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…
CGT reporting and payment deadline extended
I've taken a few calls recently, from a number of clients, on CGT on disposal of UK residential property, and although information on this is already in the public domain, here's a brief summary in…
The Autumn Budget – taxed and spent
After already increasing taxes by £42 billion a year in 2021, the main focus of Chancellor Rishi Sunak’s Autumn Budget was on spending. The first Autumn Budget in three years – and Mr Sunak’s third…
Positive news for business rates from the Chancellor
The Autumn Budget announcements included a series of measures to alleviate the burden of business rates in England. For 2022/23, 50% relief will be available for eligible retail, hospitality and leisure properties, and the business…
No room for giveaways in OBR risk report
The Office for Budget Responsibility has given Rishi Sunak its new worry list. It gives the Chancellor little wriggle-room for potential Budget generosity. Every other year the Office for Budget Responsibility (OBR) must issue a…
HMRC Official rate of interest, beneficial Loans et al
HMRC’s official rate of interest has been cut from 2.25% to 2% from 6 April 2021. This will affect any directors or employees who have a beneficial loan from their employer, as well as directors…
Repaying Furlough Grants
The government reports that 3,000 businesses have voluntarily repaid over £760 million of furlough grants received under the Coronavirus Job Retention Scheme (CJRS) where the reality of the impact of the pandemic was not as…
Some ‘new’ tax year opportunities
"A bit late in the day, Femi" I hear you thinking. But is it? Some tax planning should happen before the end of the tax year; but the start of a new tax year also…
Freeport tax incentives
Among the development measures the Chancellor announced in the March Budget were eight new freeports in England. These are due to enter operation in late 2021, with each freeport including a defined tax site within…
Businesses prepare for long term tax hike
The 3 March Budget provided an immediate sweetener for businesses in the form of a temporary extension to carry back of trading losses, plus, for companies only, a temporary super-deduction for investment in plant and…