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Pensioner Cost of Living Payment 2023-24

30/03/2023

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details for Cost of Living payments due in the 2023-24 tax year have been published. Eligible recipients will receive up to three Cost of Living Payments of £301, £300 and £299. This includes those receiving...

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Energy Bills Discount Scheme

30/03/2023

The new Energy Bills Discount Scheme replaces the Energy Bill Relief Scheme which came to an end on 31 March 2023. The new scheme will offer support to eligible non-domestic energy customers, including UK businesses, the voluntary sector, for example charities, and the public sector such as schools and hospitals from 1 April 2023 - 31...

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Bank of England and HMRC increase interest rates

30/03/2023

The Bank of England’s Monetary Policy Committee (MPC) met on 22 March 2023 and voted 7-2 in favour of raising interest rates by 25 basis points to 4.25% in a move to tackle continued, rising inflation. This is the eleventh time the MPC has increased interest rates with rates now the highest they have been since November 2008. This means...

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Company share buy-backs

30/03/2023

Company share buy-backs are also commonly known as a company purchase of own shares. A company may decide to buy back their shares for a number of reasons including to return cash to shareholders or to provide for a shareholder exit. The relevant legislation allows a company to purchase its own shares if its Articles of Association...

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Associated companies and Corporation Tax

30/03/2023

There are two rates of Corporation Tax effective from 1 April 2023. Taxable profits up £50,000 continue to be taxed at the 19% Small Business Profits Rate. Taxable profits in excess of £250,000 will be taxed at 25%, the main rate. Taxable profits between £50,000 and £250,000 will pay a rate that gradually increases from 19% to 25% by...

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Spring Finance Bill published

30/03/2023

The government published the Spring Finance Bill 2023 on 23 March 2023. The Bill is officially known as the Finance (No 2) Bill, because it is the second Finance Bill of the 2022-23 Parliamentary session. The Bill contains the legislation for many of the tax measures announced in the recent Spring Budget as well as previously announced...

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Powering Britain from Britain

27/03/2023

Britain’s rollout of clean, affordable, home-grown energy is moving full speed ahead, with the UK government offering £205 million in its latest renewables auction, boosting energy security, growing our economy and powering more of Britain from Britain. The Contracts for Difference (CfD) scheme is the government’s flagship mechanism for...

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Solvency continues to be a pressing issue

27/03/2023

The recent rise in inflation and interest rates underlines the fact that the UK and world economies are still suffering from the effects of the continuing war in Ukraine. Accordingly, if you have managed to retain profits in your business this buffer will help to see you through difficult trading periods as we endeavour to emerge from...

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Tax Diary April/May 2023

24/03/2023

1 April 2023 - Due date for Corporation Tax due for the year ended 30 June 2022. 19 April 2023 - PAYE and NIC deductions due for month ended 5 April 2023. (If you pay your tax electronically the due date is 22 April 2023). 19 April 2023 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2023. 19 April 2023 -...

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More time to top-up NICs

23/03/2023

In some circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State Pension. Usually, HMRC allow you to pay voluntary contributions for the past 6 tax years. The deadline is 5 April each year. However, there is currently an...

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