HMRC have released statistics showing an increase in the number and amount of investments made under the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR) scheme. EIS, SEIS and SITR provide methods of raising finance while providing investors with tax incentives in the form of Income Tax and Capital […]

What is MTD for ITSA? MTD for Income Tax Self-Assessment (ITSA) is a fundamental change to tax reporting for individuals and will replace the Self-Assessment tax return with a series of quarterly submissions, an end of period statement and a final declaration. The submissions will require MTD compatible software, and the individual will need to […]

In his Spring Budget the Chancellor made changes to the capital allowances regime to help growth and investment. Following the rise in corporation tax from 19% to 25% from 1 April 2023, two major changes were announced: Full Expensing Full expensing will allow companies to claim 100% of the cost of certain plant and machinery […]

The Chancellor has added more changes to the relief for small and medium (“SME”) sized companies. The changes that were already scheduled to come in from 1 April 2023: Recent changes to the R&D regime | FKGB Accounting In terms of changes that were announced during the Budget: The Chancellor framed the second announcement as […]

The Chancellor, Jeremy Hunt made his Spring Budget 2023 speech on Wednesday 15 March. The devil is often in the detail which the list below further highlights. Income tax rates and allowances No changes were announced: these remained locked until 2028 There are increases to the blind persons and married couples allowances, as already announced […]

The first step is to determine which plan is your student loan (blog is discussing Student Finance England student loan) – If you started your course before 1 September 2012, you’re on Plan 1. If you started your course between 1 September 2012 and 31 July 2023, you’ll be on Plan 2 if: You’ll be […]

If you live in the UK and work for an overseas employer that does not have a UK payroll scheme then you might need to setup a DPNI scheme, as you will likely need to pay tax on your salary and National Insurance contributions. HMRC have created this scheme for individuals to create their own […]

An individual can sometimes be confused regarding their payslip due to many different figures and lack of explanation of the background of the figures. The aim of this blog is to give you the tools to understand the mechanics of your payslip and then you can make sure that everything is correct. Step 1 – […]

Standard UK allowance and tax code Every individual employed by a UK company on a PAYE scheme will be entitled to the UK tax allowance, currently £12,570 and granted a tax code of 1257L. The government currently anticipates keeping the tax allowance unchanged until April 2028. The tax allowance is spread over the tax year, […]

Types of National Insurance There are different types of National Insurance, known as ‘classes’, and the class that you pay depends on the source of income. NI Thresholds There were several changes to National Insurance thresholds during the 2022/23 tax year. The thresholds at which employees and self-employed people start making NI contributions on their […]