Budget Update Archives - Page 3 of 7

Mar 25 2023

Free Childcare Places Increased

By admin Budget Update, Childcare, HMRC, Potts & Co Accountancy & Business Advice News

The Chancellor announced the extension of free childcare places to children under three years old in England to match the 15 or 30 hours of free childcare currently provided to three and four-year-olds in term time. The extra funding will only apply in England and will be rolled out in…

Mar 24 2023

Seed Enterprise Investment Scheme Boosted

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News

Ambitious entrepreneurs who want to attract investors can use two different schemes to provide the investor with income tax relief on the value subscribed for shares and capital gains tax relief on the disposal of those shares. These schemes are the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment…

Mar 23 2023

R&D Tax Relief Curtailed For Some

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News, Research & Development (R&D)

Last Autumn, the Chancellor cut the enhanced deduction for expenditure by SME companies on R&D projects from an extra 130% to 86% and the payable tax credit from 14.5% of the loss surrendered to 10%. These new rates will come into effect for qualifying R&D expenditure incurred from 1 April…

Oct 06 2022

NIC Cut In November

By admin Budget Update, HMRC, National Insurance, Potts & Co Accountancy & Business Advice News

The Government has decided to reverse the 1.25 percentage point increases in national insurance contribution (NIC) rates which were introduced from 6 April 2022. The rates of Class 1 NIC are taken back to the lev- els that were in place on 5 April 2022 but only with effect for…

Oct 05 2022

Tax Incentives In Investment Zones

By admin Budget Update, HMRC, National Insurance, Potts & Co Accountancy & Business Advice News, SDLT, Special Tax Relief

The Government wants to designate up to 38 areas across England as investment zones which will benefit from special tax reliefs and relaxed planning laws. The tax reliefs will include: • employers' Class 1 NIC at 0% on earnings of new employees employed in the zone for at least 60%…

Oct 03 2022

Home Buyers To Pay Less Stamp Duty

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News, Property, Stamp Duty Land Tax

When buying a residential property in England or Northern Ireland you have to pay stamp duty land tax (SDLT) if the purchase price exceeds a minimum threshold set at £125,000 since 2006. In last week's Budget, the Chancellor announced that the entry threshold for SDLT payable on residential properties would…

Nov 26 2021

Changes For Self-Employed Tax Returns

By admin Budget Update, HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, Self Assessment

Making tax digital for income tax self assessment (MTD ITSA) will replace the self assessment tax return for unincorporated businesses from April 2024 for sole traders and from April 2025 for most partnerships. The MTD ITSA regulations will require you to keep records of your business transactions in a digital…

Nov 25 2021

NIC Rises For All

By admin Budget Update, HMRC, National Insurance, Potts & Co Accountancy & Business Advice News

Two areas in the public sector that desperately need funding are the NHS and social care. To pay for these services the Government is raising a new tax: the health and social care (HSC) levy. This will be charged at 1.25% of income or profits for the employed and self-employed…

Nov 24 2021

How To Declare Your Child Benefit

By admin Budget Update, Child Benefit, Childcare, High-Income Child Benefit Charge (HICBC), HMRC, Potts & Co Accountancy & Business Advice News

Child benefit is not taxable but sometimes needs to be declared on tax returns. Since 2013 the high-income child benefit charge (HICBC) claws back some or all of the child benefit paid to families where the highest earner in the family has total income of £50,000 or more. It is…

Nov 23 2021

Capital Gains Reporting Pressure Eased

By admin Budget Update, Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment

If you sell a UK residential property subject to capital gains tax (CGT) you must report the gain and pay the tax within 30 days of the completion date of the deal. The report generally has to be done online through a UK property account which needs to be activated…

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