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Scrapped – Making Tax Digital for Corporation Tax

< 1 minute to read HMRC has announced that Making Tax Digital for Corporation Tax (MTD for CT) will not be introduced. Corporate tax draws in very small owner-managed businesses on one side, and large multinational enterprises on the other. In between are a myriad of entities, so any change to the corporation tax system needs to be right for …

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Spring Statement 2025- comment & summary

4 minutes to read The Chancellor, Rachel Reeves, was keen to remind us that today’s announcements were not a Budget, and that the Spring Statement did not raise any taxes for “working people”. Whilst that was a relief for many taxpayers, a closer examination of the documents published alongside the Spring Statement reveals a raft of tax announcements. Administration …

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HMRC targets historic online marketplace sales

2 minutes to read HMRCs latest campaign is a push to ensure tax compliance by those who sell through online platforms. The One to Many campaign Called the One to Many campaign, a letter is sent to people who receive income from online marketplaces , and haven’t reported their incomes. HMRC now receives data directly from platforms about their …

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Autumn budget 2024

7 minutes to read ‘Difficult choices’ was the phrase repeated at regular intervals by Chancellor Rachel Reeves in the first Labour Budget for 14 years, to ‘fix the foundations’ and ‘deliver change’. At 77 minutes, Ms Reeves’s speech was the longest we have heard for a while and contained a vast array of announcements on tax and spending. The …

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Budget: 6 March 2024

7 minutes to read The 2024 Spring Budget The main themes in the Spring Budget delivered by Chancellor, Jeremy Hunt, on 6 March were growth, public services and lower taxes. On growth, there was relatively little to excite – the Office for Budget Responsibility upgraded its forecast for the current year by 0.5% and now predicts the UK economy …

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Autumn statement: 22 November 2023

4 minutes to read A ‘transformational’ Autumn Statement? With better-than-expected inflation figures the Chancellor of the Exchequer, Jeremy Hunt appeared keen to shed his party’s reputation of having overseen the biggest increase in the tax burden since the Second World War. With a total of 110 changes, the speech was billed as ‘a plan to unlock investment, reward work and …

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Claiming R&D tax relief? New process from 8 August 23

4 minutes to read Changes to the process for claiming R&D tax reliefs and allowances, and what they mean for your business need careful attention right now. From 8 August all R&D claims must be made electronically through HMRC’s portal, alongside detailed information regarding the claim. R&D tax relief R&D tax relief supports companies that work on innovative projects …

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Sole trader or partnership? Trading profits tax reform

4 minutes to read The procedure for assessing when trading profits are taxed is changing radically. The change is called basis period reform.  Essentially, means there’s a different time period underpinning the tax assessment. Using the new tax year basis, tax calculations will apportion accounting profits to the tax year (unless the accounting year ends between 31 March and …

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