News
What does the former Chancellor’s cut to Stamp Duty Land Tax (SDLT) mean for you?
27 October 2022
Much of the former Chancellor’s mini-Budget has now been repealed, but one ‘rabbit from the hat’ has been retained. In his speech on 23 September, Kwasi Kwarteng set out major changes to the thresholds for Stamp Duty Land Tax (SDLT), which have been retained by the incoming Chancellor Jeremy Hunt.
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Are you ready for changes to R&D tax reliefs in 2023?
27 October 2022
R&D tax reliefs have supported hundreds of thousands of businesses to invest in innovation by cutting the amount of tax that they pay. However, from 1 April next year, there will be several changes to the rules surrounding R&D, which could affect how much relief you can claim.
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The rate of late tax payments interest rates continues to rise
27 October 2022
From 11 October, the interest rates on late tax payments rise again in line with the Bank of England’s (BoE) latest base rate increase. The BoE increased the base rate by 0.5 per cent to 2.25 per cent in September, as a result of inflation.
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What does Sterling’s historic value against the dollar mean for investment?
27 October 2022
Sterling’s fall to close to parity with the dollar means that the cost of investing in UK businesses is lower than ever, especially for businesses and individuals based in the US or otherwise primarily trading in dollars. Simply put, their dollars are now worth more pounds, meaning they get more bang for their (literal) buck.
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Announcements by the Chancellor – 17 October 2022
17 October 2022
The markets have experienced considerable volatility as a result of the ‘Growth Plan’ delivered by the former Chancellor, Kwasi Kwarteng on 23 September. That made regaining economic confidence an urgent task for the newly appointed Chancellor, Jeremy Hunt, who has delivered a reversal of many...
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Corporation Tax to rise in April 2023: what you need to know
17 October 2022
The Prime Minister has announced that the Corporation Tax increase announced by the previous administration and then cancelled by the former Chancellor Kwasi Kwarteng will take place in April 2023.
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Fiscal Statement
23 September 2022
With a new King at the Palace and a new Prime Minister at Number 10, it was no surprise that the new Chancellor at Number 11 used his first statement to the House of Commons to signal a “new era” for fiscal policy.
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Government increases interest rate on late tax payments
21 September 2022
HM Revenue & Customs (HMRC) has increased the interest rate applied to late tax payments following the latest hike in the Bank of England base rate. The late payment interest rate increased to 4.25 per cent from 23 August – the highest rate since the height of the financial crisis in January 2009.
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New law delivers even-handed treatment for separating couples
21 September 2022
New measures have been introduced for the even-handed treatment of spouses and civil partners who are in the process of separation, divorce or dissolution. The new legislation clarifies Capital Gains Tax (CGT) rules that apply to transfers of assets between spouses and civil partners, giving them up to three years...
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Back to basics: Job expenses
21 September 2022
Expenses incurred by employees are generally the responsibility of the employer. Quite often, however, employees have to bear the cost themselves when travelling for work, having meals and even providing clothes, which in most cases are not tax deductible.
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