Corporation tax in the UK is levied on the profits generated by UK resident companies and branches of overseas companies. These profits, typically derived from successful business operations, often fall within the limited liability company category. 

The new Labour Government has painted a very dour picture of the country’s financial position and it is expected that the new Chancellor, Rachel Reeves, will implement sweeping changes to the tax regime in an effort to increase the tax receipts into the Treasury. 

As of April 2024, HM Revenue and Customs (HMRC) will no longer issue automatic PAYE (Pay As You Earn) tax refunds.

An overview of the measures announced by Channellor Jeremy Hunt in the Autumn Statement 2023 to "help grow the British economy, back British businesses and support the people who kept our country running during the pandenic". 

If you’re earning £50,000 a year or more, and you’re part of an employer NEST pension scheme or other ‘relief at source’ arrangement, you could be missing out on significant tax reliefs.

Key highlights from the Chancellor's Autumn Statement. 

From April 2023, divorcing couples will no longer need to settle their estates within a year and face Capital Gains Tax (CGT) bills. 

With sustainability at the forefront of the political agenda, businesses are facing increasing pressure to reduce their carbon footprint and become more environmentally conscious. Aside from the obvious benefits to the planet, going green can also provide considerable tax savings for businesses.
 

Against a backdrop of rising prices and an OBR inflation prediction of 7.4% this year, the Chancellor’s Spring Statement announced a number of measures aimed at helping households and businesses.
 

We have recently become aware of a letter purporting to be from HMRC regarding Corporation Tax payments asking clients to call a fake HMRC contact number and set up a payment plan. 

Moore East Midlands have helped local businesses recover a massive £2,477,143.44 in tax savings on Research and Development (R&D) spending from January 2019 to June 2021.
 

Yesterday the government announced a new tax: The Health and Social Care Levy. From April 2022, National Insurance contributions are set to rise through the introduction of a 1.25% Health and Social Care Tax Levy on earned income. Dividends rates are also set to increase by the same amount.

As we approach the end of the 2020/21 tax year, now is the ideal time to make sure you are making use of all the available allowances to benefit your overall tax position.

The Chancellor has recently announced an extension to the Self-Employment Income Support Scheme (SEISS)  with a third and fourth grant becoming available, covering the period of November 2020 to April 2021.

You can claim tax relief for the whole year, worth £60 or £125 depending on your tax band even if you have only had to work from home for just one day.

The Self-Employment Income Support Scheme (SEISS) was part of the package of measures from the Government to support businesses through the Covid-19 pandemic.  The second and final tranche of grants available to eligible businesses can be claimed online from 17 August 2020.  The closing date for claims for the second and final grant is 19 October 2020.
 

The turnover of the Top 15 UK gym chains increased 8% last year to £1.61bn, up from £1.49bn in the previous year*, says accountants and business advisors, Moore.

Can we still use spreadsheets after MTD comes into force?
One of the most commonly asked questions concerning the Making Tax Digital changes coming in from April 2019 concerns whether spreadsheets count as “functional compatible software”.  The answer to this is both yes and no.

One of the most commonly asked questions concerning the Making Tax Digital changes coming in from April 2019 concerns whether spreadsheets count as “functional compatible software”.   Bridging software allows businesses to transfer the relevant VAT information from a spreadsheet directly into HMRC's MTD systems - thereby removing the need to purchase a full accounting software package - at least in the short-term. 

The consultation on the VAT registration threshold announced by the Chancellor in the Spring Statement is welcome news for small businesses. 

From April 2019, as part of the Government’s Making Tax Digital (MTD) programme, VAT registered businesses with taxable turnover above the VAT registration threshold (currently £85,000) will have to keep their records digitally (for VAT purposes only) and submit their VAT return information to HMRC digitally through ‘MTD functional compatible software’.

A recent Treasury announcement confirmed that Making Tax Digital (MTD) will now only apply from April 2019 for businesses with turnover above the VAT threshold.  Full-blown quarterly reporting for all other businesses will now not apply until April 2020 at the earliest.
 

From 2015/16 the Marriage Allowance was introduced for married couples and civil partnerships. This allows one spouse to transfer 10% of their personal allowance to their partner - reducing their tax by up to £230.

Following the calling of a snap general election, numerous elements of the Budget proposals have been dropped from the Finance Bill.  One of the most notable removals concerns Making Tax Digital (MTD).
 
The current position is that, (subject to any future Budget announcements), MTD will now not be coming into effect in April 2018.
 

With P11D submissions for employees due at the beginning of July, now is a good time to take stock of the benefits you provide to your workforce and evaluate if there are more tax efficient options available.  It’s also worth reviewing whether there are more potentially appealing benefits you could be providing that could help you to attract, remunerate and retain staff. 

In this article we look at a selection of employee benefits that are exempt from tax. Whilst this list is not exhaustive, each is worth considering to see if it would be a positive step forward in the tax position of both the employee and the business itself.
 

HMRC published their response to the consultations that were undertaken for the Making Tax Digital (MTD) regime on 31 January 2017.  We take a look at the main points of their response and consider what this will mean for business owners. 

One of the more significant announcements in the Autumn Statement was the government’s scrapping of tax benefits under certain salary sacrifice arrangements from April 2017.

Tax Adviser Tim Woodgates from the Moore Corby office considers whether the Goverrnment's Making Tax Digital initiative is good news for tax payers.