Pension tax relief

There was good news in the Budget for those saving in a personal pension. The current pension lifetime allowance (LTA) charge is being abolished from 6 April 2023. The LTA…

Cost of living support

Energy Costs The Energy Price Guarantee (EPG) brings a typical household energy bill in Great Britain down to around £2,500 per year. It has now been announced that the £2,500 EPG will…

Super-deduction withdrawl

After two years, the corporation tax super deduction will no longer be available for expenditure on or after 1 April 2023. Transitional rules will apply in respect of expenditure for…

GOV.UK ID Check – a new way to prove your identity

From this month, some individuals will be offered an alternative way to prove their identity to access HMRC’s online services. Individuals using an iPhone may be offered the choice to…

VAT online accounts no longer able to file quarterly or monthly VAT returns from 1st November 2022

From‌‌‌ ‌‌Tuesday 1‌‌‌ ‌‌November 2022, clients will no longer be able to use their existing VAT online account to file their quarterly or monthly VAT returns. Businesses that file annual…

Changes to VAT Default Surcharges for late filing & late payment

In the Spring 2021 Budget, the government announced that there would be changes to the way penalties are incurred on late VAT return submissions and/or payments from 1st April 2022.…

Self Assessment Filing Deadline & Payment Extension

Today HMRC has announced that they will not charge: Late filing penalties for those who file online by 28 February 2022. Late payment penalties for those who pay the tax due…

Super-deduction for investment in new equipment

In order to encourage companies to invest in new capital equipment, earlier this year the chancellor announced a radical new “super deduction” of 130% where they invest in new plant.…

Dividend rates also set to increase by 1.25%

Following the announcement 7th September, in an attempt to fund health and social care, Dividend rates will also increase by 1.25%, starting 2022/23. If you would like to know how…

1.25% NI Increase from April 2022

Yesterday the government announced tax changes to fund £12 billion a year to be spent on the NHS and social care across the UK. National Insurance contributions (NICs) will increase…