News
A round up of our latest blogs, commentary or office news. Get in touch if you need more details on any of the topics covered.
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Spring Statement Summary 2022
A summary of the Spring Statement 2022 and a round up of the significant measures announced in the two 2021 Budgets that may impact your finances.
The Spring Statement 23 March 2022
In his Spring Statement, Mr Sunak announced a 5p cut in fuel duty, an alignment of NI thresholds with personal tax allowance from July 2022, and promised a 1p cut in income tax, but not until April 2024.
Keep a watchful eye on trading status
In part 7 of our Tax Planning Guide series, Cassandra Graham, Senior Tax Manager at Bates Weston urges us to keep a watchful eye on trading status, as the tax implications are significant.
Job Retention Bonus
More details on the Job Retention Bonus (JRB) have been released from the government. The JRB promises businesses a one off £1,000 payment for every previously furloughed employee if they were still employed at the end of Jan 2021.
Recap of CJRS changes
Wayne Thomas, partner at Bates Weston recaps the imminent changes to CJRS and stresses the need to plan ahead.
Disguised Remuneration : independent loan charge review
The legislative changes brought about by the independent review into the controversial loan charge received Royal Assent on 22 July and are therefore now law.
Strategies to Pay Director Shareholders
Cassandra Graham, Senior Tax Manager at Bates Weston looks at how director shareholders can pay themselves tax efficiently, given the fallout from Covid-19.
Disguised remuneration schemes – settlement refunds
If you used a disguised remuneration scheme between the 6 April 1999 and 5 April 2016 and settled the tax due with HMRC between 16 March 2016 and 11 March 2020, you may be eligible for a refund or a waiver.
Plans to extend Making Tax Digital
On 21 July the government published its 10 year strategy for the tax system. This included its plans to extend the Making Tax Digital initiative.
Tax planning, share incentive schemes and employee retention
Cassandra Graham, Senior Tax Manager at Bates Weston, considers the use of tax planning in attracting and keeping people who are driven to grow your business, in particular the use of tailored share incentive schemes.
Capital Gains Tax Review – is an increase on the way?
Craig Simpson, Tax Partner at Bates Weston considers whether an increase in Capital Gains Tax is on the way, following the Chancellor’s request for a review of Capital Gains Tax in a letter to the Office for Tax Simplification.
Cut in VAT rate for leisure and tourism sectors
As part of the government’s approach to support economic recovery, the Chancellor announced a temporary cut in the rate of VAT, from 20% to 5%, from the 15 July 2020 to 12 January 2021 for the leisure and tourism sectors.
A warning not to cut corners on R&D claims
Craig Simpson, tax partner at Bates Weston stresses the need for rigorous attention to detail and issues a warning not to cut corners on R&D claims
Eat Out to Help Out
If your business sells food for immediate consumption on your premises, has a dining area for eat in meals and was registered as a food business with your Local Authority on or before 7 July, you can register to participate in the Eat Out to Help Out scheme from 13 July.
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