Like the main income tax bandings, employer and employee NIC thresholds are now also frozen until 5 April 2028. This broadly means that employers’ NIC will continue to apply at 13.8% to earnings in excess of £9,100 a year (£175 per week) and employees will continue to pay 12% on earnings between £12,570 and £50,270 and 2% thereafter.

In the Autumn Statement, the Chancellor announced that the £12,300 annual tax-free capital gains tax exemption (or allowance) will be reduced to just £6,000 in 2023/24 and only £3,000 in 2024/25.

Markel UK is a specialist insurer serving regional brokers and UK SMEs. We have developed one of the UK’s first integrated insurance, tax and legal services aimed at SMEs

As well as charging interest on tax paid late, HMRC may also levy a penalty where there is an error in a tax return. These penalties may be judged as careless or deliberate and the level of penalty will also depend upon

Following on from the alleged abuse of the Research and Development (R&D) tax relief schemes, particularly the SME tax credit scheme, HMRC have issued “nudge” letters to the directors of over

The table below sets out the HMRC advisory reimbursement rates for employees' private mileage using their company car from 1 March 2023

With the UK economy flat lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may also extend the 130% super-deduction for investment in new plant and machinery which is due to end on 31 March.

It’s not too late to undertake some end of year tax planning. If you have available funds, an obvious tax planning point would be to maximise your £20,000 ISA allowances for the 2022/23 tax year.

If you would like to legitimately reduce your 2021/22 tax bill that you have just paid, or your bill for 2022/23, you might want to consider

The government are committed to a number of important changes to Research & Development (R&D) tax relief from 1 April 2023. It also looks increasing likely that the two existing systems will be merged into a single system in future years

Companies considering the acquisition of new plant and machinery need to be aware that the temporary ‘super-deduction’ of up to 130% for the cost of acquiring new plant ends on 31 March 2023.

A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT applies to return periods commencing on or after 1 January 2023. The same system will also apply to the returns to be submitted under MTD for income tax, when it eventually starts!

HMRC advisory reimbursement rates for employees' private mileage using their company car from 1 December 2022.

For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and by their employer.

A new points-based system for late VAT returns starts for return periods commencing on or after 1 January 2023.

The 130% super-deduction for the investment in plant and machinery was introduced in the March 2021 Budget.

The CGT annual exempt amount reduces from £12,300 to just £6,000 for gains made in 2023/24.