Moore member firm Kingston Smith explores the complexity of working capital mechanisms and their significant impact on transaction values. Key factors influencing working capital include the nature and size of the business, revenue trends, inventory management, and customer and supplier payment terms.

When is the budget taking Place?
There is unlikely to be much to celebrate when Rachel Reeves delivers her first Budget on the 30th of October.
 
Speculation is rife regarding the likely targets for tax changes and increases. We have listed a few of the more persistent predictions below. But note, these are just predictions, and there will no doubt be “surprises” when the Budget details are released.

Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale or disposal of a capital asset, or property income. The loss may reduce Corporation Tax by offsetting it against other profits or gains from the same accounting period.

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 Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR) of 19% was also introduced from the same date for companies with profits of up to £50,000, ensuring these companies continue to pay Corporation Tax at the same rate as was previously the case.

Key dates for your tax diary in November 2023.

Key dates for your tax diary in November 2023.

Key dates for your tax diary in October 2023.

Key dates for your tax diary in October 2023.

Key dates for your tax diary in September 2023.

A large company with taxable profits between £1.5m and £20m is required to pay Corporation Tax in 4 equal instalments. These instalments are payable in months 7, 10, 13 and 16 following the start of the relevant accounting period. The actual payments are due 6 months and 13 days after the start of the accounting period, then 9 months and 13 days, then 12 months and 13 days and finally 15 months and 13 days after the start of the accounting period.

Key dates for your tax diary in June and July 2022.

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

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%.

Whisper it quietly but we may be approaching the end of the major disruption to the economic activity of the past two years. This would be great news for those trades badly affected by previous lockdowns and other restrictions.

As you will see from our latest tax diary, there are two significant tax payment deadlines in January.

Key dates for your diary in January and February 2022.

Key dates for your diary in December 2021 and January 2022

The October Budget 2021 was a mixture of both positive and negative news for UK residents and businesses. We have highlighted key negative news for both.

Tax Diary for the months of October and November 2021

Important dates for your tax diary in June and July 2021.

Important dates for your tax diary in May and June 2021.

Important dates for your tax diary in April and May 2021.

Starting 1 April 2021 and ending 31 March 2023, most companies that invest in qualifying new plant and machinery assets will be able to claim new super-deductions and allowances.

Important dates for your tax diary throughout the tax year.

Important dates for your tax diary in February and March 2021.

1 September 2020 - Due date for corporation tax due for the year ended 30 November 2019.
 

Important dates for your diary 

Important tax dates for your May diary

Important tax dates for March.

Important tax dates for March.

See important tax dates for January here.

See important tax dates for January here.

November is a very busy time for returns and tax payments. Below are the important dates coming up over the next month. 

November is a very busy time for returns and tax payments. Below are the important dates coming up over the next month. 

You will be aware that HMRC is moving forward with their digitisation of taxpayer VAT and Income Tax reporting requirements, under their much publicised Making Tax Digital (MTD) initiative. Below you will find the most recent announcements made by HMRC on this issue.
 

You will be aware that HMRC is moving forward with their digitisation of taxpayer VAT and Income Tax reporting requirements, under their much publicised Making Tax Digital (MTD) initiative. Below you will find the most recent announcements made by HMRC on this issue.
 

Since 14 February 2018, tax-free childcare has become available to all remaining eligible families: parents whose youngest child is under 12. The new scheme aims to help working parents with the cost of childcare. 

According to government, it is quick and easy to apply, and parents could save thousands of pounds each year. For every £8 parents pay into their childcare account, the government will add an extra £2, up to £2,000 per child per year. HMRC has been gradually rolling out tax-free childcare since April 2017. 

Since 14 February 2018, tax-free childcare has become available to all remaining eligible families: parents whose youngest child is under 12. The new scheme aims to help working parents with the cost of childcare. 

According to government, it is quick and easy to apply, and parents could save thousands of pounds each year. For every £8 parents pay into their childcare account, the government will add an extra £2, up to £2,000 per child per year. HMRC has been gradually rolling out tax-free childcare since April 2017. 

The headline for the Autumn 2017 budget was building a Great Britain fit for the future, creating jobs, preparing for a digital age and supporting families. With the surprise of the day being the abolition of stamp duty (up to £300,000) for first time buyers. 

 

The headline for the Autumn 2017 budget was building a Great Britain fit for the future, creating jobs, preparing for a digital age and supporting families. With the surprise of the day being the abolition of stamp duty (up to £300,000) for first time buyers.