For VAT periods starting on or after 1 January 2023 a new penalty and interest regime has been introduced for both the late filing of VAT returns (even if they are a repayment or a nil return) and the late payment of VAT. LATE FILING PENALTIES Late More...
INCOME TAX The rates of 20% (basic)/40% (higher)/45% (additional) will remain unchanged. The thresholds will stay as £12,570 personal allowance and £37,700 the basic rate band BUT the additional rate will decrease from £150,000 to £125,140 whi More...
Changes in 2023/24 affecting the remuneration strategy for directorsThere are very few changes for the 2023/2024 tax year which starts on 6th April other than the reduction in the dividend allowance down from £2,000 to £1,000. The personal allowance ha More...
This article has been updated following the announcements in the Spring Statement on 23rd March 2022. Changes in 2022/23 affecting the remuneration strategy for directorsThere are some changes for the 2022/2023 tax year which starts on 6th April with More...
Since April 2020 there has been a massive reduction in the car benefit rates for Ultra Low Emissions Vehicles (“ULEV”). These are cars with CO2 emissions of <50g/km and an electric mileage range of 130+. For example a BMW i3 (a fully elec More...