Articles in "Tax"

HMRC is currently scrutinising claims for R&D tax relief, following increased media attention and parliament focus. The government has recently made its first steps towards reforming the R&D tax relief scheme, but the biggest changes are due to come into force on 8 August 2023.

How your business is taxed will be a big factor in how you structure it, says Leigh Thurston.

The 2023 Spring Budget introduced a number of key changes to pension legislation, and in particular changes to the Lifetime Allowance.

The Chancellor Jeremy Hunt announced in the November 2023 Budget that full expensing for capital allowances will be made permanent, with the aim to help boost business investment and increase global competitiveness.

The UK government has announced that they are going to issue a consultation on the use and effectiveness of Employee Ownership Trusts (EOTs). The focus seems to be ensuring these are primarily being used to incentivise employees.

Employers have until 6 July 2023 to report any taxable benefits and expenses provided to their employees (including company directors) during the 2023 tax year on the forms P11D and will have to settle any National Insurance arising on these by 22 July 2023.

Due to the reversal of the additional 1.25% on national insurance rates in November 2022, Class 1A national insurance on employee benefits is at a rate of 14.53% for the 2023 tax year.

Employers have until 6 July 2023 to report any taxable benefits and expenses provided to their employees (including company directors) during the 2023 tax year on the forms P11D and will have to settle any National Insurance arising on these by 22 July 2023.

Employers have until 6 July 2023 to report any taxable benefits and expenses provided to their employees (including company directors) during the 2023 tax year on the forms P11D and will have to settle any National Insurance arising on these by 22 July 2023.