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Autumn Budget 2023

Jeremy Hunt announced 110 business-boosting measures in his "Autumn Statement for Growth". The key points: Assisting with the cost of living - A cut to the employee National Insurance rate from 12% to 10% from 6 January 2023. To assist self-employed individuals the...

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Corporation Tax

From 1 April 2023 the rate of corporation tax that a company pays depends on 2 factors The number of “associated companies” The level of company profits An "associated company" for corporation tax purposes are those under common control. The most likely situations...

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Staff Social Events

Employers may meet the cost of certain social events for staff without creating a tax liability. This used to be a concession but is now a statutory exemption provided certain conditions apply. The exemption applies to an “annual party or similar function” provided it...

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Advisory Fuel Rates for Company Cars

The table below sets out the HMRC advisory fuel rates from 1 September 2023. These are the suggested reimbursement rates for employees’ private mileage using their company car. Where the employer does not pay for any fuel for the company car these are the amounts that...

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Can we still be paid £6 per week for working from home?

During the COVID pandemic the government relaxed the conditions to enable those working from home to be paid £6 a week tax free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a...

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New VAT late filing & payment penalties

All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime. If you submit a VAT return late for a period starting on or after 1 January 2023...

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Autumn Budget 2022

The headline message from the Chancellor The Chancellor highlighted that “In the face of unprecedented global headwinds, families, pensioners, businesses, teachers, nurses and many others are worried about the future.” He highlighted he aims to tackle the...

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Working from Home Allowance and P11Ds

The Working from home allowance has changed for the 2022/23 tax year. As an individual you can now only claim it if you have to work from home (not if you choose to do so). Who is eligible for work from home tax relief? As an individual you can now only claim tax...

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Accounting System for Sole Traders

Erin looks after all our sole traders and earlier this year did a lot of work in the background on the best accounting system for self-assessment clients to use. It needed to comply with Making Tax Digital (MTD) for  Income Tax Self Assessment (ITSA), be straight...

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Changing National Insurance in July

The rates for national insurance contributions (NIC) increased by 1.25 percentage points for everyone on 6 April 2022. From 6 July the NIC starting threshold will rise to £12,570 per year (£1,048 per month) for employees. This means that some lower paid employees will...

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