| |
| |
| MTD for Income Tax Self Assessment delayed for two more years | |
The Treasury has announced that Making Tax Digital for income tax self assessment (MTD for ITSA) will be delayed for two more years until April 2026. MTD for ITSA was due to take effect from April 2024 and would have required all self-employed individuals and landlords with income over £10,000 to report earnings quarterly through the MTD for ITSA system. | | | |
| |
| |
| Tax non-compliance during pandemic cost UK £9 billion | |
| |
Tax non-compliance during the pandemic cost the UK government £9 billion, according to a report from the National Audit Office (NAO). HMRC redeployed around 1,350 workers to Covid-19 support schemes throughout 2020/21, shrinking the number of those working on tax compliance, the NAO said. This reduced the tax authority’s capacity to investigate people and businesses not paying the correct levels of tax, according to the NAO. | |
| |
| |
Government extends mortgage guarantee scheme | |
The Mortgage Guarantee Scheme will be extended by a year to the end of December 2023, helping people with 5% deposits on to the property ladder, the UK government has announced. Under the scheme, the government offers lenders the financial guarantees they need to provide mortgages that cover the other 95%, subject to the usual affordability checks, on a house worth up to £600,000. | | | |
| |
| |
| Watch our latest webinar: Making Sense of Cryptocurrency | |
| |
In our latest webinar our sector leader, Sharon Omer-Kaye, provides insight for private individuals and businesses into this rapidly advancing technology and discusses 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, watch our webinar to find out how we can help you to maximise your potential. | |
| |
| |
Chancellor announces Spring Budget date | |
Chancellor Jeremy Hunt has announced that the Spring Budget will be delivered on 15 March 2023. The Spring Budget will be the Chancellor's second fiscal event, following November's Autumn Statement. Mr Hunt used the Statement to reverse many of the tax cuts announced by his predecessor, Kwasi Kwarteng.
We are delighted to invite you to join us for our online briefing seminar on Thursday 16th March at which our tax experts will look behind the headlines and reflect on the real effects the Spring Budget will have on both companies and individuals. | | | |
| |
| |
Brexit deal not delivering for businesses | |
Over half of UK companies currently face difficulties in adapting to the new rules for trading goods with the EU, according to a British Chambers of Commerce (BCC) survey. The survey also found that 77% of respondents who exported were unable to identify any growth as a result of the rule changes. | | | |
| |
| |
Chancellor launches financial sector reforms | |
| |
Chancellor of the Exchequer, Jeremy Hunt, is set to unveil over 30 regulatory reforms to the UK's financial sector, the government has announced. The Chancellor will set out plans to repeal, and replace, EU retained laws governing financial services. Mr Hunt says these reforms will unlock investment and turbocharge growth in towns and cities across the UK. | |
| |
| |
| |
| |
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 | |
| |
The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
| | | |
| |
| |
| |
| |
