The government have just extended the deadline for payment for buying back contribution years for state pension from 5 April to 31 July 2023 – taxpayers have extra time to make voluntary national insurance (NI) contributions going back to April 2006. The government has announced that contributions made in this window will be at the 2022/23 voluntary NI rates.
The UK’s main rate of corporation tax will increase from 19% to 25% with effect from 1 April 2023. Not every company will pay at this rate. A small profits rate of 19% will be introduced for companies with annual chargeable profits of £50,000 or less, with a tapered tax band for those with profits between £50,000 and £250,000.
Update: Deadline for voluntary National Insurance contributions extended to April 2025 to check your National Insurance record to enable you to fill in any gaps in your NI contributions. Anyone with a shortfall in their record has until April 2025 to buy back their missed years to qualify for a full state pension
A current email purports to be from Companies House. A scam email instructs you to check the information held about your company and says that if you ignore this instruction you may be subject to legal action
Your personal affairs, your family and business affairs, and your plans for the long term, need to be arranged as tax efficiently as possible. The period before the end of the tax year, on 5 April 2023, is the BEST time to do this. Make sure to check out our year end-tax planning guide 2022-23 – a must read, right now, to maximise the opportunities available
Continue readingMaking Tax Digital for Income Tax Self Assessent update: The UK Government has announced that MTD ITSA has been delayed again (was due to come into play 6 April 2024), is now mandated to start from April 2026
Continue readingUK Chancellor, Jeremy Hunt has delivered his Autumn Statement and stated UK “is now in recession”. The Treasury’s intention is to bring stability, protect growth in the economy and to continue to support public services.
Continue readingThe strong theme of the new Chancellor, Kwasi Kwarteng’s first budget has been the stimulation of growth. The mini-budget 2022 (not so mini) is designed to boost economic growth through tax cuts, which will be paid for by increasing the UK’s national debt.
UPDATE 3 October: *since the mini budget on Friday 23rd September, the government have made a U turn on abolishing the 45% high rate of income tax
Continue readingLiz Truss has beaten former chancellor Rishi Sunak in a ballot of Conservative members and will replace Boris Johnson as Conservative Party leader and PM tomorrow. Take a look at proposed policies and what they mean for business and for you
Continue readingHMRC has announced new advisory fuel rates (AFRs) for company cars. They apply to all journeys on or after 1 June 2022 for company car drivers claiming back fuels costs from their employer.
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