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Don’t forget those trivial benefits

08/12/2022

Don’t forget to take advantage of tax-free trivial benefits before Christmas. If you are an employer and looking to give your employees a small token of appreciation for Christmas, then your best option is probably to give them a gift. In order to

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Super-deductions finish March 2023

08/12/2022

Time is running out to claim the super-deduction offering 130% first-year tax relief. The deduction is available to companies until March 2023. The super-deduction was designed to help incorporated businesses finance expansion after the coronavirus

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Claiming back pre-trading VAT costs

08/12/2022

There are special rules that determine the recoverability of pre-trading VAT costs. Pre-trading VAT costs describe VAT that was incurred before a business registered for VAT and is known as pre-registration input VAT. There are different rules for

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What is a salary sacrifice?

08/12/2022

A salary sacrifice arrangement is an agreement to reduce an employee’s entitlement to pay, usually in return for a non-cash benefit. The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6

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25% Corporation Tax from April 2023

08/12/2022

The planned increases in Corporation Tax (CT) rates from April 2023 are now proceeding as originally announced. The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR)

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What is a defined contribution pension?

08/12/2022

A defined contribution pension (sometimes referred to as a money purchase pension scheme) is a type of pension scheme where the pension pot is based on how much money is paid into the scheme. This is markedly different to a defined benefit pension

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Use HMRC’s tax app to save time

01/12/2022

A free HMRC tax app is available and offers some useful functionality. In fact, in the 12 months up to October 2022, HMRC received almost 3 million calls from people asking for information that is now readily available on the app. This

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Low-cost broadband and phone tariffs

01/12/2022

The Department for Digital, Culture, Media & Sport (DCMS) has published a new press release to confirm that they have been working together with internet service providers to deliver low-cost broadband and phone packages called social

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Filing abridged company accounts

01/12/2022

Companies that are dormant or qualify as a small company or ‘micro-entity’ can choose to send a simpler set of accounts known as abridged accounts to Companies House and do not need to be audited. These abridged accounts contain a simpler balance

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Who is a Scottish taxpayer?

01/12/2022

The Scottish rate of income (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. This means that Scottish taxpayers who also have savings and dividend income need to consider the UK rates as well as the

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Self-assessment payments on account

01/12/2022

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on: 31 January during the tax year e.g. for 2022-23 the first payment on account is due on 31 January

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Autumn Finance Bill published

01/12/2022

The government published the Autumn Finance Bill 2022 on 22 November 2022. The Bill is officially known as Finance Bill 2022-23. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Statement. The Autumn

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CGT tax-free allowance reducing

24/11/2022

In the Autumn Statement, the Chancellor announced that the annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved next year. This rate had previously been fixed at £12,300 from April 2021 to April 2026 for individuals,

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Personal tax allowances frozen to April 2028

24/11/2022

Chancellor Jeremy Hunt announced as part of the Autumn Statement measures that the Income Tax thresholds will be maintained at their current levels for a further two years until April 2028. This will see the personal tax allowance frozen at £12,570

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Corporation Tax increases from April 2023

24/11/2022

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 ensuring these

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CGT – share exchange

24/11/2022

One of the more ‘niche’ measures introduced as part of the Autumn Statement measures related to Capital Gains Tax: Share for Share Exchange. This is intended to stop UK tax being avoided by non-UK domiciled individuals on chargeable gains made on

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MTD for ITSA

24/11/2022

The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is set to commence from April 2024. This means that clients who have not yet prepared for the change have less than 18 months to choose and begin using approved

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Reminder of working from home allowances

24/11/2022

Employees who work from home may be able to claim tax relief for bills they pay that are related to their work. Employers may reimburse employees for the additional household expenses incurred through regularly working at home. The relief covers

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Colwyn Bay Office

17 Wynnstay Rd
Colwyn Bay 
Conwy 
LL29 8NB
 
01492 536440
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