What is “Full Expensing”?

New plant and machinery

The March 2021 Budget introduced the “Super Deduction” which was an enhanced capital allowance for qualifying expenditure on plant and machinery incurred by companies from 1 April 2021 to 31 March 2023. Companies are still able to claim the super deduction on expenditure incurred up until 31st March 2023. It provides the following: At the […]

Spring Budget 2023 – An In-depth Look

Spring Budget 2023

Hunt for growth Jeremy Hunt opened his first full Budget speech by declaring that it was a ‘budget for growth’. He emphasised that this would be ‘long term, sustainable, healthy growth’; after all, Kwasi Kwarteng’s ill-fated September speech at the same despatch box was titled ‘the Growth Plan’. The Office for Budget Responsibility reported that […]

Changes to Dividend income – Autumn Statement 2022

Changes to dividend income

In March 2022 when the Chancellor at the time, Rishi Sunak delivered his Spring Budget, the tax rates on dividend income over £2,000 were increased to correspond to increases in National Insurance Contributions (NICs) taking effect from 6th April 2022 and the Health and Social Care Levy (HSCL) that was to have applied to earned […]

Changes to the Research and Development Schemes – Autumn Statement 2022

Autumn Statement 2022

The Corporation Tax system encourages R&D via two different schemes. At present the enhanced expenditure scheme for small and medium-sized enterprises increases qualifying expenditure by 130%, so that for every £100 spent, the company enjoys a deduction of £230 from taxable profits. When applied, this may create a loss or further increase a loss for […]

Autumn Statement 2022 – Full In Depth Look

Autumn Statement - Houses Of Parliament

When the Chancellor of the Exchequer makes a fiscal statement to Parliament – whether it is called a Budget, a mini-Budget or an Autumn Statement – the headlines are in the speech and the details are in the Treasury Red Book that is published on the internet when he sits down. In normal times, it […]

A Brief summary of “Fiscal Event” delivered by the Chancellor

Houses of Parliament

Here is a brief summary of today’s “Fiscal Event” delivered by the Chancellor. Business Support and Growth The Chancellor has stated that growth is not as high as it should be and “This has made it harder to pay for public services requiring taxes to rise, in turn higher taxes on capital and higher taxes on […]

HMRC Tax Receipts 2021/22 – A quick breakdown and summary

HMRC Tax Receipts 2021/22

For a summary of the fiscal year 2022/23, you can head over to HMRC Tax Receipts 2022-23 – A quick breakdown and summary HMRC tax receipts show that the UK Government has collected £718.2bn in the fiscal year 2021-22. This is an increase of 23% compared to 2020-21 where tax receipts collected was £584.5bn and […]

Spring Statement 2022 – Full In Depth Look

Spring Statement 2022

The Chancellor presented two Budgets in 2021 in which he set out a great many details of the tax rates and rules that will apply until April 2026. The 2022 Spring Statement was expected to review the economic situation and adjust forecasts. It was not supposed to include anything significant about tax. Of course, things […]

Spring Statement 2022: What it means for the cost of living crisis

Houses Of Parliament

Having previously announced financial assistance to help with the growing cost of living crisis by way of, £150 reduction in council tax (for eligible households) and £200 towards energy bills (albeit repayable over 4 years), totalling £350 for households up and down the country. The Chancellor of the Exchequer announced further measures in his spring […]

Chancellor Sunak’s Budget for Recovery

tax planning

There will have been many different expectations from yesterday’s much anticipated budget. Business owners will have been hoping for continued support to help them rebuild their businesses and help them grow post Covid. Employees will have hoped for measures to protect their jobs and incomes. Those hoping to buy a home will have looked to […]