There was a lot announced in the mini budget that took place on Friday 23rd September 2022 and it has had a significant impact on markets and currencies ever since.
Our summary of the full statement, helps you understand all of the changes, when they will come into effect and how they might apply to your personal or commercial circumstances.
There’s little doubt that business rates need reforming from top to bottom as was highlighted in the Government review completed in 2021. But as well as introducing reform to the calculus, the Government has committed to digitise the system from 2026/27. However, there is now a suggestion that it could tie up with the Government’s Making Tax Digital (MTD) strategy to form part of that broader, holistic view of tax liabilities and payments.
So, now we know who the winner of the Conservative Party Leadership race and new Prime Minister is, what can we expect from them in terms of tax and spending?
Our latest tax briefing is now available. Click here to download your copy.
If you’re thinking of becoming self-employed, you may be weighing up the choice between incorporating a Limited Company or trading as a sole trader. One of the key things to consider is the amount of personal tax you’ll end up paying, how it is calculated and when you have to pay it. It is subtly different in each case and you also need to be aware of other taxes which apply.
Changes to the rules around IR35 and the legislation being applied rigorously by HMRC is resulting in a number of high profile cases making headlines.
As the runners and riders begin to line up, one thing is for sure, the subject of taxation will play a key part in the election process as each candidate tries to woo their colleagues and prove that they truly are a Conservative Prime Minister.
Making Tax Digital (MTD) for VAT became mandatory for all companies from April 2022. But despite the impending deadlines for registration and first returns to be made under the new scheme, many companies are still not ready, with some suggesting the figure could be as high as 80% of companies not prepared.
With such uncertain times and increased pressure on personal finances, there’s no better time than the start of the new tax year to do a bit of financial planning. With the cost of living rising (the year to March 2022 inflation sitting at 7%) and energy prices and taxes following suit, it’s important to make the most of allowances and reliefs.
The Chancellor, Rishi Sunak, delivered his 2022 Spring Statement on 23rd March, reducing fuel duty and making some concessions on taxes. Read more and download our FREE Guide here.
Limited companies have always been a very tax efficient vehicle for companies and their Directors, but various changes in other taxes and allowances mean this may not continue to be the case.
Second home owners that make their properties available for holiday rentals are being targeted under new rules outlined by the Levelling Up Secretary, Michael Gove. The change to the rules will specifically target those whose second homes are registered for business rates as they are let out for holiday rentals.