Articles in "Tax"

The government have announced an extension to the transitional arrangements for buying National Insurance (NI) gaps in their State Pension history.

We knew in advance of the Chancellor’s statement yesterday that he was going to stick with the increase in corporation tax from 19% to 25%, a move which will bring in an extra £17 billion a year to the Treasury. So, it was inevitable that he would feel he had to give a portion of that cash back to business to encourage investment.

The increase in the Annual Allowance (the amount you can put into your pension in any one year without incurring punitive tax charges) from £40,000 to £60,000 had been widely signalled prior to the Budget, but Jeremy Hunt pulled a rabbit out of the hat by abolishing altogether the Lifetime Allowance, which stood at £1.07 million.

To support the economy in response to coronavirus, the government introduced the ‘Super-Deduction’ in April 2021 allowing companies investing in qualifying new plant and machinery assets to claim enhanced capital allowances up to 130%.

Financial year-end planning is something that is commonly overlooked by companies. It is always advisable to think how you can work on different aspects of the business to help to improve for the future. After all, growth and sustainability are often two of the most important factors for most businesses.

From 1 April 2023, there will be a new financial year and as always this comes with a range of changes to the regime of tax applied to companies in the UK.

HMRC run various regimes whereby they target certain types of income, whether this be via enquiry, or to encourage voluntary disclosure.

Recently, some taxpayers have been receiving letters from HMRC suggesting they have received overseas income or gains that they ‘may’ need to pay UK tax on.