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.
Markel UK Insurance
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
Penalties for Careless and Deliberate Errors
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
“Nudge” Letters from HMRC about R&D Claims
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
Advisory Fuel Rate for Company Cars
The table below sets out the HMRC advisory reimbursement rates for employees' private mileage using their company car from 1 March 2023
Will the Spring Budget Stimulate Economic Growth?
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.
Year End Tax Planning
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.
HMRC Employer Bulletin: February 2023
HMRC publishes the Employer Bulletin 6 times a year, giving employers and agents the latest information on topics and issues that may affect them.
HMRC See an Increase in Fraudulent Claims for R&D Tax Relief
HMRC state that they have seen an increase in fraudulent claims for Research & Development (R&D) tax relief. They believe companies in certain sectors are being deliberately targeted by third parties to make inaccurate R&D claims as an amendment to their Company Tax Returns.
Is the UK Going to Swerve A Recession?
While many companies continue to report tough operating conditions, especially in the manufacturing sector, the broader business mood has been lifted by signs of inflation peaking
Managing Your Cash Flow is Essential Right Now!
With ever increasing supplier prices, a recent rise in interest rates, and a looming recession, managing your business’s cash and understanding the flow are now vital tools in maintaining resilience and being able to adopt flexible strategies for success.
HMRC Late Payment Interest Rates to Be Revised After Bank of England Increases Base Rate
The Bank of England Monetary Policy Committee announced on 2 February 2023 that it would increase the Bank of England base rate to 4% from 3.5%.
New Law Gives Employees and Other Workers More Say Over Their Working Hours
The UK government has supported the recently introduced “Predictable Terms and Conditions” Bill, which will bring forward changes for tens of millions of workers across the UK.
Households, Businesses, and Organisations Who Are “Off the Gas Grid” to Receive Energy Bill Support Over the Coming Weeks
From Monday last week, households across Great Britain who don’t use mains gas for heating started to receive £200 towards their energy bills as the Alternative Fuel Payment (AFP) scheme launched. Most will get the £200 AFP automatically as a credit on their electricity bill, but
Want to Reduce Your 2021/22 Tax Bill?
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
Important R&D Changes from April 2023
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
130% Super Deduction Ends Soon
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.
New Vat Penalty Regime
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!
Making Tax Digital for Income Tax Delayed Again
Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 and then 2024. It was announced just before Christmas that the new system of submitting digital information quarterly to HMRC has been delayed yet again!