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Reminder of working from home allowances

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

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Personal tax allowances frozen to April 2028

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

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Corporation Tax increases from April 2023

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

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MTD for ITSA

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

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CGT – share exchange

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

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CGT tax-free allowance reducing

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

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Fiscal drag

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

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Tax Diary December 2022/January 2023

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

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VAT – partly exempt businesses

VAT – partly exempt businesses

A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes.

This means that the business is required to make an apportionment between the

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Autumn Statement Summary

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

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Declare COVID support payments received

Declare COVID support payments received

HMRC is reminding Self-Assessment taxpayers that they must declare COVID-19 grant and support payments in their tax return for the 2021-22 tax year.

Most COVID support scheme grants are treated as

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More on HMRC payment plans

More on HMRC payment plans

Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.

An

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Basis of assessment changing

Basis of assessment changing

Forthcoming ‘basis of assessment’ reforms will change the way trading income is allocated to tax years for the self-employed. The changes will affect sole traders and partnerships that use an

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Private pension contributions tax relief

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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Gifts paid out of disposable income

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

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