MARCH 2023
Welcome to our tax news delivering tax updates for businesses, entrepreneurs and private clients.
Our tax team is constantly advising individuals and companies on a variety of tax matters including inheritance tax planning, company re-organisations and disposals as well as minimising tax across the family.
As always, we have several articles on our website, covering all aspects of tax and any updates to the economic landscape.
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The Budget Event
On the 15th March 2023, the Chancellor will set out his Spring Budget. We will be hosting an event at The Riverside Stadium, Middlesbrough, on the 16th March at 8am, where tax partners, Lee Watson and David Baggaley will be providing an overview of the announcements made.
To reserve your place, click on the link below.
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Tax relief deadline - expiring on 5 April 2023
If you have not previously claimed full tax relief for certain donations or contributions, then in most circumstances you have four years to make a claim for tax relief.
Read our article to find out more about what can be claimed.
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HMRC nudging taxpayers again
The continued alleged abuse of the Research and Development (R&D) tax relief schemes has led to HMRC issuing "nudge" letters to a number of companies.
Read our article to find out more about HMRC nudges and R&D.
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Tax return errors - what are the penalties?
Alongside charging interest on tax paid late, HMRC may also levy a penalty where there is an error in a tax return.
Different levels of penalties are applied depending upon the circumstances. Read our article to find out more.
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Letting a property at a discounted rate - what are tax issues?
It is crucial that you are aware of the tax issues if you let property at a lower than market rate rent to a friend or family.
This can cause complications particularly where you have other property income. Read our article to find out more.
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New corporation tax regime from 1 April 2023
From 1 April 2023, there will no longer be a single rate of corporation tax, rather, the rate at which a company pays tax on its profits will depend on the level of those profits.
Read more about the corporation tax changes in our article below.
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Companies owning residential property - reporting deadline approaches, do you need to take action?
The filing deadline for Annual Tax on Enveloped Dwellings (ATED) is fast approaching.
Read our article to find out more about recent changes to valuation requirements and what action to take in respect of ATED.
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Breaking News - Deadline extended again! There is an opportunity to maximise your State Pension, but time is running out.
It is possible to voluntarily pay for additional years of missing National Insurance credits to enhance your State Pension.
Read our article to find out more about maximising your state pension.
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