HMRC Tax Receipts 2022-23 – A quick breakdown and summary

HMRC Tax Receipts 2022-23

Latest HMRC tax receipts show that the UK Government has collected £786.6bn in the 2022-23 fiscal year. An increase of 9.9% compared to the £715.5bn collected in tax receipts in 2021-22. £247bn was raised through Income Tax receipts, an increase of 11.9% from £220bn in 2021/22. Income Tax generates the highest proportion of tax revenue for the Treasury. […]

What are the different types of Capital Allowances and how can they benefit my business?

£10 notes

Capital allowances are tax deductions that can be claimed on certain types of capital expenditure. Capital allowances reduce taxable profits, reducing the amount of tax a business needs to pay. In the United Kingdom capital allowances can take the form of an annual “writing down allowance” which writes off the capital expenditure over the life […]

<strong>Business Asset Disposal Relief</strong>

Manage Your Assets

Business Asset Disposal Relief (formerly Entrepreneurs Relief) allows individuals disposing of qualifying business or business assets  to pay a rate of only 10% Capital Gains Tax on sales. This 10% rate of Capital Gains Tax compares favourably with the current main rate of 20%. Who can claim Business Asset Disposal Relief? If you are selling […]

Another deferral to the mandatory implementation of Making Tax Digital for Income Tax Self Assessment (MTD ITSA)

Making Tax Digital for Income Tax Self Assessment

Understanding that self-employed individuals and landlords are currently facing a challenging economic environment, and the transition to Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) represents a significant change to taxpayers and HMRC for how self-employment and property income is reported, the government is giving a longer period to prepare for MTD. The mandatory use of […]

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 […]

Capital Investment in Solar Energy Finally Makes Financial Sense

Solar Panels on roof of commercial building

The increase in energy prices has prompted more and more businesses to consider whether it makes sense to invest in solar panels. The practicalities are simple enough. All that is required is to determine whether there is sufficient roof space on the commercial premises to start generating solar energy. Owing to advancements in solar technology […]

R&D Tax Relief reforms. What do they mean for your company?

Research & Development

Coming on the heels of the introduction of HMRC’s R&D taskforce, It comes as no surprise that the recently published draft R&D legislation includes many provisions to tackle abuse of the system. HMRC is all too aware that some unscrupulous individuals have set themselves up as R&D specialists without any actual knowledge of the rules […]

The Case For Keeping Corporation Tax Low

View of the city of London from inside another building

We have so far seen the majority of candidates for the leadership of the Conservative Party and the next Prime Minister of the UK offering to cut taxes. Talk about tax cuts is inevitable when there is a leadership contest or a General Election. High on the list of taxes talked about currently by candidates […]

Capital Allowance Super-Deduction – Incentive For Investment

Investment in manufacturing

The article below is partially outdated as on 15th March 2023, the Chancellor announced in his Spring Budget that the Super-deduction capital allowance would now be replaced with “Full Expensing” for the 3 years period from 1st April 2023 to 31st March 2026. However the special rate capital allowance will be extended for the same […]