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2023 Autumn Statement
23rd November 2023
On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National...
Tax
Autumn Statement 2023 predictions
16th November 2023
On Wednesday 22 November, the Chancellor, Jeremy Hunt, will deliver the Autumn Statement 2023, where he will set out the Government’s tax and spending plans, and share a fiscal forecast. Here, we share an overview of our key predictions. Setting...
Tax
Forthcoming changes to Self-Assessment tax returns
12th July 2023
HMRC has recently announced a significant change to the requirements for filing Self-Assessment tax returns. Although not widely publicised, starting from the 2023/24 tax year, the income threshold at which a tax return is mandatory has been raised from £100,000...
Tax
Rising inheritance tax liabilities: Steps to take to minimise the burden
16th June 2023
Recent research conducted by interactive investor revealed that the UK's average Inheritance Tax (IHT) liability has surged to £62,000, placing an additional burden on families. This alarming figure highlights the need for individuals to explore effective strategies to minimise their...
Tax
HMRC self-assessment helpline closed for the summer
12th June 2023
On Friday 9th June HMRC announced that their self-assessment helpline will be closed between 12th June and 4th September. Rowleys Tax Partner, Mark Hook, explains more about the announcement and where to seek help regarding tax queries and issues during...
Tax
Spring Budget 2023
16th March 2023
Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. Driving business investment The Chancellor announced a £27 billion...
Tax
2022/23 Year End Tax Planning Guide
13th March 2023
With less than a month to go before the end of the tax year, now is a good time to review your finances and ensure you are taking maximum advantage of any available tax allowances and reliefs. From 6th April...
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
The Autumn Statement 2022
18th November 2022
On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought...
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...
