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Comments Off on New business rates bill aims to “let communities thrive”

New business rates bill aims to “let communities thrive”

New business rates bill aims to “let communities thrive”

The Government has introduced a new bill to modernise business rates across the country. Following feedback from businesses calling for a fairer system, the new Non-Domestic Rating Bill, announced on 29 March, will support businesses by incentivising property investment and introducing more frequent valuations. A new business rates improvement relief will remove barriers for businesses … Continued

Comments Off on HMRC U-turns on paper only self-assessments

HMRC U-turns on paper only self-assessments

HMRC U-turns on paper only self-assessments

Just weeks after announcing downloadable self-assessment returns would no longer be available online, HMRC has backtracked its decision. Originally, the Government planned to take the option of physical self-assessment forms off the online portal, meaning taxpayers would have to call a dedicated line to request one. At the end of March 2023, HMRC contacted almost … Continued

Comments Off on Digital service tax could become permanent

Digital service tax could become permanent

Digital service tax could become permanent

A new report from the Public Accounts Committee (PAC) warns that the “temporary” digital services tax (DST) could stay in place longer than planned. The DST raised £358 million in its first year – 30% more than expected. However, the Treasury acknowledges that it is a “second best” solution until the international community introduces a … Continued

Comments Off on HMRC releases guidance on LTA abolition

HMRC releases guidance on LTA abolition

HMRC releases guidance on LTA abolition

HMRC has released guidance clarifying how it will phase in the abolition of the lifetime allowance (LTA) for pensions. As announced by Chancellor Jeremy Hunt in his Spring Budget 2023, the current £1,073,100 threshold on the LTA ended on 5 April. However, because the legislation is not included in the Spring Finance Bill 2023, the … Continued

Comments Off on Super-deduction replaced by “full expensing”

Super-deduction replaced by “full expensing”

Super-deduction replaced by “full expensing”

In his first Spring Budget speech, Chancellor Jeremy Hunt announced a new “full expensing policy” to encourage business investment. From April 2023 to March 2026, companies can claim 100% capital allowances on qualifying plant and machinery, writing off the cost of investment in one go. The policy comes as the existing super-deduction, which provides a … Continued

Comments Off on Chancellor removes lifetime pension limit

Chancellor removes lifetime pension limit

Chancellor removes lifetime pension limit

The pension lifetime allowance (LTA), which limits the amount savers can contribute to their pensions without a tax charge, will be abolished, Chancellor Jeremy Hunt announced in his Spring Budget. Currently, people who save more than the current allowance level of £1,073,100 in their workplace pension scheme face a tax charge of either 25% or … Continued

Comments Off on Finance sector increases female representation

Finance sector increases female representation

Finance sector increases female representation

The finance sector is making strides in female representation, according to a new report from the Women in Finance charter. The report shows that the proportion of women in senior management roles across charter signatories rose to 35% in 2022. Nearly three-quarters of the charter’s signatories increased female representation in senior management, while 6% maintained … Continued

Comments Off on Deadline to top up national insurance contributions extended to 31 July 2023

Deadline to top up national insurance contributions extended to 31 July 2023

Deadline to top up national insurance contributions extended to 31 July 2023

It is normally possible to make voluntary National Insurance Contributions (NIC) for the past six years.  By doing this you ensure that your entitlement to state benefits including state pension are maximised. There is currently an extension to this top up which allows individuals to fill gaps in their NIC record from 6 April 2006 … Continued

Comments Off on Calls for R&D reforms to be paused

Calls for R&D reforms to be paused

Calls for R&D reforms to be paused

The Association of Taxation Technicians (ATT) welcomes a report by the House of Lords expressing concern over proposed reforms to the R&D scheme. The report, published on 31 January, highlights the need to pause any upcoming changes to the SME and R&D expenditure credit (RDEC) schemes. Some of the changes are due to come into … Continued

Comments Off on Chancellor outlines four ‘Es’ for economic growth

Chancellor outlines four ‘Es’ for economic growth

Chancellor outlines four ‘Es’ for economic growth

Speaking at Bloomberg’s European HQ in London on 27 January, Chancellor Jeremy Hunt outlined plans to grow the UK economy and turn the country into “one of the most prosperous countries in Europe”. Hunt set out four ‘pillars’ for growth, including ‘enterprise’, ‘education’, ‘employment’ and ‘everywhere’. Ideas include turning the UK into the next ‘silicon … Continued