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As I am sure we are all aware HMRC are able to open investigations into the accuracy of tax returns, VAT returns, payroll, etc via targeted, or random, tax enquiries. With an ever increasing budget deficit I fully expect HMRC to raise more enquiries this year to increase tax revenues. You will want to be…

From 6th April 2023, HMRC will no longer accept paper P11D and P11D(b) forms. All submissions, for the 2022-23 tax year onwards, will have to be made through HMRC’s PAYE Online Services or commercial payroll software.    This change also affects how amended P11D and P11D(b) submissions must be made. Historically, amendments could only be…

What is the Annual Allowance (AA) The AA is the maximum that can be saved into all of your pension pots in any one tax year before incurring a tax charge. For the current 2022/23 tax year the annual allowance is set at £40,000. Every tax year your annual allowance is compared to your pension…

The ever-changing farming industry is one that provides a multitude of complexities for accountants and tax advisers, not only from the day to day aspects of the business, but also with the historical family arrangements to the issues of ownership and succession.   With the forthcoming changes to subsidies both in terms of the conditions…

In Jeremy Hunt’s first budget speech he provided a great deal of headline support to UK businesses and concentrated on the letter E with Enterprise, Everywhere, Employment and Education.   It was confirmed that the Corporation Tax rate will rise as previously announced to increase from 1 April 2023 from a rate of 19% to…

During the Spring Budget earlier today, Jeremy Hunt didn’t dish out lots of tax cuts, but focussed heavily on some ‘back to work’ initiatives.  This included taking steps to make it easier for those who wish to work longer after the age of 50 to do so, without risking being penalised for tax reasons.  …

Maximising future entitlement to State Pension may not be at the forefront of people’s minds, but following the introduction of the new State Pension in 2016, the ability to pay voluntary National Insurance contributions to ‘fill’ gaps will become far more limited from July. Initially this deadline was set at 5 April (2023), but it…

(data source)   When we started to emerge from the depths of Covid lockdown, there was much talking up about the hoped for ‘revenge spending’. Now that we have a good sized population of SME client accounts with 2022 years ends to look at, thankfully, this sales growth did materialise (see above). Although the 16%…

Owners of commercial properties that do not have an Energy Performance Certificate (EPC) rating of ‘A’ to ‘E’ will need to carry out sufficient works to urgently improve the rating before 1 April 2023, unless specifically exempt. Whilst not directly tax or accountancy related, this change is affecting a lot of landlord clients. The current…

Companies only have until 31 March 2023 to claim 130% capital allowances on qualifying fixed assets.  This ‘super-deduction’ was introduced in April 2021 to encourage businesses to invest in plant and machinery following the Covid-19 pandemic.   Under the super-deduction, for every £1 that a company invests, their taxes are cut by up to 25p.…