If you are self-employed, the new tax year may be longer than you think. If you are self-employed, until 2023/24, you have normally been taxed on the profits made in the accounting year that ends…
Energy support boost for home-based businesses and employees
The energy price guarantee of £2,500 was extended in the March Budget for a further three months, which is welcome news for employees and any small business owners who work out of residential accommodation. The…
The Budget surprise: changes to the pension tax rules
New measures affecting pension allowances announced in the March Budget could mean your retirement planning strategy needs to be reviewed. If Jeremy Hunt did produce a ‘rabbit-out-the-hat’ in his Spring Budget, it was the announcement…
Pay attention to tax codes
Most directors and employees will already have been issued a tax code for the 2023/24 tax year, and it is important to check the figures as a very large proportion of codes will be incorrect.…
HMRC sets its sights on hidden electronic sales
It wasn’t that long ago that HMRC was paying particular attention to businesses understating large cash sales. Now, the decline of cash, especially since Covid-19, has led to a proliferation of software used to suppress…
Tackling rising employment costs
The 9.7% uplift to the National Living Wage from April 2023 should be welcome news for lower-paid workers, but could present problems if their employer simply cannot afford the increased cost of employing them. The…
First time buyers: time to act?
The increased stamp duty relief for first time buyers has not been reversed by the new Chancellor, but it may not survive beyond the tax year. One of the few tax cuts to survive from…
17 October 2022: ‘The Growth Plan’ – a further update
At 6.00 am on Monday 17 October, the Treasury issued a press release announcing that the (new) Chancellor, Jeremy Hunt, would making a statement “bringing forward measures from the Medium-Term Fiscal Plan”. The timing of…
UK Prime Minister’s Statement – 14 October 2022
On 14 October, as an important deadline loomed for Bank of England support of the government bond markets to expire, the government’s political turmoil ratcheted up as the fallout from the ‘fiscal event’ of 23…
Chancellor’s May economy statement: all about energy
In late May, the Chancellor announced new measures to counter the rising cost of living, in particular energy prices. Initial measures for 2022 In early February 2022, the Chancellor announced a package of measures to…