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Tax
HMRC delay bringing in Making Tax Digital for Individuals & Partnerships
22nd December 2022
HMRC has confirmed that they will delay Making Tax Digital (MTD) for individuals and partnerships from April 2024 to April 2026. They will also increase the income threshold, meaning that fewer people will be required to comply with the MTD...
Tax
Is now the time for businesses to take advantage of the super deduction?
11th October 2022
17th October 2022 – UPDATE On Friday 14th October 2022 we had a new Chancellor and another Mini-Budget U-Turn, changing the previously announced plan to scrap the proposed increase to Corporation Tax. So what does this mean? The Corporation Tax...
Tax
Mini Budget September 2022
24th September 2022
Mini Budget 2022 UPDATE: 18 October 2022 Over recent weeks there has been a reversal on many of the policies outlined in the below Mini Budget so wanted to provide a summary on what of the below outlined changes have...
Tax
Emergency mini-budget announced
16th September 2022
It has been announced that Chancellor Kwasi Kwarteng will deliver an emergency mini-budget on Friday 23rd September. It is expected the chancellor will bring in additional winter tax cuts and set out more detail on the energy price cap...
Tax
Making Tax Digital for Income Tax Self- Assessment is coming!
9th August 2022
Sole Traders and those with property income….Making Tax Digital for Income Tax Self- Assessment is coming! Making Tax Digital (‘MTD’) is the UK government’s programme designed to help businesses and individuals get their tax right and help HMRC get more...
Tax
Upcoming changes to VAT penalties & VAT interest charges: Replacement for VAT penalty and interest regime delayed until 1 January 2023
16th June 2022
The new VAT penalty system was scheduled to come into effect from 1 April 2022, but in a Written Ministerial Statement Lucy Frazer (Financial Secretary to the Treasury) has announced that it will now apply from 1 January 2023. “This extra time allows HMRC...
Tax
Do you own a residential property in a company?…April 30th deadline
7th April 2022
Since 2012 Limited Companies are liable to prepare and submit an additional annual return and may be liable to an annual tax charge on high value residential properties they own. This regime is known as Annual Tax on Enveloped Dwellings...
Tax
Personal Tax Year End Planning 2021/22
4th March 2022
Personal Tax Year End Planning – Take action before 5 April 2022 There are a wide range of allowances and reliefs that can be used before the 2021/2022 tax year comes to an end, covering topics such as: Income Tax...
Tax
Your pre year-end tax planning checklist
13th April 2021
As the 2020/21 tax year comes to an end here are 6 areas (and the associated facts) you need to consider as they could very well help you to reduce your personal tax bill: Income Tax Fully utilise the basic...
Tax
VAT domestic Reverse Charge for building and construction services
17th February 2021
Rowleys VAT domestic reverse charge for building and construction servic.._
Tax
Self assessment ‘time to pay’ threshold raised to £30,000
12th January 2021
HMRC has made it easier for self assessment taxpayers to pay the tax they owe incrementally on a monthly basis, by extending the threshold for ‘time to pay’ applications, as part of efforts to ease financial stresses cause by the...
Tax
Staff Parties and Gifts
26th November 2020
As a “unique” 2020 ends and the festive season approaches, you may be considering Christmas parties and gifts for employees. Here are a couple of ways to save tax on such expenditure which would normally be called as a benefit...
Tax
What have we learned from the Office for Tax Simplification’s review of CGT?
20th November 2020
Back in August we reported that the Chancellor had asked the Office for Tax Simplification (OTS) to review the current Capital Gains Tax (CGT) rules. On 11th November the OTS published their first report. The headline is that the OTS...
Tax
R&D tax credits: where are we today?
26th October 2020
Research and development is going to play a huge part if the UK is going to combat what could well be a very tough recession. We have always been recognised as a highly innovative nation but that reputation is going...
Tax
As a company employee, could working from home improve your tax position?
6th October 2020
It has never failed to amaze me just how quickly and easily so many of us settled in to working from home not to mention how effective and productive home working has turned out to be. With that in mind, it’s no surprise...
Tax
How will the recently announced Stamp Duty Holiday affect you
25th August 2020
One of the parts of the Chancellor’s the recent Summer Statement that garnered the bulk of the coverage is the ‘stamp duty holiday’ for house buyers in England and Northern Ireland (Scotland and Wales weren’t initially included but the Scottish...
Tax
What could the proposed Capital Gains Tax review achieve?
21st August 2020
Rishi Sunak, the Chancellor of the Exchequer recently wrote to the Office for Tax Simplification (OTS) to ask them to review the current capital gains tax (CGT) rules. He wants the OTS to establish CGT is still fit for purpose...
