This so-called mini-budget actually morphed into a series of major  announcements by the new Chancellor Kwasi Kwarteng. The expected reversal of the 1.25% increase in National Insurance contributions in the current tax year was confirmed and will apply from 6 November... read more

HMRC interest on tax paid late has greatly increased recently. As the Bank of England base rate recently increased, HMRC has raised its interest rates on late tax bills to 4.25%. That's the highest level  since January 2009. HMRC interest rates... read more

You should be aware of proposed changes to capital gains on separation or divorce. Under present legislation any transfer of assets between couples who are separating, or divorcing are free of any Capital Gains Tax (CGT) liability as long as... read more

Dividends are a distribution of company profits to shareholders. Historically, they have been taxed as unearned income – no National Insurance deductions. This is still the case, but the Treasury have decided that the recent increase of 1.25% in National Insurance... read more

Rishi Sunak, delivered his Spring Statement 2022 on Wednesday 23 March. Here is a summary of the main announcements. National Insurance Contributions (NICs) Despite lobbying to delay the upcoming 1.25% increase in NICs payable by employees, employers and the self-employed, the government... read more

No-one wants to pay a Self Assessment penalty for filing their tax return late. However, today, HMRC has announced an extension to the Self Assessment penalty deadline for 2022. However there are details to be aware of before rejoicing! Interest will... read more

January tax payments are due There are two significant tax payments with deadlines this month. If they apply to you then be sure not to miss them! 1 January 2022 – Companies with a 31 March 2021 year end date will... read more