Latest Blogs in Business Tax
Whitings LLP
12th December 2022 Super-deduction: Time is running out

Incorporated businesses have until 31 March 2023 to claim 130% capital allowances on expenditure on certain fixed assets. This ‘super deduction’ was introduced in April 2021 to help companies continue to invest in plant and machinery after the pandemic.   Assets must be purchased new to benefit from the relief and it does not apply…

Ian Piper
2nd December 2022 e-signatures: Are they legal?

As we continually move from the analogue to the digital age, approving business documents by e-signature is becoming evermore common place. In response to this, The Law Society have just issued an updated practice note. This practice note sets the scene by recognising that e-signatures can be in various forms: name typed on a document…

Nick Edgley
30th November 2022 Autumn Statement 2022: A Summary

On 17 November the chancellor made his autumn statement and made a number of changes to the UK tax systems. Please take the time to read our summary of the changes announced and their impact via the link below.   Autumn Statement Summary   If you have any questions, or concerns, over these changes please…

Mike Blackledge
17th November 2022 The Autumn Statement: The owner managed business

There is one thing that we have all become accustomed to over the last few years and that is when there is ever a government announcement, there is a three-word slogan, and I would say that this time it should be “Hard” “Times” “Ahead”.   We are already aware of the increase in corporation tax,…

Ian Piper
8th November 2022 17-Nov: What are they planning?

With the Chancellor’s Autumn Statement scheduled for 17 November, a lot of Sunday papers today have pieces on what changes we might expect. With a predicted £50bn hole in the Country’s current annual finances (caused by growth downgrades and higher interest rates on debt repaymemts), any such changes are likely to be material. So what…

Donna Gidney
4th November 2022 Enquiry letters from HMRC

HMRC have the right to enquire into any type of tax return, with common areas of investigation being self-assessment tax returns, corporation tax returns, PAYE submissions, and VAT returns.   Some enquires are carried out at random, but the majority are selected by way of risk assessment. HMRC have a sophisticated risk assessment computer system,…

Whitings LLP
3rd November 2022 R&D tax relief: Claims are changing

Many businesses invest in science and technology research and development to improve their competitiveness. The UK Government encourages companies to develop new processes, products and services, as well as improvements to existing solutions by giving tax relief as a proportion of qualifying R&D expenditure. From April 2023 there are a few changes to the rules:…

Harriet Sim
20th October 2022 Government Announce Further Changes

With a different Chancellor in the driving seat once again, we have seen the government announce further changes since their ‘Growth Plan’, which was delivered on 23 September. In a statement on Monday 17 October, the Chancellor announced a reversal of almost all of the tax measures set out in the Growth Plan that have…

Bethan Hassey
19th October 2022 Considered using the Cycle to Work Scheme?

If you were interested in offering your employees the Cycle to Work Scheme, there are three main methods you could use:   Salary Sacrifice Loan Pooled cycles   Method 1: Salary Sacrifice Under this method, your employee would be agreeing to sacrificing part of their salary before tax and you would provide the hire of…

Whitings LLP
14th October 2022 Another tax U-turn: 2023 Corporation tax rise is back

The Prime Minister has announced today that she will reverse her recent mini-Budget plan to scrap next years increase in corporation tax rates. From April 2023, the main rate of corporation tax for companies with profits of £250,000 (assuming no associated companies) or more will be 25%. For those with profits of £50,000 or less the…