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Low-cost broadband and phone tariffs

Low-cost broadband and phone tariffs

The Department for Digital, Culture, Media & Sport (DCMS) has published a new press release to confirm that they have been working together with internet service providers to deliver low-cost

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Who is a Scottish taxpayer?

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

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Autumn Finance Bill published

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

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Filing abridged company accounts

Filing abridged company accounts

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.

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Self-assessment payments on account

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

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Use HMRC’s tax app to save time

Use HMRC’s tax app to save time

A free HMRC tax app is available and offers some useful functionality. In fact, in the 12 months up to October 2022, HMRC received almost 3 million calls from people asking for information that is now

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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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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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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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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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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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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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