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.
Penalties For Overclaimed Seiss Grants
HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potentially penalties of up to 100% of amounts overclaimed in certain circumstances.
R&D Tax Credit Repayments Delayed
The Research & Development (R&D) tax credit scheme for small and medium sized enterprise companies is particularly generous as there is currently 230% relief for qualifying expenditure and, where the company is loss making, this results in a 14.5% repayable credit.
New Location in Bispham
It is with great pleasure that we can formerly announce Stanley Wilkinson & Co Chartered Accountants will be joining up with Rawcliffe and Co Limited. Stanley Wilkinson & Co is a long standing ICAEW member and well-respected part of the Fylde Coast business community.
MTD for VAT - New Guidance on Penalties for Non-Compliance
HMRC have issued new guidance on the penalties that they impose for non- compliance with the Making Tax Digital (MTD) for VAT rues. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’.
Poulton Gala 2022
We had the pleasure of sponsoring Poulton Gala this year and some of our staff went along to support.
ATED Returns And Revaluations Due
There are numerous exemptions and reliefs from ATED but companies still need to submit an ATED Relief Declaration Return.
Trading Losses - Carry Back Or Carry Forward?
In the March 2021 Budget, it was announced that the normal one year carry back for trading losses would be extended to three years.
Super-Deduction For Equipment Runs For One More Year
The 130% super-deduction for companies that invest in new plant and machinery applies where the expenditure is incurred between 1 April 2021 and 31 March 2023.
Business Tax Relief for Capital Investment
In preparation for the 130% ‘super-deduction’ for companies coming to an end on 31 March 2023, other alternatives are being considered in an attempt to continue encouraging investment from April 2023.
National Insurance Contributions (NICs)
Some new measures have however been announced in an attempt to combat the effect of the increase, at least partially.
The Spring Statement 2022
In our newsletter, we provide an outline of the main areas of taxation covered in the Spring Statement. We have also included our observations on the more important changes, together with any planning points that may arise. In addition, we have included a detailed calendar of the most important dates for 2022/23 that will help you with tax planning ahead of time.