Oct 17 2022 New Chancellor reverses more tax cuts from Mini-Budget Categories: Taxation In his first speech as the new Chancellor, Jeremy Hunt, reversed almost all the tax cuts announced by his predecessor in the Mini-Budget three weeks ago. This follows on from the announcement on Friday that the Corporation Tax rise would go ahead as planned, increasing to 25% from 1 April 2023. As part of today’s more
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 7 2022 Does it save to go electric? Categories: Technology With improving technology and charging infrastructure, along with substantial increases in the costs of petrol and diesel, many companies are looking to electric vehicles (EVs). There are also significant tax benefits of doing so. The personal tax liability of having a company car is based on the Benefit in Kind (BiK) value, which is illustrated 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 30 2022 The future of vet practice sales Categories: Healthcare In 2022, the Competition and Markets Authority (CMA) blocked the sales of UK veterinary practices to larger corporates as these businesses would control a significant proportion of the veterinary services in particular geographical area, raising competition concerns. As stated by the CMA, this “would result in too many vets’ practices in the same area being more
Sep 29 2022 How we are supporting our clients, Dalnoid Cottages & Treehouses Categories: Leisure It is important that your accountant is knowledgeable and understands the complexities specific to your industry. Our EQ Leisure specialists have extensive experience of supporting their leisure clients and are proud members of many Scottish leisure governing bodies. Our Partner and Head of EQ Leisure, Scott Greig, often talks at ASSC webinars and after his more