Top tips for a stress-free year end
With the end of the tax year growing closer, time is running out for farmers and farm managers to make sure their farm accounts are in order before submitting them to their accountant.
How to cope with corporation tax rise
The Budget confirmed that the main rate of corporation tax will rise from 19% to 25% on 1 April 2023 but the small profits tax rate will stay at 19% where the company’s profits do not exceed £50,000.
Seed enterprise investment scheme boosted
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.
Allowances frozen and cut
It is easy to forget the hidden tax rises which are created by frozen and cut allowances, so here is a quick reminder.
R&D tax relief curtailed for some
R&D tax relief – New rates will come into effect for qualifying R&D expenditure incurred from 1 April 2023 onwards.
New VAT late-filing penalties
All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime.