News

The Growth Plan 2022

23/09/2022

The new Chancellor of the Exchequer, Kwasi Kwarteng, delivered a fiscal statement referred to as The Growth Plan 2022 on 23 September 2022. The statement to a packed House of Commons centred on the government’s plans for generating growth. Colloquially referred to as a mini-budget, it would perhaps be more fitting to refer to the

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Energy Bill Relief Scheme launched

22/09/2022

The Business Secretary Jacob Rees-Mogg has announced the launch of the new Energy Bill Relief Scheme to help cut energy bills in the non-domestic sector. The new scheme will cover all non-domestic energy customers, including UK businesses, the voluntary sector, for example charities and the public sector such as schools and

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New Chancellor’s approach to economic priorities

22/09/2022

The new Chancellor, Kwasi Kwarteng, recently met in London with various market and city leaders to set out the Prime Minister’s new, pro-growth economic approach. The new approach focuses on providing immediate support for families and businesses to cope with soaring inflation and rising fuel costs whilst at the same time supporting the

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Land Registry Property Alerts

22/09/2022

HM Land Registry's property alert service is a free service to help protect property owners from fraud. The counter-fraud security measure was introduced by the Land Registry to monitor registered properties where there is a concern that it might be subject to a fraudulent sale or mortgage. The alert service can be used to monitor up to

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The Customs Declaration Service

22/09/2022

Businesses importing goods must submit import declarations from 1 October 2022 using the Customs Declaration Service (CDS). The CDS is a customs IT platform designed to modernise the process for completing customs declarations for businesses that import or export goods from and to the UK. A phased launch of the service started in August

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Companies House new WebFiling account

22/09/2022

Companies House has introduced a new WebFiling account. The new account represents a first step in creating a single sign-in across all Companies House services and a continued push to becoming a fully digital organisation. The new WebFiling account also includes new benefits and options for users that include the

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Creditor bankruptcy and liquidation cost changes

22/09/2022

The Insolvency Service is a government agency that provides services to those affected by financial distress or failure. The Insolvency Service operates as an executive agency of the Department of Business, Energy and Industrial Strategy (BEIS). The Insolvency Service has announced changes to the deposits paid to initiate creditor

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Transfer of business as a going concern

22/09/2022

The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where the sale of a business includes assets and meets certain conditions the sale will be

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Tax Diary October/November 2022

21/09/2022

1 October 2022 - Due date for Corporation Tax due for the year ended 31 December 2021. 19 October 2022 - PAYE and NIC deductions due for month ended 5 October 2022. (If you pay your tax electronically the due date is 22 October 2022.) 19 October 2022 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2022.

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Her Majesty Queen Elizabeth II’s State Funeral

15/09/2022

It has been confirmed that the date of Her Majesty Queen Elizabeth II’s State Funeral will be Monday, 19 September 2022 following 10-days of national mourning. King Charles III approved an order that the day of the Queen’s funeral will be a national bank holiday across the UK. A press release from the Department for Business, Energy

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Sponsoring a charity

15/09/2022

There are special rules in place when a limited company gives to charity. This can include Corporation Tax relief for qualifying donations made to registered charities or community amateur sports clubs (CASC) as including capital allowances for giving away equipment that has been used by a donor company. However, the rules are different

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Goods sent from abroad

15/09/2022

There are special rules to help ensure that goods sent from abroad are taxed appropriately and do not disadvantage UK businesses supplying goods in the UK. For example, by having to compete with VAT free imports. This includes goods that are new or used and bought online, bought abroad and shipped to the UK and goods received as

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The pension savings annual allowance

15/09/2022

The pension savings annual allowance for tax relief on pensions has been fixed at £40,000 since 6 April 2014. The annual allowance is further reduced for high earners. Since 6 April 2020, the tapered annual allowance increased from £150,000 to £240,000. This means that anyone with income below £240,000 is not affected by the tapered

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HMRC’s shared workspace

15/09/2022

HMRC’s Shared Workspace is a service that allows businesses and tax agents to share sensitive data, for example, accounts or employee information, with HMRC. According to HMRC, the service allows members to ‘share’ information in a ‘space’ where they can work together in real time. More than one person can view or edit material at the

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Taxable and tax-free State Benefits

15/09/2022

Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free. HMRC’s guidance provides the following list of the most common state benefits that are taxable i.e., Income Tax is potentially payable, subject to the usual allowances and reliefs: Bereavement

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PAYE Settlement Agreements

08/09/2022

A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and National Insurance due on small or irregular taxable expenses or benefits for employees. The expenses or benefits included in a PSA must be defined as one of the following; minor - e.g., a small birthday present; irregular - e.g.,

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Back to school – help with childcare costs

08/09/2022

As children have returned to school, HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for breakfast and after school clubs. The TFC scheme can help parents of children aged up to 11 years old (17 for those with certain disabilities). The TFC scheme supports working families with their childcare

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Interest rates on student loans from September 2022

08/09/2022

Student loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying. It is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is responsible for

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