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The Autumn Statement on the 17th November will include the announcement of the Government’s longer term plans together with the forecast from the Office for Budget Responsibility. This follows on from the Chancellor’s announcements that the following tax policies will no longer be taken forward. | | | |
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Webinar - Making Sense of Cryptocurrency | |
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In this webinar our sector leader, Sharon Omer-Kaye, will provide insight for private individuals and businesses into this rapidly advancing technology and discuss the tax implications associated with cryptocurrency. Whether cryptocurrency seems like a far fetched, distant technology for your business, or you are already trading in digital assets, join our webinar to find out how we can help you to maximise your potential.
This webinar will cover the following topics: - What is Blockchain
- Digital assets overview
- How digital assets are acquired and held
- UK Tax framework for individuals and business
Webinar details: Date: Wednesday 30th November 2022 Time: 10:00am - 10:45am Venue: Your desk (Zoom) Cost: Free | |
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New VAT Option to Tax procedures | |
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HM Revenue & Customs have introduced new streamlined measures to process VAT Option to Tax (OTT) notifications received. VAT registered businesses have to notify HMRC, usually on form VAT 1614a of their decision to opt to tax a piece of land or a commercial building. The OTT converts a supply of land or commercial buildings from VAT exempt to VAT standard rate. Currently HMRC undertake checks on all applications, before issuing a formal written acknowledgement, which can take several months when backlogs arise. HMRC now will issue an immediate written acknowledgement of receipt only and dispense with any additional verification or check.
For more information, please contact our VAT team here | |
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| Inflation returns to 40-year high | |
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The rate of inflation rose to 10.1% in September as the economy felt the effects of rising prices and the fallout from the Mini Budget, according to the Office for National Statistics (ONS). The ONS said the Consumer Prices Index (CPI) measure rose from an annual rate of 9.9% in August to match the recent 40-year high seen in July. | |
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| FCA warns that eight million are struggling to keep up with bills | |
Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA). The research estimates that 7.8 million people were struggling to keep up with their bills - an increase of around 2.5 million people since 2020. In addition, 60% of UK adults are estimated to be finding it a 'heavy burden' or 'somewhat of a burden' keeping up with bills. | | | |
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IoD survey finds UK businesses anticipate growth in exports | |
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A survey conducted by the Institute of Directors (IoD) has found that 42% of UK businesses that trade internationally expect to see an increase in their exports over the coming year. The survey also revealed that 47% of businesses are still finding Brexit challenging, and just 33% envisage opportunities materialising as a result of Brexit. | |
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| Self assessment clock ticks down to under 100 days | |
HMRC has reminded taxpayers that they are now less than 100 days until the deadline for self assessment online return submission.
Self assessment taxpayers have until 31 January 2023 to submit their online return for the 2021/22 tax year. | | | |
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British Business Bank lending now exceeds £12 billion | |
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The British Business Bank (BBB) was supporting £12.2 billion of lending to over 96,000 businesses at the end of March 2022, according to its annual report. As part of its role in reducing regional imbalances the BBB was deploying £900 million of finance and supporting almost 83,000 businesses outside London at the end of March 2022. | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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