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Mini Budget September 2022

Mini Budget September 2022

Taxpayers – Tax Cuts effective from 6th April 23 Income tax Cut the basic rate of income tax to 19% Currently, people in England, Wales, and Northern Ireland pay 20% on any annual earning between £12,571 to £50,270 45% higher rate of income tax abolished One single...
Transitioning to high marginal tax rates?

Transitioning to high marginal tax rates?

We have previously discussed issues around changing the accounting date in 2023/24: the transition year to the ‘tax year’ basis of assessment for unincorporated businesses. The additional profits arising in the year (after set-off of any overlap profits brought...
End of bulk appeals for tax fines in May

End of bulk appeals for tax fines in May

If you are unlucky enough to be fined for a late filing, then the way in which any appeal can be made changed as of May 7. Prior to this, HMRC had temporarily reintroduced the ability to bulk appeal late filing penalties for income tax in 2020 and 2021. But from now...
Payments on account due July 31

Payments on account due July 31

Some taxpayers must pay a tax more than once a year, and if this is you, you are facing a second tax bill before July 31. Those exempt from making a payment on account in July include those who had a self-assessment tax bill of less than £1,000 for the previous tax...