Managing InheritanceTax
Like many other taxes, inheritance tax (or IHT) allowances have been frozen. This sounds generous of the chancellor at a time when the government is strapped for cash. But it actually means that we are paying more. Data from HMRC has revealed that Inheritance tax collected between April 2022 and February 2023 totalled £6.4bn, which…
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Your Duties As An Employer and The Change
As an employer running payroll, you need to report to HM Revenue and Customs (HMRC) on the previous tax year (which ends on 5 April 2023), give your employees a P60, and prepare for the new tax year, which starts on 6 April. What you need to do When Send your final payroll report of…
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Budget Update
COST OF LIVING SUPPORT Energy Costs The Energy Price Guarantee (EPG) brings a typical household energy bill in Great Britain down to around £2,500 per year. It has now been announced that the £2,500 EPG will be extended by 3 months to 30th June 2023, before increasing to £3,000 until the end of the EPG period on…
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HMRC fined 300,000 tax payers
A record 11.7 million people submitted their tax returns on time, but over 300,000 taxpayers missed the self assessment deadline This compared with 10.2m completed returns by the 2021 deadline, although HMRC did extend the filing period due to the fallout from the pandemic. On 31 January, 861,085 taxpayers filed online to meet the deadline,…
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is 2023 a resilient Year
Firstly, we wish all our clients a healthy and prosperous New Year! In 2022, despite the troubles with the economy, we have been amazed at the resilience of our clients and how they have energetically moved their businesses into new areas, products and services. Many of our clients have redesigned delivery and payment systems, moved…
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Payroll Update
Additional Bank Holiday confirmed for 2023 2023 will become the second year in a row to gain an additional bank holiday. May 8, 2023, will be a bank holiday to celebrate the coronation of King Charles III, which will be held on the Saturday 6 May 2022. May will now see three bank holidays, as this is…
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Stragety for Economic Downturn
Thinking long term is a key business strategy We were finally getting over the financial crisis when Covid struck. Then, in the trough of the worst economic downturn in 300 years, we discovered that recovery was driving the FTSE to new heights and the job market into a frenzy. In the wake of that, it became…
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HMRC is changing how they assess profits
How HMRC assesses profits for sole traders and partnerships who use an accounting date between 6 April and 30 March will change from 6 April 2023. This change will not affect companies. Your accounting date is the last day of the period that you prepare your accounts for. You choose your accounting date when you…
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Change at No10 Downing Street
A new period of this government begins for us all, again! We have a new Prime Minister, Rishi Sunak and a new cabinet facing the toughest economic conditions in decades. So what actions can we expect from the government in the next few weeks? Chancellor Jeremy Hunt will outline the UK’s tax and spending programme on…
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Creating Value Through Innovation
Innovation has generally been recognised as essential for value creation, both for individual companies and for the UK economy as a whole. The development of new ideas, processes and technologies and their flow across different sectors is a significant driver of economic growth and productivity. Recently, innovation has also been identified as crucial to the…
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