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.
Bills and Notes Guarantee
The new Bills and Notes product is now open to guarantee payments by overseas buyers. The product will be available to more financial institutions with a simpler, more streamlined process.
HMRC Reduce Advisory Fuel Rate for Petrol Company Cars
HMRC has announced their suggested reimbursement rates for employees' private mileage using their company car from 1 December 2022, which are summarized in the table below. The rates have been reduced in line with the recent fall in petrol prices. However, diesel prices remain the same and LPG reimbursement rates have increased.
Self-Assessment: Don’t Forget to Declare COVID-19 Payments
HMRC is reminding taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year.
New British Standard on Modern Slavery
The British Standards Institution (BSI) have published a national standard, giving organisations guidance on how to manage modern slavery risks in their operations, supply chains and wider operating environment.
UK Sanctions on Russia Top £18 Billion for the First Time
Data released last week reveals the full effect of UK sanctions on Russia – with £18.39 billion of Russian assets frozen and reported to the Office of Financial Sanctions Implementation (OFSI).
Old-Style Stamps Will Soon Be Out of Date
Royal Mail are adding barcodes to their regular stamps. After 31 January 2023, regular stamps without a barcode will no longer be valid.
A Mini U-Turn on SDLT
One of the few changes announced on 23 September that has not been reversed concerns Stamp Duty Land Tax
Dividend Income – Reduced 0% Band
If you are a director/shareholder, please contact us to discuss the best strategy for extracting profits from your company from 6 April 2023.
Cars, Vans and Taxation!
For those provided with an electronic or ultra-low emission company car (emitting less than 75g of CO2 per kilometre), there will be annual increases in the benefit-in-kind percentages, and therefore the taxes paid by both employees and employers, from the 2025/26 tax year.
More to Pay 45% Income Tax
The income level at which point the ‘additional’ 45% rate of income tax starts to apply will be reduced from £150,000 to £125,140* from 6 April 2023.
New Credit Tools to Help Your Business Stay in Control
Over the last few months, we’ve been hearing from clients and small businesses in the local community about the effects inflation, interest rates and the energy crisis have had on them and their businesses.
Tax Increases and Public Spending Cuts
The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending and tax rises for those with the ‘broadest shoulders’.
Capital Gains Tax Annual Exemption Cut
The Chancellor has announced that the current £12,300 annual tax-free CGT exemption (or allowance) will be reduced to just £6,000 in 2023/24 and only £3,000 in 2024/25.
Get Ready for New VAT Penalties from 1 January 2023
For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with separate penalties for late returns and late payment of VAT. At the same time, HMRC is introducing a new approach to charging interest on late-paid VAT
NIC Bands Frozen
Like the main income tax bandings, NIC thresholds are now also frozen until 5 April 2028.
Chancellor Steps into The Fiscal Storm and Pulls More People into The Top Income Tax Band
His measures on taxes mean that tax as a percentage of national income will increase by 1% over the next 5 years and this is now amongst the highest proportion of income going to HMRC for at least 70 years.
Energy Advice, Guidance and Costs Calculator
The government’s Energy Bill Relief Scheme is in place to reduce the unit price businesses pay for their energy, but navigating these schemes can be a challenging process so we want to offer as much help as possible.
Could your Business Cope with Severe Winter Weather?
Creating a business continuity plan will help you understand and manage the risks faced in the event of extreme snowfall, flooding or similar.
Businesses are also advised to prepare a grab bag with essential items which can be easily accessed should the premises be evacuated or unable to be accessed.