The Institute of Chartered Accountants for England and Wales (ICAEW) is urging HMRC to rethink the quarterly reporting model for Making Tax Digital for income tax self-assessment (MTD for ITSA). In a letter to HMRC, the representative body is asking…
Recent HMRC data shows that the Treasury collected £786.6 billion in taxes in 2022/23 – a 9.9% increase on last year’s total of £715.3bn. Receipts from income tax, capital gains tax and National Insurance contributions hit £47bn – accounting for…
The VAT exemption for pharmacists has been extended to medical services carried out by supervised, non-registered staff as of 1 May. Prior to the measure, the exemption only applied to medical services carried out by registered health professionals. The new…
The Government has launched a consultation to modify the tax treatment of cryptoassets used in decentralised finance (DeFi) lending and staking transactions. The law currently treats many of these transactions as disposals for tax purposes. This usually triggers a capital…
Expanding your property portfolio can help increase your financial security — but is now a good time to buy to let? As house prices start to fall and rents rise across the UK, 2023 may look like a good year…
Just weeks after announcing downloadable self-assessment returns would no longer be available online, HMRC has backtracked its decision. Originally, the Government planned to take the option of physical self-assessment forms off the online portal, meaning taxpayers would have to call…
A new report from the Public Accounts Committee (PAC) warns that the “temporary” digital services tax (DST) could stay in place longer than planned. The DST raised £358 million in its first year – 30% more than expected. However, the…
HMRC has released guidance clarifying how it will phase in the abolition of the lifetime allowance (LTA) for pensions. As announced by Chancellor Jeremy Hunt in his Spring Budget 2023, the current £1,073,100 threshold on the LTA ended on 5…
In his Budget speech in March earlier this year, Chancellor Jeremy Hunt kicked off the Government’s plan for growth with changes to business tax legislation, a key policy being ‘full expensing’. “It is a corporation tax cut worth an average…
Reward your staff with a stake in the business. As an employer, there are many ways you can reward and incentivise your staff, from Christmas parties to team lunches. But one of the most attractive options is an employee share…
Protect your savings for the future. Investments, always subject to a variety of risks that can impact their value, are never safe. For example, the value of your investment could decline due to the performance of the company you invested…
Barrons is proud to sponsor Concord Girls U13 Team this season. What do you think of the new kit? The team have had a very successful season winning their league in a Boys Division of the Southend Junior League.
When: Thursday 11 May 2023, gates open at 17:30 Where: Roots Hall Stadium, Victoria Avenue, Southend-on-Sea, Essex, SS2 6NQ . Local businesses come together in support of Havens Hospices to raise much-needed funds. Please come and support on the night…
In his first Spring Budget speech, Chancellor Jeremy Hunt announced a new “full expensing policy” to encourage business investment. From April 2023 to March 2026, companies can claim 100% capital allowances on qualifying plant and machinery, writing off the cost…
The pension lifetime allowance (LTA), which limits the amount savers can contribute to their pensions without a tax charge, will be abolished, Chancellor Jeremy Hunt announced in his Spring Budget. Currently, people who save more than the current allowance level…
The Government has extended the voluntary National Insurance deadline by an extra four months, meaning taxpayers now have until 31 July 2023 to make additional payments and help increase their state pension entitlement. The deadline for making additional National Insurance…
What are the Government’s new plans? In his first Spring Budget as Chancellor, Jeremy Hunt announced a number of ‘investment zones’ across the country. The programme will provide 12 areas, split across England, Wales, Scotland and Northern Ireland, with £80…
The finance sector is making strides in female representation, according to a new report from the Women in Finance charter. The report shows that the proportion of women in senior management roles across charter signatories rose to 35% in 2022….
Understanding environmental, social and governance factors. Environmental, social and governance (ESG) is a set of standards that measures how green, socially conscious and well-run a business is. By looking at your business through an ESG lens, you may be able…
INCOME TAX ALLOWANCES 2023/24 2022/23 Personal allowance* £12,570 £12,570 Personal savings allowance ● Basic-rate taxpayer ● Higher-rate taxpayer ● Additional-rate taxpayer £1,000 £500 £0 £1,000 £500 £0 Dividend allowance at 0% £1,000 £2,000 Marriage/civil partner transferable allowance**…
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