There are new Corporation Tax rules coming in April 2023 with a gotcha for people who have related businesses. A 25% rate of corporation tax will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023. The 19% rate will continue to apply where profits are below £50,000. The
In his budget on the 3rd of March 2021 RIshi Sunak announced the creation of a new Taxpayer Protection Taskforce to look into misclaimed Covid 19 support. The budget documents say: Combatting COVID-19 fraud – The government will invest over £100 million in a Taxpayer Protection Taskforce of 1,265 HMRC staff to combat fraud within
The “off-payroll” IR35 working rules that apply to certain workers supplying their services to clients via their own personal service companies start from 6 April 2021. These rules were already been in place in the public sector but now apply to the private sector as well. Under this new regime end user businesses will be
With only a month to go there is still time to save some tax with some end of year tax planning. Here are some ideas: Use your spouse’s personal allowance If your spouse is a lower rate or non-taxpayer, it’s possible for them to transfer 20% of their unused personal allowance to their spouse
When your year end is approaching it’s important to take the opportunity to think about any actions you need to take to manage your tax bill. Many of these actions actually need the transactions to be carried out before the end date and can’t be backdated. Some of these actions have cash flow and balance
As we mentioned in our budget blog post the 5% VAT rate that was brought in in 2020 is going to be extended. The broad details are: The temporary reduced rate of VAT of 5% will be extended until 30 September 2021 There will be a new rate of 12.5% from 1 October 2021 to
