Spring Budget 2024 Predictions

Following Jeremy Hunt’s delivery of the Autumn statement, there was optimism surrounding the possibility of tax cuts in the upcoming Spring budget, slated for March 6, 2024. Initially, it was speculated that the Government might have up to £24 billion in fiscal headroom to allocate towards tax reductions. However, recent news of the UK slipping into a recession, signifying two … Read More

Advisory Fuel Rates from 1 December 2023

From 1 December 2023, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 14 pence 10 pence 1401cc to 2000cc 16 pence 12 pence Over 2000cc 26 pence 18 pence Engine size Diesel – … Read More

Key tax & accounting deadlines to 29 February 2024

As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. December 2023 1 December – Deadline for corporation tax payment for accounting period ended 28 February 2023 1 December – Updated advisory fuel rates published 7 December (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More

Autumn Statement

BUSINESS Full Expensing In the Spring Budget 2023, the government announced “full expensing” whereby a business gets full tax relief at 25% when making investments in the year of investment on qualifying assets. Businesses obtain 25p of tax relief for every £1 that they invest. Originally set to expire in 2026, this measure has now been made permanent, providing certainty … Read More

Key tax & accounting deadlines to 31 August 2023

As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. June 2023 1 June – Deadline for corporation tax payment for accounting period ended 31 August 2022 1 June – Updated advisory fuel rates published 7 June (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More

Spring Statement – Enterprise

National Minimum Wage

Corporation Tax Despite all the lobbying the corporation tax increase to 25% from 19% due in April 23 is still to go ahead. The Chancellor’s argument is that this only applies to 10% of businesses as relates to profits above £250,000 and still makes the UK one of the lowest tax regimes in the G7. However, marginal rates apply to … Read More

Key tax & accounting deadlines to 31 May 2023

With the end of the tax year approaching, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. March 2023 1 March – Deadline for corporation tax payment for accounting period ended 31 May 2022 1 March – Updated advisory fuel rates published 7 March – VAT returns and payments for quarter ended 31 January 2023 14 March … Read More

Advisory Fuel Rates from 1 March 2023

Fuel rates from 1 March 2022

From 1 March 2023, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 13 pence 10 pence 1401cc to 2000cc 15 pence 11 pence Over 2000cc 23 pence 17 pence Engine size Diesel – … Read More

Tax Planning Before New Tax Year

With the end of the personal tax year on 5 April 2023 swiftly approaching, there is still time to use unused tax reliefs to optimise the tax position. We have seen several changes to tax bands and allowances during this year and performing a review is always advised pre end of tax year. Clearly adequate funds need to be in … Read More

Key tax & accounting deadlines to 28 February 2023

Self-Assessment

As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. December 2022 1 December – Deadline for corporation tax payment for accounting period ended 28 February 2022 1 December – Updated advisory fuel rates published 7 December (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More