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Vehicle benefit charges from April 2023

Vehicle benefit charges from April 2023

The vehicle benefit charges for 2023-24 have been announced. Where employees are provided with fuel for their own private use by their employers, the car fuel benefit charge is also applicable. The

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Tax Diary January/February 2023

Tax Diary January/February 2023

1 January 2023 – Due date for Corporation Tax due for the year ended 31 March 2022.

19 January 2023 – PAYE and NIC deductions due for month ended 5 January 2023. (If you pay your tax electronically

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Redundancy pay

Redundancy pay

If you have been in the same job for two or more years and are made redundant you will usually be entitled to redundancy pay. The legal minimum that you are entitled to receive is known as ‘statutory

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Are you ready for 31 January 2023?

Are you ready for 31 January 2023?

There are now less than 50 days to file your 2021-22 Self-Assessment tax return. Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return but over 2.3 million

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Budget date 2023 announced

Budget date 2023 announced

The Chancellor of the Exchequer, Jeremy Hunt has confirmed, in a written statement, that the next UK Budget will take place on Wednesday, 15 March 2023. This will technically be the Chancellor’s first

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Digitisation of tax postponed

Digitisation of tax postponed

A statement was made by the Financial Secretary to the Treasury on 19 December 2022. It confirmed that the roll-out of Making Tax Digital for Income Tax, due to commence April 2024, is being delayed.

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Mortgage payment support

Mortgage payment support

The Chancellor, Jeremy Hunt, recently hosted a meeting at 11 Downing Street to discuss what help may be available to support homeowners who encounter problems paying their mortgage. The meeting was

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Post-cessation receipts and expenses

Post-cessation receipts and expenses

Tax relief may be available for post-cessation expenses of a trade. In order to be an allowable post-cessation expense, the trade must have ceased, and the expense must have been deductible in

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The Rent a Room Scheme

The Rent a Room Scheme

The rent-a-room scheme is designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do not

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Tax on property you inherit

Tax on property you inherit

If you inherit property, you are usually not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets

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Collecting tax from wealthy taxpayers

Collecting tax from wealthy taxpayers

An updated briefing which looks at how HMRC deals with wealthy individuals has been published. The briefing looks at helping wealthy individuals to comply with their tax obligations and also what

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Companies with 31 December year-end date

Companies with 31 December year-end date

Have you considered any last-minute planning options if your company has a 31 December 2022 year-end date?

It is not too late to consider your options. For example:

Expenditure on qualifying plant

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What is a defined contribution pension?

What is a defined contribution pension?

A defined contribution pension (sometimes referred to as a money purchase pension scheme) is a type of pension scheme where the pension pot is based on how much money is paid into the scheme. This is

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25% Corporation Tax from April 2023

25% Corporation Tax from April 2023

The planned increases in Corporation Tax (CT) rates from April 2023 are now proceeding as originally announced.

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with

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