Oct 14 2022 Mini-Budget U-turn – Corporation Tax rise reinstated Categories: Taxation In a dramatic turn of events, starting with the departure of Chancellor Kwasi Kwarteng, Prime Minister, Liz Truss, confirmed the rumour circulating for the last two days that the UK Government would reinstate the corporation tax rise to 25% with effect from 1 April 2023. Whilst the short term changing of policy is singularly unhelpful more
Oct 12 2022 Are you prepared for the introduction of the Tipping Bill? Categories: LeisurePayroll The UK Government is bringing in new laws to make the distribution of tips fairer, more transparent, and stop employers from withholding tips from their workers. The Employment (Allocation of Tips) Bill, known as the ‘Tipping Bill’, will require employers to pass on 100% of tips to workers. Cash tips are already protected by law, and more
Oct 6 2022 Gift Aid Awareness Day 2022 Categories: CharitiesTaxation Every October since 2018, charities have been invited to participate in Gift Aid Awareness Day. Gift Aid Awareness Day is organised by Charity Finance Group and this year’s campaign is #TickTheBox which focuses on the value of Gift Aid on the people and communities they serve. Gift Aid is a tax relief for charities in more
Oct 5 2022 Income Tax Basis Period Reform – call to action! Categories: ProfessionsTaxation From the 2024/25 tax year, all business profits subject to income tax will be assessed on profits arising in the tax year rather than profits in the accounting period ending in the tax year. Don’t be fooled into assuming 2024/25 is far enough away to put this on the back burner. The change actually commences more
Sep 26 2022 Our Emergency Mini-Budget Summary 2022 Categories: Taxation The “Emergency Mini-Budget” promised for Friday 22 September 2022 was anything but mini, with a number of radical announcements delivered by the new Chancellor, Kwasi Kwarteng. A headline measure was the reduction in the basic rate of Income Tax to 19% with effect from 6 April 2023 together with the more surprising removal of the more
Sep 23 2022 Mini-Budget Announcements Categories: Taxation This morning, the new Chancellor, Kwasi Kwarteng, held his first fiscal event which is being called a ‘mini-budget’. As part of his announcement, he repeated details already announced earlier this week and unveiled the new Government’s plans to boost the growth of the economy. We’ve highlighted the main points announced today, which we will follow more
Sep 22 2022 Recovering VAT from Residential Property Refurbishments Categories: Property & ConstructionTaxation In most cases, VAT incurred on the refurbishment of residential property is not recoverable. However, there are some instances where it may be possible to reclaim some of the VAT. In this article, we will look at residential properties that are purchased, renovated and then either let out or sold. Generally, property costs for maintaining, more
Aug 30 2022 Upcoming changes affecting Sage 50 v26.2 and below Categories: Cloud AccountingEQ Accounting Sage have announced a new update to bring Sage 50 in line with industry standard security protocols which protect your data and provide long term sustainability of the software. While this is done to enhance the use of the product, the latest update will mean older versions of Sage 50 Accounts and Sage 50cloud Accounts more