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Sign up for our Webinar - Life Sciences & VAT | |
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We are delighted to invite you to join our free webinar 'Life Sciences & VAT', during which our experts will provide insight into the Life Sciences sector and discuss how VAT impacts this type of technology. | |
Date: Wednesday 28th September Venue: Your desk (Zoom) Time: 10.00am - 10.45am Cost: Free | |
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Our corporate finance team win prestigious dealmakers award | |
We are delighted to announce that our corporate finance team were crowned winners of the ‘Transaction Services team of the year’ category at the Insider dealmakers awards 2022 last night. The award was judged against some tough competition and recognises the team that facilitated the most exciting deals through due diligence and transaction service advice over the last 12 months. | | | |
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HMRC releases more details MTD for Income Tax | |
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HMRC has published more details on how Making Tax Digital for Income Tax (MTD for IT) will work for buy-to-let landlords and sole traders with qualifying income over £10,000. The new income tax framework for MTD for IT will be mandatory from 6 April 2024. HMRC is now asking for users to sign up for the test phase. | |
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| Experts warn inflation could keep rising in 2023 | |
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Economic analysts have warned that the rate of inflation could keep rising in 2023 as a result of rising energy prices. Think tank the Resolution Foundation stated that inflation could go above 15%, whilst investment bank Citi said that it is ‘entering the stratosphere’ and could reach 18.6%. | |
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| Energy firms call for windfall tax to be scrapped by 2025 | |
Trade body Offshore Energies UK (OEUK) has stated that the Energy Profits Levy, also known as the ‘windfall tax’, on UK energy firms should be scrapped by 2025 or it could risk having a ‘detrimental impact’ on investment in the sector. OEUK said that a new round of windfall taxes would ‘leave the UK facing decades of energy insecurity’ and only serve to ‘heap further costs on consumers’. | | | |
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TUC urges government to raise NMW 'immediately' | |
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The Trades Union Congress (TUC) has called on the government to increase the National Minimum Wage (NMW) rates 'immediately' in order to guarantee decent living standards for families. Research carried out by the TUC found that UK poverty levels are 'likely to get worse' if ministers continue to hold down pay. Additional financial support for families announced by the Treasury this year will be offset by cuts to real-terms pay and other living costs, the business group added. | |
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Report finds decline in the use of cash is easing | |
Banking trade body UK Finance has revealed that the rapid decline in the use of cash as a form of payment has eased. A report published by UK Finance found that 40.4 billion payments were made in 2021, which marked a return to pre-pandemic levels. Cash payments accounted for 15% of all payments in the UK. | | | |
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Advisory fuel rates for company cars | |
New company car advisory fuel rates have been published and took effect from 1 September 2022.
The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. | | | |
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HMRC increase number of inaccuracy penalties for errors in returns and documents across all the taxes | |
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In the year ending March 2022, HMRC issued 89,000 inaccuracy penalties to businesses and individuals, an increase of 80% from the previous year. Of the total, 80% were suspended, a significant increase from the previous two years when only 60% and 40% respectively were suspended. Only errors caused by careless rather than deliberate behaviour can be suspended.
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Hairdresser trims VAT assessment to nil | |
A recent First Tier VAT Tribunal determined that an assessment issued by HMRC to a hairdresser was not valid. It is a useful decision about the scope of the VAT land exemption, albeit only a First Tier decision so it does not create caselaw. The hairdresser rented two first floor rooms above his salon to two self-employed beauticians.
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HMRC identify risk of under-declared customs duty on goods imported into the UK from the EU | |
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HMRC suggest that more than £ 25 million of UK customs duty has been under-declared on goods imported from the EU, misdescribed as EU origin, in year ending April 2022. For goods manufactured or grown in the EU, there is no UK customs duty under the Free Trade Brexit agreement.
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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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