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Category Archives: Uncategorised

Mini-Budget 23 September 2022

A summary of the main tax changes that will impact the liability of individuals and business owners from April 2023 are: • A reduction in the Income Tax basic rate from 20% to 19%. • The abolition of the 45% additional Income Tax rate. • The cancellation of the proposed increase in Corporation Tax. The…
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Businesses face rebranding following Queens death

Heinz. Cadbury. Coca-Cola. Being household names isn’t the only thing they have in common. All three were awarded the Royal Warrant, and were able to display the Royal Arms on their products. Following the death of Her Majesty Queen Elizabeth II, these companies – and around 600 more – will have to stop using the…
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Prepare your business for the next big challenge

Business owners could be facing a difficult few months as the cost-of-living crisis continues to bite alongside the predicted winter recession. After overcoming the difficulties associated with COVID-19, it seems there hasn’t been much opportunity to steady the ship before the next tidal wave of challenges washes over us. The worst thing businesses can do…
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We need to do things differently says Chancellor

In a busy week for Prime Minister Liz Truss and her newly formed cabinet, her Chancellor has had a meeting with market leaders to set out the Government’s new, pro-growth economic approach. Kwasi Kwarteng began by acknowledging the extraordinary challenges that families and businesses across the UK are facing this winter, exacerbated by Putin’s barbaric…
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Tough new rules to protect against cyber attacks

Broadband and mobile companies will be forced to adhere to tough new rules to help protect the UK from cyber attacks. The new Government regulations will come into force in October and will be among the strongest in the world. They will provide much tougher protections from cyber threats that could cause network failure or…
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Energy bill support for families and businesses

New Prime Minister Liz Truss made the ongoing energy crisis her priority after taking the keys to No 10. She has revealed her plan to support people and businesses with their energy bills with a new Energy Price Guarantee alongside the lifting of a ban on the controversial practice of fracking. Truss aims to tackle…
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Bungling bundling bank to repay businesses

NatWest has found itself in hot water after forcing hundreds of business customers to open fee-paying current accounts in order to secure a loan. The high street bank is now having to refund around £600,000 to small and medium-sized business after legal direction from the Competition and Markets Authority (CMA). The CMA found that NatWest…
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UK proposes digital deal to support Ukraine recovery

Ukraine has been offered a helping hand by the UK Government to rebuild its economy in the wake of the Russian invasion. Talks between the two nations have led to plans to pursue a new digital trade agreement to help Ukrainian businesses trade more effectively with the UK. International Trade Secretary Anne-Marie Trevelyan met officials…
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Change 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 the assets are transferred during the year of separation/divorce. This places undue pressure on couples to complete these transfers in time to qualify for the CGT exemption. Based on…
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Inflation

To keep your earnings in sync with increases in prices is becoming progressively difficult. Most individuals – whether employed or self-employed – would find it unrealistic to secure pay rises (if employed) or price increases (if in business) unless the demand for their goods or services was high. If most taxpayers cannot match price increases…
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