File Your Tax Return Now!! Read More »
The new tax year started on 6 April 2023. You may already have been sent a tax code for the year from HMRC. So what is a tax code, how does it work and is it correct? There’s a great resource here to have a look https://clicks.moneysavingexpert.com/f/a/b1HuDFjZ-fT1uShXrEA05Q~~/AAAHagA~/RgRmGDKLP0T0aHR0cHM6Ly93d3cubW9uZXlzYXZpbmdleHBlcnQuY29tL2ZhbWlseS9jaGVjay10YXgtY29kZS8_dXRtX3NvdXJjZT1NU0VfTmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV90ZXJtPTExLUFwci0yMy03NmUwOTg4NGZiYjRlZWRiYjFhLTY0MzVhYWMwNzdiNDU0MzIwODY3YzQ0NTkzMTlkN2ViJnNvdXJjZT1DUk0tTVNFVElQLTc2ZTA5ODg0ZmJiNGVlZGJiMWEmdXRtX2NhbXBhaWduPW50LWhpeWEmdXRtX2NvbnRlbnQ9NFcFc3BjZXVCCmQti601ZJ_Rl4pSEWNyYWlnQHotZS1uLmNvLnVrWAQAAADy
New Tax Year New Tax Code? Read More »
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 March 2023 Budget Read More »
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
The Company Capital Allowance Super Deduction Ends 31 March 2023 Read More »
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
2023 Tax Year End Approaching – Get Planning! Read More »
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
Check Your National Insurance Record Before 5 April 2023! Read More »
A little bit of pre-Christmas cheer for you today. In parliament today, the treasury announced a delay to the rollout of MTD for sole traders, partnerships and landlords. Before today’s announcement, any sole trader or landlord with a total gross income of over £10,000 would have needed to keep their financial records digitally and send
MTD for sole traders, partnerships and landlords is delayed Read More »
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
HMRC to Overhaul Creative Tax Credits Read More »
