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March 2023 Budget – Extending the higher rates of Theatre Tax Relief and Orchestra Tax Relief

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, […]

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The Company Capital Allowance Super Deduction Ends 31 March 2023

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

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Check Your National Insurance Record Before 5 April 2023!

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

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MTD for sole traders, partnerships and landlords is delayed

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

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HMRC to Overhaul Creative Tax Credits

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

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6 friendly (yet effective) methods to handle invoice and payment disputes

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

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