Changes in the way alcohol is taxed will come into effect from 1 August 2023. The new system of calculating alcohol duty for all alcoholic drinks will be made using standardised tax bands based on alcohol by volume (ABV). This will replace the current alcohol duty system, which consists of four separate taxes covering beer, […]
It was announced as part of the Spring Budget 2023 measures that the government would establish twelve Investment Zones across the UK, subject to successful proposals. South Yorkshire has now been named as the first of the UK Investment Zones. These Investment Zones are designed to encourage investment and new economic activity, supporting growth and […]
If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570 personal allowance. However, it is important to note that if […]
The Construction Industry Scheme (CIS) is a set of special tax and national insurance rules for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors' and should be aware of the tax implications of the scheme. Under the scheme, contractors are required to deduct money from a […]
1 August 2023 – Due date for corporation tax due for the year ended 31 October 2022. 19 August 2023 – PAYE and NIC deductions due for month ended 5 August 2023. (If you pay your tax electronically the due date is 22 August 2023) 19 August 2023 – Filing deadline for the CIS300 monthly […]
The January Self Assessment deadline seems like a long way off, but you don’t have to wait until the last minute to file your return. Self Assessment customers can take advantage of four key benefits when filing early, HM Revenue and Customs (HMRC) has revealed. Filing ahead of time will give customers more control over […]
Strong doubts have been raised over the current Making Tax Digital (MTD) timetable. HMRC launched its flagship digitisation scheme in 2015-16, intending to move tax systems and records to a modern management platform by 2020. The aim was to maximise tax revenue, make sustainable cost savings and improve customer service by modernising systems for VAT, […]
The current high interest environment can pose expensive challenges for businesses using traditional financing methods. Bank loans still make sense for some companies; however, there are plenty of alternative finance options. Being open to innovation and thinking creatively can help businesses access funding while minimising the impact of high interest rates in their financial endeavours. […]
Earnings growth hit 7.3 per cent in the three months to May – the joint highest level on record. According to the Office for National Statistics (ONS), public sector wages rose 5.8 per cent in the three months to May while earnings in the finance and business services sector leapt by 9 per cent. In […]
A one-stop information portal has been set up to help directors make crucial business decisions. The director information hub was launched by the Insolvency Service, providing advice and support regarding statutory obligations and potential financial pitfalls. Who is it aimed at? The hub hosts guidance and information on a range of business themes and is […]