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Spring 2022 VAT Update

Following the Chancellor’s Spring Statement last week, there are two main VAT implications which you may wish to consider.   The Chancellor did not mention any extension to the time frame for the 12.5% hospitality VAT rate. As such, it is expected that this rate will revert to 20% from 1 April 2022. A new […]

Import VAT confusion continues

The system of postponed VAT accounting for import VAT has been up and running since the start of the year, but there is still a lot of confusion. You may be experiencing some of these common problems. Monthly statements Some importers have had difficulty accessing their monthly import VAT statements. The trick is to start […]

Minimum wage to increase in 2022

From 1 April 2022, the rate of National Living Wage paid to workers aged 23 and over will rise by 6.6%, or 59p, to £9.50 an hour. Apprentices will benefit from an 11.9% uplift to their current hourly rate of National Minimum Wage. For full-time workers, the 59p increase equates to extra annual salary of […]

CGT reporting and payment deadline extended

CGT reporting and payment deadline extended For disposals of UK residential property completed on or after 27 October 2021, the reporting and capital gains tax (CGT) payment deadline has been extended from 30 days after completion to 60 days. The previous 30-day time limit has proved to be quite challenging for taxpayers. For UK residents, […]

Positive news for business rates from the Chancellor

The Autumn Budget announcements included a series of measures to alleviate the burden of business rates in England. For 2022/23, 50% relief will be available for eligible retail, hospitality and leisure properties, and the business rates multipliers will again be frozen. 2022/23 measures The business rates multipliers for the current year have already been frozen […]

The Autumn Budget – taxed and spent

After already increasing taxes by £42 billion a year in 2021, the main focus of Chancellor Rishi Sunak’s Autumn Budget was on spending. The first Autumn Budget in three years – and Mr Sunak’s third in less than 20 months – featured no significant increases in tax. The task of raising extra revenue had already […]

New tipping rules to come into force within months

Five years after carrying out a consultation, the government is going to make it illegal for employers to withhold tips from workers. The change to legislation, due to take effect over the next 12 months, is not just for staff in restaurants, hotels and bars, but also anyone employed in industries such as hairdressing, casinos […]

Apprenticeship levy transfers simplified in England

Training for Dorset charities

Larger employers can transfer up to 25% of their annual apprenticeship levy pot to support other, smaller, employers to take on apprentices in England. While there is nothing new about this, what is new is an online service where funds can be pledged by larger employers. Apprenticeship levy funds are lost if not used within […]

Are your young adults missing out on their Child Trust Fund?

MTD Changes

HMRC says many teenagers are missing out on their Child Trust Funds (CTFs), urging parents to check for hidden cash and forgotten accounts. The first CTFs matured just over a year ago, at the start of September 2020. CTFs will continue to mature until January 2029 as their owners reach the magic age of 18. […]

IHT receipts reach £6 billion record

Wills

The amount of inheritance tax (IHT) collected by HMRC over the past year reached a record £6 billion, some £1 billion more than the previous 12 months. This increase comes as no surprise given booming property values and frozen nil rate tax bands. It seems the tax is no longer the preserve of the super-rich. […]

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