This morning, the Chancellor Kwasi Kwarteng announced that he would scrap his plan to abolish the 45% tax rate – so another U turn by the government. Pleased to hear that the 45% tax rate is no longer going to be scrapped, but all these U-turns do not inspire confidence! Let’s see what the medium…

The Chancellor of the Exchequer, Kwasi Kwarteng, has just announced a whole load of tax cuts for the UK – lots of reversals of previous increases are included in this.   The main points are shown below: The proposed rise in corporation tax will be scrapped, and will not rise to the previously proposed 25% in…

With heartfelt thanks for your years of service, may you enjoy eternal rest.

At the beginning of August, HMRC issued a press release to all eligible married couples or people in a civil partnership, urging them to say yes to the Marriage Allowance Proposal.  Eligible married couples or people in a civil partnership could reduce their tax by up to £252 a year by doing this. You can read…

Making Tax Digital for Income Tax (ITSA) Some of you may remember Making Tax Digital for VAT, introduced in April 2019, which required all VAT registered businesses to report their VAT returns through digital software.   Up until now, some VAT registered businesses have continued to use manual records and used the HMRC portal to file…

Yesterday’s statement was supposed to be an economic update not a mini-budget. Lots of rather depressing, but not altogether surprising, statistics, such as the highest rate of inflation in 30 years, and the level of debt and growth being re-forecasted downwards. However, we were delighted to see that among the measures introduced by the Chancellor,…

No, we are not referring to the BBC programme “This is going to hurt!” – instead we are referring to the Health and Social Care Levy (HSCL) which was announced in the last budget and is coming in from April 2022. This is a new tax which the government has set up to help fund…

On Tuesday, HMRC issued a press release urging people not to share details of their personal tax accounts with anyone.   this has also been shown on today’s Google News and is on the front page of HMRC’s gov.uk website. https://www.gov.uk/government/news/hmrc-urges-caution-as-fraudsters-seek-to-hijack-personal-tax-accounts Please be particularly vigilant at the moment.  

The end of the tax year is getting nearer – is there any action you need to take? If you are a sole trader or partnership with a 31st March or 5 April year end, now is perhaps a good time to look at your profits to see if there is any scope for some…

For those of you familiar with Dante’s Inferno, you will be aware of the seven deadly sins of Wrath, Sloth, Lust, Greed, Pride, Gluttony and Envy. We have just read a great article written by Rebecca Cave, the consulting tax editor for Accounting Web, from 4th February 2022, which gives a new slant on the…