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.
Fundraising at Rawcliffe & Co
taking part in the Blackpool Memory Walk for Trinity Palliative Care Services and Brian House Children’s Hospice. They will also be joined by Rawcliffe Team Members
IR35 U-Turn
The much criticised “off-payroll” working rules were introduced for the public sector from 6 April 2017 and then extended to large and medium-sized private-sector organisations from 6 April 2021.
Health and Social Care Levy Scrapped
It was on 7 September 2021 that we first heard about a new 1.25% Health and Social Care Levy, imposed on employers, employees and the self-employed, coming in from 2023/24.
Corporation Tax Rate Increase Scrapped
In the March 2021 Budget, Rishi Sunak announced that the rate of corporation tax would increase to 25% from 1 April 2023 where a company’s profits exceeded £250,000 a year, with the current 19% rate continuing to apply where profits were no more than £50,000 a year.
SDLT Threshold Increased to £250,000
the SDLT announcement was still a surprise as house prices have been steadily rising. Increases in mortgage rates are likely to slow the market so the SDLT announcements are designed to stave off a housing slump.
Team Truss Cut Taxes to Stimulate the Economy
On 23 September 2022, Kwasi Kwarteng, the new Chancellor (the fifth in as many years) delivered a Tax Cutting “Fiscal Event” or Mini-Budget to help boost economic growth.
Dividend Rates Reduced from 2023/24
Many director/shareholders of family companies pay themselves a small salary and take the rest of their “pay” in dividends. With dividends being free of NIC, this would have allowed them to avoid the extra 1.25% NIC charge when it was originally introduced.
New Investment Zones
The Government is in discussion with 38 local authority areas in England to set up ‘Investment Zones’ in specific sites within their area.
UK Government Outlines Plans to Help Households and Businesses With Energy Bills
Through a new Energy Bill Relief Scheme (EBRS), the government will provide a discount on wholesale gas and electricity prices for all non-domestic customers (including UK businesses, voluntary sector organisations like charities and public sector organisations such as schools and hospitals) whose current gas and electricity prices have been significantly inflated in light of global energy prices.
Mini Budget 2022
Chancellor Kwasi Kwarteng has unveiled the biggest package of tax cuts in 50 years, as he hailed a "new era" for the UK economy.
Thinking of Retirement?
We have a tried and tested methodology to address these issues and to help you prepare your business for sale, find potential buyers and help you negotiate to get the maximum price.
New Beginnings in Uncertain Times
During the run-up to the leadership election, the new Prime Minister promised tax cuts to stimulate economic growth, including the abolition of the 1.25% Health and Social Care Levy and cuts in corporation tax and income tax.
File Companies House Accounts Early to Avoid Penalties
If you are due to file accounts with Companies House by the end of September, use the online services where possible and allow plenty of time before your deadline
Finance And Support For Your Business
The Department for Business, Energy & Industrial Strategy has a webpage listing 151 schemes both locally and for all the UK.
HMRC Issues Warning to Contractors About the Use of Umbrella Companies
Using these non-compliant umbrella companies could leave the workers at risk of being involved in a tax avoidance scheme and owing HMRC the tax and NICs that should have been deducted.
Under PAYE regulations, employers have an obligation to deduct tax and NICs from employment income on workers’ behalf. However, where this does not happen, HMRC may recover the tax directly from the worker.
Companies House to Introduce A New Web-Filing Account
Companies House will soon be introducing a new Web-Filing account that will have more functionality with improved security features. It is the first step in creating a single sign-in across all Companies House services.
How Does A New Prime Minister Affect You?
Unlike domestic customers, energy bills for businesses are not capped and the rising cost is proving critical for many companies, especially smaller firms. Liz Truss announced that businesses will get an "equivalent support" for a six-month period, but it is not clear what that means as the UK government have not yet published the unit cost per unit of gas and electricity that they are using to generate the domestic cap and cannot yet confirm whether the same unit cost will be applied to business customers.
Advisory Fuel Rate for Company Cars
The figures in the table below are the HMRC suggested reimbursement rates for employees' private mileage using their company car from 1 September 2022. Remember that provided all private fuel is fully reimbursed the fuel benefit does not apply