business tax Archives - Page 2 of 2

15th May 202324th May 2023

Sole trader or partnership? Trading profits tax reform

4 minutes to readThe 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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28th February 202320th March 2023

Spring Budget: Our summary

4 minutes to readAs anticipated, Chancellor Jeremy Hunt’s first Budget was heavily focussed on a push for economic growth, by offering tax breaks to stimulate business investment, and address pressures on the UK’s workforce by providing incentives to remain in or return to employment. Whilst few would have been expecting much in the way of tax giveaways, the …

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17th January 20237th February 2023

Changes to VAT penalties

2 minutes to readHMRC have announced new VAT late submission, late payment penalties and interest charges for all VAT registered businesses. As part of HMRC’s ambition to become a modern, trusted tax authority, it is changing the way penalties are issued for submitting late VAT returns and paying VAT late. For  VAT periods starting on or after 1 …

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23rd November 202217th January 2023

VAT: changes to notification process

< 1 minute to readVAT: changes to the notification process for opting to tax land and buildings HMRC have further amended their guidance on the option to tax land and buildings. It is important to note that from the 1 February 2023 no acknowledgement letter will be issued by HMRC. Instead, they are now asking that traders include the …

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17th November 202215th March 2023

Autumn Statement 2022

4 minutes to readThe Chancellor of the Exchequer, Jeremy Hunt delivered his Autumn Statement on 17 November 2022, against a backdrop of record inflation and market instability. This was a Budget of balance, with none of the usual “rabbit out of the hat” announcements. Instead, the emphasis was on financial stability, creating growth and protecting public services. Mr …

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