HMRC Tax Receipts 2022-23 – A quick breakdown and summary
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. […]
A Brief summary of “Fiscal Event” delivered by the Chancellor
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
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
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 […]
Making Tax Digital for VAT comes to effect on 1st April 2022
From 1st April 2019 most VAT registered businesses with a taxable turnover above the threshold of £85,000 were required to sign up to “Making Tax Digital” (MTD). This requirement to sign up to MTD is extended from 1st April 2022, to cover all VAT registered businesses whether or not their taxable turnover is over £85,000. […]
Cross Border VAT after Brexit- are you prepared?
The UK will leave the EU VAT and Customs regime on the 31 December 2020 and this will involve some fundamental changes to the way UK businesses conduct trade within the EU. Movements of goods to the EU Currently, if a UK business supplies goods to another VAT registered business within the EU, then it […]
