The intricacies of VAT continue as marshmallows are the next to face scrutiny. Recent decisions sees VAT classification differ for different sized marshmallows creating the marshmallow VAT paradox.
The main income tax allowances and thresholds, the main national insurance thresholds plus the inheritance tax nil rate bands will stay at their current levels for an extra two years to April 2028…
On the purchase of a mixed use property, stamp duty land tax (SDLT) is paid at non-residential rates rather than residential rates. This is the case regardless of the relative size of the residential and non-residential areas of the property.
The increased stamp duty relief for first time buyers has not been reversed by the new Chancellor, but it may not survive beyond the tax year.
For owner-managed companies, bonuses, dividends and remuneration will become yet more complex in the new tax year.
The latest data from the Office for National Statistics (ONS) reveals that more people than ever are working beyond age 65.
One of the least expected announcements in the Chancellor’s recent Growth Plan was the rollback of the IR35 off-payroll working rules to the position prior to the 2017 and 2021 reforms, which is set to take effect from 6 April 2023.
At 6.00 am on Monday 17 October, the Treasury issued a press release announcing that the (new) Chancellor, Jeremy Hunt, would making a statement “bringing forward measures from the Medium-Term Fiscal”
From 1 November 2022, VAT-registered businesses that do not yet comply with the Making Tax Digital (MTD) requirements will face penalties.
The rise of mini umbrella company fraud continues to concern HRMC which has recently updated its guidance for businesses that either place or use temporary labour.
HMRC late payment interest rates have now been raised six times during 2022 – from 2.6% at the start of the year to a current rate of 4.25%. However, at least there’s some good news, with an uplift to the tax repayment rate.
Kwasi Kwarteng’s first set piece as Chancellor of the Exchequer was never going to be easy, even before the 0.5% increase in interest rates the day before. The new Prime Minister Liz Truss revealed much of what we might expect before Mr Kwarteng spoke a word, so we already knew that there would be:
