It’s not too late to undertake some end-of-year tax planning. If you have available funds, an obvious tax planning point would be to maximise your £20,000 ISA allowances for the 2022/23 tax year. You might also want to consider increasing your pension savings before 5 April 2023, if you have available ‘pension annual allowance’ to obtain tax relief for any additional contributions.
With the UK economy flat-lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may also extend the 130% super-deduction for investment in new plant and machinery which is due to end on 31 March.
The Household Support Fund will be doubled to £1billion from April 2022. The Fund will help households with the cost of essentials such as food, clothing and utilities.
In preparation for the 130% ‘super-deduction’ for companies coming to an end on 31 March 2023, other alternatives are being considered in an attempt to continue encouraging investment from April 2023.
Draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses will be apportioned to tax years where the period of account does not coincide with the tax year. This is intended to coincide with the start of Making Tax Digital for income tax.
Our very own Simon Owen is taking part in the Manchester100 on Sunday 4th September 2021 in aid of the Christie Charitable Fund. The Christie is an amazing charity that provides cancer care to cancer patients and help make a difference to families affected by cancer, this is a charity close to my heart, as Simon lost his dad to cancer, and we are sure you will have friends or family members who have been affected by this horrendous disease.
Are you considering a career in accountancy? Are you looking for a local practice who will provide you with expert on-the-job training and sponsor you
Date What’s Due 1 March 2021 Corporation tax payment for year to 31/5/20 (unless quarterly instalments apply) 15 March 2021 February Furlough claims must be
Following the UK’s departure from the EU, the government intend to establish new Freeports as a means to boost trade, jobs and investment across areas of the UK.
To encourage and support people getting onto the property ladder. The government will guarantee lenders who offer mortgages to people with a deposit of 5% on homes worth up to £600,000.
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