When Chancellor Kwasi Kwarteng announced his changes to the basic rate of Income Tax you may have wondered what it meant for you. From 6 April next year, the basic rate of Income Tax will be reduced by one percentage point – from 20 per cent to 19 per cent. This cut to Income Tax […]
What does the repeal of IR35 mean for businesses and contractors?
The IR35 and off-payroll working rules, which affect how contractors operating through a personal service company (PSC) are classed and taxed, will be repealed in April 2023. Under the most recent reforms, IR35 in the private sector limited the way that contractors and freelancers could work in medium and large companies as employees through an […]
What does ESG mean for your business?
Environmental, Social and Governance (ESG) is a set of regulations designed to assess a business’ influence on society, the environment, and its transparency on such matters.
Are you ready for changes to R&D tax reliefs in 2023?
R&D tax reliefs have supported hundreds of thousands of businesses to invest in innovation by cutting the amount of tax that they pay. However, from 1 April next year, there will be several changes to the rules surrounding R&D, which could affect how much relief you can claim. Expand eligible expenditure to data sets, cloud […]
The rate of late tax payments interest rates continues to rise
From 11 October, the interest rates on late tax payments rise again in line with the Bank of England’s (BoE) latest base rate increase. The BoE increased the base rate by 0.5 per cent to 2.25 per cent in September, as a result of inflation. Due to this, the late payment and repayment interest rates […]
What does Sterling’s historic value against the dollar mean for investment?
Sterling’s fall to close to parity with the dollar means that the cost of investing in UK businesses is lower than ever, especially for businesses and individuals based in the US or otherwise primarily trading in dollars. Simply put, their dollars are now worth more pounds, meaning they get more bang for their (literal) buck. […]