The present 19% rate of Corporation Tax applies to all companies whatever their size. From 1 April 2023, this flat rate will cease to apply and will be replaced by variable rates ranging from 19% to 25%. A small profits rate of 19% will apply to companies whose profits are equal to or less than […]

Self-Assessment taxpayers have until 1 April 2022 to pay their tax bill for 2020-21 or set up a payment plan to avoid incurring a penalty. A payment plan, if agreed with HMRC, will allow a taxpayer to spread the cost of their bill into manageable monthly instalments. The online Time to Pay service is available […]

We have summarised below the three main sources of government support to assist householders with their energy bills for the coming year. They are: A £200 discount on their energy bill this Autumn for domestic electricity customers in Great Britain. This will be paid back automatically over the next 5 years. A £150 non-repayable Council […]

The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing cost of living crisis. The Chancellor also stressed that, apart from the untold human suffering, the Russian invasion of Ukraine is creating further uncertainty in the domestic and global economy, particularly in relation to energy […]

In just over a year’s time, from 1 April 2023, corporation tax rates are increasing. At present, companies pay tax on profits at a single rate of 19%, irrespective of the amounts of profits subject to corporation tax. From 1 April 2023, this elegantly simple process is about to change. From 1 April 2023: Companies […]

As we approach the beginning of the next fiscal year, from April 2022 to March 2023, what options do you have to rethink your planning options for your personal and business finances? The list that follows is not exhaustive, but it does outline some of the opportunities you have to reconsider your options. Personal finances […]

Since January 2021, large companies have been requested to sign up to a government initiative that requires them to set out how effective they are at settling supplier payments. This information can be a critical factor if you are a small company supplying goods or services to a larger concern and cannot afford to wait […]

The following press release issued by the Charity Commission sets out how to ensure your donations reach those affected by the invasion of Ukraine. “The Charity Commission and Fundraising Regulator have urged the public to ‘give safely’ to registered charities as people make generous donations to causes helping to support and protect people affected by […]

Many of us have chosen to donate to relief organisations in the past week as the plight of displaced persons in Ukraine continues to dominate the news. The following notes explain how you can claim for tax relief on these, and any other charitable donations made this tax year. Giving from your personal funds Donations […]

High street retailers will be interested in the recent publication of an early-stage consultation that explores the argument for and against an Online Sales Tax. It is argued by the retail sector that business rates discriminate against the high street. The idea is to use any revenue from this tax to fund reductions in business […]