25% Corporation Tax from April 2023
The planned increases in Corporation Tax (CT) rates from April 2023 are now proceeding as originally announced.
The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date
What is a defined contribution pension?
A defined contribution pension (sometimes referred to as a money purchase pension scheme) is a type of pension scheme where the pension pot is based on how much money is paid into the scheme. This is markedly different to a defined benefit pension schemes which usually relates to workplace pensions
Use HMRC’s tax app to save time
A free HMRC tax app is available and offers some useful functionality. In fact, in the 12 months up to October 2022, HMRC received almost 3 million calls from people asking for information that is now readily available on the app.
This included:
354,499 calls from people who forgot/lost their
Low-cost broadband and phone tariffs
The Department for Digital, Culture, Media & Sport (DCMS) has published a new press release to confirm that they have been working together with internet service providers to deliver low-cost broadband and phone packages called social tariffs.
These new social tariffs offer discounted broadband
Filing abridged company accounts
Companies that are dormant or qualify as a small company or ‘micro-entity’ can choose to send a simpler set of accounts known as abridged accounts to Companies House and do not need to be audited. These abridged accounts contain a simpler balance sheet and mean that less information about the
Who is a Scottish taxpayer?
The Scottish rate of income (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. This means that Scottish taxpayers who also have savings and dividend income need to consider the UK rates as well as the Scottish rates when calculating their income tax
Self-assessment payments on account
Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on:
31 January during the tax year e.g. for 2022-23 the first payment on account is due on 31 January 2023.
31 July following the tax year e.g. for
Autumn Finance Bill published
The government published the Autumn Finance Bill 2022 on 22 November 2022. The Bill is officially known as Finance Bill 2022-23. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Statement.
The Autumn Finance Bill will be followed by the main Spring
CGT tax-free allowance reducing
In the Autumn Statement, the Chancellor announced that the annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved next year. This rate had previously been fixed at £12,300 from April 2021 to April 2026 for individuals, personal representatives, and certain trusts for
Personal tax allowances frozen to April 2028
Chancellor Jeremy Hunt announced as part of the Autumn Statement measures that the Income Tax thresholds will be maintained at their current levels for a further two years until April 2028. This will see the personal tax allowance frozen at £12,570 through to April 2028. The existing thresholds for