Companies that are dormant or qualify as a small company or ‘micro-entity’ can choose to send a simpler set of accounts known as abridged accounts to Companies House and do not need to be audited.
Filing abridged company accounts
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Who is a Scottish taxpayer?
The Scottish rate of income (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. This means that Scottish taxpayers who also have savings and dividend
Self-assessment payments on account
Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on:
31 January during the tax year e.g. for 2022-23
Autumn Finance Bill published
The government published the Autumn Finance Bill 2022 on 22 November 2022. The Bill is officially known as Finance Bill 2022-23. The Bill contains the legislation for many of the tax measures
Reminder of working from home allowances
Employees who work from home may be able to claim tax relief for bills they pay that are related to their work.
Employers may reimburse employees for the additional household expenses incurred
CGT tax-free allowance reducing
In the Autumn Statement, the Chancellor announced that the annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved next year. This rate had previously been fixed at
Personal tax allowances frozen to April 2028
Chancellor Jeremy Hunt announced as part of the Autumn Statement measures that the Income Tax thresholds will be maintained at their current levels for a further two years until April 2028. This will
Corporation Tax increases from April 2023
The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for
CGT – share exchange
One of the more ‘niche’ measures introduced as part of the Autumn Statement measures related to Capital Gains Tax: Share for Share Exchange.
This is intended to stop UK tax being avoided by non-UK
MTD for ITSA
The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is set to commence from April 2024. This means that clients who have not yet prepared for the change have less than
Tax Diary December 2022/January 2023
1 December 2022 – Due date for Corporation Tax payable for the year ended 28 February 2022.
19 December 2022 – PAYE and NIC deductions due for month ended 5 December 2022. (If you pay your tax
Fiscal drag
You may have encountered this phrase, fiscal drag, in recent weeks, particularly if following the Autumn Statement announcements last week.
A large part of Chancellor Hunt’s announcements confirmed
Autumn Statement Summary
The new Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons against a backdrop of a worsening cost of living crisis and with confirmation from the
Gifts paid out of disposable income
It is possible for wealthier taxpayers to make tax exempt gifts and payments that are funded as normal expenditure out of income. This is a very flexible exemption from IHT as there are no specific
Private pension contributions tax relief
Under current rules, you can claim tax relief for your private pension contributions within certain limitations.
The current annual allowance for tax relief on pension contributions is £40,000. You
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