The Spring Budget for individuals

Pensions limits The government announced in the Spring Budget that certain measures regarding pension contributions will be adjusted to incentivise individuals back to work. Currently the Annual Allowance, being the amount an individual, their employer or any third party can pay into any person’s pension plans each tax year is set at £40,000. This will […]

The Spring Budget for businesses

Corporation tax rate Although there had been some speculation that with growth as a main priority of this Budget, the Chancellor would reverse the expected rate increase, there were no changes to previous announcements. As expected, the main rate of corporation tax will now increase from 19% to 25% from 1 April 2023. Companies with […]

The Spring Budget and VAT

Property DIY house builder VAT refund scheme If you are a DIY house builder, or someone converting a non-residential building into a home, you can claim back VAT on certain costs. One of the issues with the VAT refund scheme has been the short time limit for submitting claims. However, the government has announced that […]

Spring Budget 2023: At a glance

The Chancellor, Jeremy Hunt, delivered the Spring Budget on 15 March 2023. The key announcements are summarised below. Individuals The pensions Lifetime Allowance charge will be abolished from 6 April 2023 The Lifetime Allowance itself will be abolished altogether from 6 April 2024. The allowance is currently £1,073,100 The pensions Annual Allowance is to be […]

Tax incentives for giving to charity

Many of us are keen to support charitable causes, either during our lifetimes or by including bequests in our wills. A number of tax incentives for giving to charity are made available to incentivise taxpayers to donate – Gift Aid being the most commonly used income tax relief. This article considers the various options available […]

The factors that enable a business to grow

Almost all businesses come into existence as a start-up with only a handful of customers. Whilst there are many lifestyle businesses out there, happy to tread water and provide the owner with a certain quality of life, the majority will measure success in terms of their growth: both financial and operational. In this article we […]

Relaxation of late tax return filing penalties

HM Revenue & Customs (HMRC) has announced that it will be relaxing the late filing and late payment penalties, as it did for the 2019-20 season. This is summarised below: The last day to submit online returns: The statutory deadline is 31 January 2022 The revised deadline to avoid penalties is 28 February 2022 The […]

Recruitment sector awards: stand out from the crowd

We are in awards season, with the APSCo Awards for Excellence and the Recruitment International (RI) Awards taking place in October. Recruiter and Global Recruiter magazines and the REC also lay on very popular awards functions during the year. That’s not to mention the many general business awards that exist on a national and local […]

Hong Kong’s tax and visa regimes for inbound foreign nationals

Hong Kong is well known to tourists for its iconic skyline and diverse ‘East meets West’ culture, but as one of the world’s leading financial centres, the former British colony has also long been an attractive city for the relocation of businesses and expatriates. The following article was contributed by Vickie Fan, Managing Partner, Fan […]

The Requirement to Correct brings significant penalties

Following the increased push for financial and tax transparency, the government introduced a ‘Requirement to Correct’ (RTC) existing offshore non-compliance by 30 September this year. Where HMRC discovers historic non-compliance after 30 September – including as a result of information they receive under the Common Reporting Standard (CRS) – it will seek to collect not […]