CORPORATION TAX CHANGES 1 APRIL 2023
The Chancellor’s Autumn Statement confirmed that an increase in Corporation Tax will be effective from 1 April 2023.
DELAYS TO MAKING TAX DIGITAL (MTD) FOR INCOME TAX SELF ASSESSMENT (ITSA)
On 19 December, Victoria Atkins, Financial Secretary to the Treasury, announced that there will be more time to prepare for MTD for ITSA which was initially due to begin in April 2024.
HM REVENUE AND CUSTOMS COVID-19 SUPPORT
HMRC has recognised that Covid-19 is affecting the capacity of some taxpayers to file their tax returns by the 31 January deadline. With this in mind they have announced that they will not be charging late filing penalties to Self Assessment customers who file online...
HOW ‘SUPER’ IS THE SUPER DEDUCTION CAPITAL ALLOWANCE?
During the budget in March 2021, it was announced that Limited Companies would be able to take advantage of a new tax relief that allows them to claim £130 of tax allowance on every £100 spent on qualifying plant and machinery expenditure –with no upper limit on the...
WORKING FROM HOME TAX RELIEF
Did you know that even if you have started working back at your office now that restrictions are easing, you may still be able to claim tax relief for working from home? Previously, employees were unable to claim this relief and the only way they could obtain costs...
No Self Assessment late filing penalty for those who file online by 28 February
Self Assessment customers will not receive a penalty for their late online tax return if they file by 28 February.