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Energy bill support for firms to be reduced from April
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Businesses will receive reduced
support for their energy bills from April as the UK government attempts to cut
the cost of compensating for soaring gas and electricity prices, the Treasury
has confirmed.
The Treasury said that the government
will cap support at £5.5 billion for businesses over 12 months from 1
April 2023. |
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Bank of England raises interest rates to highest level in
14 years
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The Bank of England (BoE) has raised
the base rate of interest to the highest level in 14 years. The BoE raised interest rates for the
tenth consecutive time on 2 February with a half point increase taking the base
rate from 3.5% to 4%. The decision was taken after the Monetary
Policy Committee (MPC) voted by a majority of seven to two to increase the base
rate by 0.5%.
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Webinar - Managing Businesses in Uncertain Times - Directors' Responsibilities
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We are delighted to invite you to join our free webinar "Managing Businesses in Uncertain Times - Directors' Responsibilities" during which our specialists, Sandra Mundy and Sue Staunton, will discuss what Business Directors should understand regarding their responsibilities and obligations and provide insight into how to mitigate risks that they may face whilst navigating the UK’s challenging economy.
Date: Tuesday 21 February 2023Time: 10:00am - 10:45amVenue: Your desk (Zoom)Cost: Free
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Government launches consultation on R&D relief
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The UK’s research and
development tax relief schemes have been seen by many innovative companies as a
valuable tax initiative. Over the last few years there have been a number of
changes to the two schemes and the Government has just announced a full
overhaul to the R&D tax relief regime. On 13
January 2023, the Government published a consultation document asking for
comment on (what is hoped to be) their final structural change, to align both
the SME and RDEC scheme into one. |
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Have
your say at our R&D Tax Relief Consultation Discussion Group
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As part of our commitment to support the technological community, we are
organising a virtual discussion meeting to share knowledge and views on this Consultation
Document. This will frame our response to Government.
Please join us for a Zoom meeting on Wednesday 1st March 2023 at 2pm
- 3pm.
Meeting Agenda:
- Brief update on recent changes to
R&D tax relief schemes
- Introduce the proposals in the Consultation
Document
- Share and discussion of your views on the questions
for which responses are required
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Fewer firms investing in training despite skills shortage
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Fewer firms are increasing their
investment in training and development despite a skills shortage, according to
a survey by the Confederation of British Industry (CBI). The survey found that the proportion of
firms intending to increase investment in training and development over the
next year has fallen. It also showed a widespread lack of
awareness of key government skills reform programmes, including around the
Lifelong Loan Entitlement and the Local Skills Improvement Plan.
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UK business confidence plummets to 13-year low
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The UK's business confidence has dropped to a 13-year low, according to a survey conducted by the Institute of Chartered Accountants in England and Wales (ICAEW).
The ICAEW's latest Business Confidence Monitor (BCM) showed that record high inflation and rising costs, including energy and the cost-of-living crisis, have adversely affected business confidence.
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Annual Tax on Enveloped Dwellings (ATED)
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This is an advance notice for the change in reference date
for the valuation of residential properties held via a company (“enveloped” properties).
For the last 5 years the date has been 1 April 2017. Every 5 years this gets
moved forward by 5 years. The next ATED period 23/24 is 1 April 2023 to 31
March 2024 and the reference date will be 1 April 2022. |
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Happy 50th Birthday to Value Added Tax
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The much loved Value Added Tax celebrates its 50th
birthday on 1 March 2023. It was introduced in March 1973, replacing
Purchase Tax, which was charged on wholesale, not retail sales. Standard
rates started at 8% but a higher rate of 25% applied to petrol and some
luxuries in the 1970’s. The current 20% standard rate was introduced in 2011. The compulsory VAT registration threshold was £5,000 of taxable turnover
per year and is now £ 85,000. VAT generated government revenue of £ 4.5
billion in 1973 (7% of total revenue), whilst last year it collected over £ 156
billion, 17% of revenue. |
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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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