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March 2022

The Spring Statement: As it Happened

The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing cost of living crisis. The Chancellor also stressed that, apart from the untold human suffering, the Russian invasion of Ukraine is creating further uncertainty in the domestic and global economy, particularly in relation to energy markets and the food supply-chain.

What is the corporation tax increase from April 2023

The current Corporation tax rate of 19% generally applies to all companies whatever their size. From 1 April 2023, this rate will cease to apply and will be replaced by variable rates ranging from 19% to 25%.

What are the MTD tax return changes from 2023/24?

In preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment, the basis period rules for unincorporated businesses are being abolished. In its place, unincorporated businesses will be assessed on the profits actually earned in the tax year.

Outsourced Payroll Service

Are you looking to outsource your payroll to our expert payroll accountants? Our Isle of Wight payroll service team can run your business' payroll for you. 


The allowance enables married couples or those in civil partnerships to transfer part of their personal allowances if one partner receives income under their Personal Allowance threshold of (usually) £12,570 and the other is a basic rate taxpayer.

Have you used your tax-free capital gains exemption?

You and each member of your family is entitled to make tax-free capital gains of up to £12,300 in the 2021-22 tax year. If you have made no disposals that would trigger a capital gain in 2021-22.


Key dates for your tax diary in April and May 2022.

How to close a limited company

In most cases, you will need the agreement of the company’s directors and shareholders to close a limited company, however the way you close the company depends on whether or not it can pay its remaining bills.


Key dates for your tax diary in March and April 2022.