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Protecting your business capital

30/01/2023

All business owners, but predominantly retailers, leisure and entertainment trades, will have seen their hard-won capital all but exhausted by the needs to meet fixed costs when income generation has been restricted or eliminated by lock-down directives during the early years of the COVID pandemic, and more recently by the downturn in...

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VAT – unpaid tax collectors

30/01/2023

If you are required to register your business for VAT purposes you are joining that reluctant band of business owners that are obliged to collect tax for HMRC. The amount of VAT you have added to your sales, less VAT you have paid out on qualifying purchases, will be paid to HMRC at the required intervals, usually quarterly. As long as...

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New Green Freeports for Scotland

26/01/2023

The UK and Scottish governments have jointly announced that Inverness and Cromarty Firth Green Freeport and Forth Green Freeport have been successful in their bids to establish two new Green Freeports in Scotland. Each of these Freeports will be granted up to £26 million in funding over the next few years, primarily to address...

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Corporation Tax changes April 2023

26/01/2023

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 - ensuring these companies pay Corporation Tax at the same rate as currently. Where a company has profits...

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New business Energy Bills Discount Scheme

26/01/2023

The new business Energy Bills Discount Scheme will replace the current Energy Bill Relief Scheme which is coming to an end on 31 March 2023. The new scheme will offer support to eligible non-domestic energy customers, including UK businesses, the voluntary sector - such as charities - and the public sector - for example, schools and...

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R&D tax consultation launched

26/01/2023

There are currently two schemes for claiming R&D tax relief - the Small or Medium-sized Enterprise (SME) Scheme and the R&D Expenditure Credit (RDEC) Scheme for large companies. The amount of R&D tax relief available depends on the total qualifying spend on R&D activities. It was announced as part of the Autumn Statement...

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Five more tax avoidance schemes named by HMRC

26/01/2023

HMRC has powers introduced in the Finance Act 2022 to name tax avoidance schemes and their promoters. Under this legislation HMRC can name avoidance scheme promoters, publish details of the way they promote tax avoidance schemes and name the schemes they promote. This allows HMRC to warn users and potential users of these schemes at the...

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What is a Post Transaction Valuation Check?

26/01/2023

A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a Capital Gains Tax liability or for companies to calculate Corporation Tax liability on chargeable gains. The request for a PTVC should be made using the CG34 form. HMRC’s guidance says the form must be completed and sent to the address on...

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Ways you can count on us…

23/01/2023

Leaving politics to one side, how can we deal with the current pressures on businesses? Rising costs, reducing revenues as the cost-of-living issues impact activity, increasing taxes - Corporation Tax will include a main rate of 25% from the 1 April 2023 - and a background of continuing supply difficulties. At this time of the year many...

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Exempt transfers between siblings

19/01/2023

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on free of IHT as a tax-free threshold. In most cases, an exemption...

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Staverton
Gloucestershire
GL51 6TQ
Phone: 01242 513232
Email: enquiries@harpersheldon.com

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