Blog
All the latest changes to tax legislation- important tax dates and deadlines, Help-Sheets on managing your personal finances, business news & opinion, as well as updates on what’s happening at Rawcliffe’s.
Budgeting for an Uncertain Year Ahead
As we come to the end of 2021, its time to start thinking about the budget for next year. One thing is certain - uncertainty.
How Can You Raise Your Prices Without Losing Customers?
The current business environment is incredibly competitive but as we emerge from the pandemic, consumer demand is increasing and many sectors have seen labour and material costs rise. As demand increases and levels of supply fall, businesses have an opportunity to increase their prices.
The Growth Plan 2022
The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality.
Becoming a More Eco Friendly Business
Buying habits are changing as people seek to minimise their impact on the natural environment. By incorporating eco-friendly ideas into your business, you can align your brand’s ethos with that of your customer base.
HMRC Support With Childcare Costs
If they haven’t already done so employees should set up a “Tax-Free” Childcare Account to help pay towards the cost of childminders, breakfast and after school clubs, nursery fees and approved play schemes.
Advisory Fuel Rate For Company Cars
As the result in recent increases in petrol and diesel prices HMRC have increased the advisory fuel rates that apply for the reimbursement of employees' private fuel for their company cars.
MTD For Income Tax Postponed To 2024/25
Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024.
Capital Allowances On Plant In Residential Property
The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. | Blackpool, Poulton based Chartered Accountants
1.25% Increase In NICs And Tax On Dividends To Fund Health And Social Care
The Prime Minister announced on 7th September that the government will introduce a new 1.25% Levy to provide an extra £12 bn a year to support the NHS and social care.
End of Temporary Insolvency Measures
Temporary insolvency restrictions protections are being lifted and new targeted measures to support small business and commercial tenants introduced. The Insolvency Service has announced that Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October.
UK Autumn and Winter Covid Plan
Vaccines will continue to be the first line of defence. All those who were vaccinated during Phase 1 of the vaccine programme (priority groups 1 to 9) will be offered booster jabs from this month – to boost immunity amongst the most vulnerable groups during winter.
VAT Rate Reduction For Hospitality, Holiday Accommodation and Attractions.
If you are a VAT registered business, check if you can temporarily reduce the rate of VAT on supplies relating to hospitality, accommodation, or admission to certain attractions.
Plastic Packaging Tax Starts 1 April 2022
If you are a business that manufactures or imports 10 or more tonnes of plastic packaging over a 12-month period you will need to register for the tax
Rawcliffe’s New Business Kit 2021/22
The Financial, Tax and Accounting Considerations of Starting a New Business
Notify Option To Tax Land And Buildings Within 30 Days
The 30 day deadline was temporarily extended to 90 days to help businesses and agents during the pandemic, but that temporary extension has now ended for decisions made from 1 August 2021 onwards.
Accounting For Import VAT On Your VAT Return
HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union.
Useful Health and Wellbeing Apps
It’s been a stressful year for all of us. Here are some of the best health and wellbeing apps which can help you to restore your focus, motivation and productivity.
Big Tax Bills For The Self-employed In 2022/23
The proposed new rules provide that from 2023/24 onwards profits or losses will be apportioned to tax years where the period of account does not coincide with the tax year.