Call: 01642 606003
Call: 01642 606003
JANUARY 2023 The most significant change to personal taxation in 25 years has been postponed for a second time. HMRC recently confirmed that once again Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is postponed, until 2026. HMRC states: “The Government understands businesses and self-employed individuals are currently facing a challenging economic environment, and that…Read More
DECEMBER 2022 One of the biggest considerations for businesses currently is the increase to corporation tax. The new, higher rate will be effective from 1 April 2023 for companies with profits over £50,000. They will face a corporation tax rate of 25%. This is a significant increase to the current rate of 19% (for all…Read More
17 NOVEMBER 2022 So, it wasn’t a Budget, then. It was an Autumn Statement. After several weeks of being told we were heading into Chancellor of the Exchequer Jeremy Hunt’s first Budget, the branding was changed to the latter and, to be fair, it felt and came across more as a statement. With the population…Read More
NOVEMBER 2022, BY IAN KELLY (TAX PARTNER) Remember, remember the seventeenth of November………. It seems somewhat pertinent to use the Bonfire Night analogy with the Autumn Statement on 17 November rapidly approaching and which, we have been warned, will carry “full” Budget status. We will remember it, therefore. We have also been primed to expect…Read More
October 2022 Davies Tracey was established in 2002 and so the summer has seen the firm celebrate 20 years in business. Having always been based in Stockton-on-Tees, but having been in offices on Teesdale Business Park for 10 years now, Davies Tracey has grown to employ 30 members of staff, have a second office in…Read More
OCTOBER 2022 We are pleased to announce an exciting development for the firm. After a period of consultation, we will be acquiring an established practice based in Stokesley, North Yorkshire. The practice in question is owned by an accountant with over 40 years’ experience and who has had her own practice since 2007, which grew…Read More
23rd SEPT ’22. Our Tax Partner Ian Kelly summarises today’s ‘mini budget’, including the main tax and NIC announcements of relevance to our clients: 1.25% NIC abolished effective date 6/11/2022 and 1.25% Health and Social Care levy due 6/4/2023 scrapped Basic rate of tax reduced from 20% to 19% from 6/4/2023 Additional 45% higher rate…Read More
As we progress towards the April 2024 start date for Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA), we will use this page to bring together all updates and useful information for our clients. AUGUST ’22 UPDATES What action to take now – Whilst there is no rush to sign up (HMRC are allowing…Read More
JUNE ’22 BY IAN KELLY, TAX PARTNER As I write this column, just over 14 hours have elapsed since the result was announced of the no-confidence vote in Boris Johnson. Quite what will happen over the next few months to the Prime Minister no-one knows, but any change at the top and in policy direction…Read More
by Ian Kelly, Tax Partner INFLATIONARY PRESSURES This is my first article of the new tax year and unfortunately needs to address the higher living and business costs and inflationary pressures that are affecting every one of us – it is little comfort that these are worldwide issues and aren’t restricted to the UK. We…Read More
APRIL 2022 An overview of the new tax year, and for some, a new accounting year. Including: – inflation– the health & social care levy– increased costs from a business perspective As I (Ian Kelly) write this column we are supposed to be in Springtime and yet our mini-heatwave lasted less than a week and…Read More
Please take our quick MTD for VAT survey by clicking here. The expansion of compulsory compliance with MTD for VAT to voluntarily registered businesses is going ahead from 1 April 2022. Businesses will need to be compliant from their first VAT period starting on or after 1 April 2022 (although the new penalty regime to…Read More
MARCH 2022 The ‘current year basis’ of taxation will change to a ‘tax year basis’ with effect from the tax year 2024 to 2025. In the coming months, we will be talking to all clients who have a year-end (‘accounting date’) that IS NOT 31st March or 5th April. If this is you, and you’d…Read More
MARCH ’22 So, was Rishi Sunak’s Spring Statement a “mini-budget” or what it said on the tin? The truth of the matter is it’s probably somewhere in between Readers of a certain age will remember the term “mini-budget” from the Labour Chancellor of the Exchequer of the 1970’s, Denis Healy, who seemed to deliver them…Read More
MARCH ’22 Our Tax Partner, Ian Kelly, shares his thoughts… The Chancellor of the Exchequer, Rishi Sunak, will deliver his Spring Statement to Parliament tomorrow (Wednesday 23 March 2022) – arguably the most difficult Budget or Spending Review he has so far had to present in his time as Chancellor. We have had Budgets and…Read More