Firm news
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Firm news, tax planning and finance blogs by our team
We know how important it is for you to be able to find up to date business information, and our people love to share their knowledge about the news, and accounting and tax legislation. Here you will find links to our latest press releases, as well as tax planning and finance blog posts – all written by the Whitley Stimpson team, so you can read our take on topical subjects, and use our advice to help you to run your business. We have also shared the odd blog post or two about what we get up to in our communities, because we are proud to be a part of the areas where we live and work, and to support them where we can.
Join in the conversation, we would love to hear from you.
Pension allowances increased
The Chancellor announced the relaxation of three different pension allowances to encourage older taxpayers to remain an active part of the workforce or to return to employment if they have retired early.
How to cope with corporation tax rise
The Budget confirmed that the main rate of corporation tax will rise from 19% to 25% on 1 April 2023 but the small profits tax rate will stay at 19% where the company’s profits do not exceed £50,000.
All change for capital allowances
The ‘super deduction’ capital allowances, which provide companies with a deduction of 130% of the cost of new plant and machinery, will end for expenditure incurred after 31 March 2023 as scheduled.
Seed enterprise investment scheme boosted
Ambitious entrepreneurs who want to attract investors can use two different schemes to provide the investor with income tax relief on the value subscribed for shares and capital gains tax relief on the disposal of those shares.
Free childcare places increased
The Chancellor announced the extension of free childcare places to children under three years old in England to match the 15 or 30 hours of free childcare currently provided to three and four year olds in term time.
Allowances frozen and cut
It is easy to forget the hidden tax rises which are created by frozen and cut allowances, so here is a quick reminder.
R&D tax relief curtailed for some
R&D tax relief – New rates will come into effect for qualifying R&D expenditure incurred from 1 April 2023 onwards.
Whitley Stimpson sponsors Rose to Remember
Whitley Stimpson is proudly sponsoring the Katharine House Hospice ‘Rose to Remember’ event, taking place this June at Sulgrave Manor.
New VAT late-filing penalties
All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime.
New VAT late-payment penalties
In addition to the new penalties for late VAT returns there is also a new system of penalties for late paid VAT.
Recognising capital losses
The annual capital gains exemption (currently £12,300) will be cut to £6,000 on 6 April 2023 and £3,000 in April 2024.
MTD for income tax delayed again
Making tax digital for income tax self-assessment (MTD ITSA) was set to take effect from 6 April 2024. This has been postponed until 6 April 2026.
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