On Wednesday 22nd November 2023, Chancellor Jeremy Hunt shared his Autumn Statement with Parliament, and we’ve rounded up some of the key topics. The Chancellor claims to have included 110 growth measures in his Autumn Statement that aim to combat red tape, support entrepreneurs, unlock UK investment and cut business taxes. “Full expensing” to become permanent. Full expensing means that …
Basis Periods 2024
The current basis period rules mean that established sole traders and partners/members in ongoing businesses pay tax based on the financial performance of the business in the 12-month accounting period which ends in the tax year. If a business prepares accounts for the 12 months ending 31 December 2022, and this is not the first period of account, then the …
New VAT penalty regime
Reform of existing regime with a £200 points-based late submission penalty. The reforms will come into effect as follows: VAT taxpayers for accounting periods beginning on or after 1 April 2022 Income Tax Self Assessment (ITSA) Return for taxpayers with business or property income over £10,000 per year (who are required to submit digital quarterly updates through Making Tax Digital for ITSA) …
Corporation tax to rise – marginal rate relief returns
Small profit and main rates of CT make a come-back, along with marginal rate relief The chancellor announced the return of the small profit rate and main rate of corporation tax from April 2023. The applicable corporation tax rates will be 19% and 25%. Businesses with profits of £50,000 or below would still only have to pay 19% under small …
