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Spring Budget 2023 - Childcare changes

16/03/2023

One of the main areas targeted by the Spring Budget was changes to childcare. Billed as a revolution in childcare, the Chancellor, Jeremy Hunt, said that he wanted to reform the childcare system to help more than a million women come back to work. The 30-hours per week of funded childcare for eligible 3 to 4-year-olds in England will be...

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Spring Budget 2023 - Capital allowances

16/03/2023

Designed in part to help offset the increased Corporation Tax main rate, the Chancellor announced the introduction of a new ground-breaking 100% first-year capital allowance for qualifying plant and machinery assets. This measure is also expected to help boost business investment and growth. The new measure, known as full expensing, will...

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Spring Budget 2023 - Energy Price Guarantee

16/03/2023

The Chancellor had previously announced that the energy price guarantee cap, which will see the average household have their energy bills capped at £2,500 a year, would remain in place until the 31 March 2023. It was announced as part of the Spring Budget measures that this cap will now be extended for a further 3-months until 30 June...

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Spring Budget 2023 - Pension changes

16/03/2023

One of the key measures of the Spring Budget was the announcement that the £40,000 cap on annual pension contributions will be increased by 50% to £60,000 from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of Income Tax and is subject to the increased underlying limits. Taxpayers will...

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Spring Budget 2023 - Alcohol and Tobacco Duty

16/03/2023

As part of the Budget measures the Chancellor confirmed that the duty rates on beers, spirits, wines and ciders will increase in line with the retail price index (RPI). These rates will increase from 1 August 2023. The Chancellor did announce some help for the hospitality industry by increasing the Draught Relief duty differential from...

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Spring Budget 2023 - Creative industry tax reliefs

16/03/2023

As part of the Spring Budget measures, the Chancellor announced that the government will extend the temporary higher rates for Theatre Tax Relief (TTR), Orchestra Tax Relief (OTR) and Museums and Galleries Exhibitions Tax Relief (MGETR) for two further years from 1 April 2023. These reliefs are part of a collection of creative industry...

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Spring Budget 2023 - Social investment tax relief to end

16/03/2023

It was confirmed as part of the Spring Budget announcements that the Social investment tax relief (SITR) scheme will end as planned on 5 April 2023. New investments made on or after 6 April 2023 will no longer qualify for Income and Capital Gains Tax relief. The scheme was initially introduced to encourage individuals to support social...

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Spring Budget summary 2023

15/03/2023

As expected, the Chancellor, Jeremy Hunt, resisted pressure to reduce taxes in any significant way, and the majority of his announced changes were already in the public domain. According to the Chancellor, the UK economy is on track to grow in the coming year with inflation halving. We have listed any new variations in the UK tax rates,...

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New UK Data Protection rules

13/03/2023

The Data Protection and Digital Information Bill was first introduced last Summer and paused in September 2022 so ministers could engage in a co-design process with business leaders and data experts - ensuring that the new regime built on the UK’s high standards for data protection and privacy, and seeks to ensure data adequacy while...

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Get information about a company

09/03/2023

There is a significant amount of information about companies that can be obtained from Companies House. Companies House is responsible for incorporating and dissolving limited companies, examining and storing company information and making company information available to the public. Much of this information is freely available. This is...

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National Insurance if working abroad

09/03/2023

If you move abroad, it can often be advantageous to continue paying your UK National Insurance Contributions (NICs) in order to preserve your entitlement to the State Pension and other benefits. If you are working in the EU, Iceland, Liechtenstein, Norway, or Switzerland the rules depend on your situation. The main rules are as...

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Adding employees to a workplace pension scheme

09/03/2023

Automatic enrolment for workplace pensions has helped many employees make a start on providing for their retirement with the advantage that employers and government are also contributing to their pension pot. The law states that employers must automatically enrol workers into a workplace pension if they are aged between 22 and State...

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NIC and company directors

09/03/2023

Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary Threshold. The annual threshold is pro-rated to £11,908 this year following the increase to £12,570 from 6 July 2022 (£9,880 from 6 April 2022 - 5 July 2022). The primary threshold from 6 April 2023 will be...

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Valuing an estate for IHT purposes

09/03/2023

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The rate of Inheritance Tax payable is 40% on death and 20% on lifetime gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can...

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Corporation tax from 1 April 2023

09/03/2023

Barring any unforeseen changes being announced at next week’s Budget, the Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000, ensuring these companies pay...

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Why credit control is vital

06/03/2023

The ultimate financial objective of most trading companies is to convert their supply of goods and services into cash - deposits in their bank account. However, when goods are sold on credit, and you give customers time to pay, there is a delay in the cash conversion process, and for a period of time your cash proceeds of sale stay in...

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