HMRC clampdown on unscrupulous tax agents
HMRC proposes measures to address consumer protection issues for taxpayers who claim tax repayments via repayment agents. This is important information for: Anyone who has claimed or considered claiming tax refunds through repayment agents. Tax agents, particularly those specialising in helping taxpayers claim repayments. Charitable organisations and consumer groups. Accountancy professional bodies. Read the full […]
Spring Statement 2023
The Chancellor Jeremy Hunt presented his Spring Budget on 15th March 2023. Some of the key highlights include the following: Corporation Tax to increase as previously announced. Dividends will be chargeable to tax at 0% up to £1,000 in the year 2023/24, falling to £500 in 2024/25 reducing from £2000 2022/23. Income tax personal allowance […]
Thinking of selling your second property before the capital gains tax rates change after 5 April 2023?
We are still coming across instances of clients who are unaware of the requirement to report the sale of a residential property which is not their main residence, within 60 days of completion. In addition to reporting the capital gain, any tax due must also be paid within 60 days. There are penalties for […]
State Pension Deadlines Changing
If you have a gap in your national insurance record and need to buy additional years of contributions for your state pension then you need to be aware of changes from 31st July 2023. The opportunity to buy additional years is reducing from 10 years to 6 from 31st July 2023. Check your national […]
Autumn Statement 2022
The Chancellor Jeremy Hunt presented his autumn statement on 17th November 2022. Some of the key highlights include the following: Corporation Tax to increase. Dividend taxation rates to remain, but the Dividend Allowance will decrease from £2,000 to £1,000 in April 2023, and half again the next year. Income Tax rates to remain at 20% […]
Mini Budget 2022
The Chancellor Kwasi Kwarteng released a ‘Mini-Budget’ in an emergency announcement on Friday 23 September. Some of the main highlights include: reversing of the temporary increase in NICs from 6 November 2022 a cut in the basic rate of income tax, from 20% to 19%, from April 2023 cancelling the rise in corporation tax which […]
Monday 19 September
It was recently announced that Monday, 19 September will be a national bank holiday to mark the occasion of the State Funeral of Her Late Majesty Queen Elizabeth II. As a mark of respect, our office will be closed. We will reopen as normal on Tuesday 20th September.
Spring Statement 2022
Rishi Sunak presented his Spring Statement on Wednesday 23 March 2022. So, what exactly did the Chancellor say and, more importantly, what did it actually mean?Some of the highlights:Increase in the National Insurance thresholdTemporary increase in National Insurance ratesIncome tax reduction to 19% from April 2024Increased Employment Allowance from £4,000 to £5,000 a year to […]
Self Assessment Penalties Waived For A Month
HMRC has recognised the pressures and constraints resulting from the impact of COVID-19 by waiving late submission penalties for one month relating to the submission of tax returns due for the year to 5 April 2021. Anyone who cannot file their return by the 31 January 2022 deadline will not receive a late filing penalty if […]
Christmas Office Closure
Please note that our offices are closed for the Christmas Period from Midday on Thursday 23rd December 2021 until 9am on Tuesday 4th January 2022.Wettone Matthews would like to take this opportunity to wish you a Merry Christmas and a Happy New Year!
Wettone Matthews Autumn Budget Report 2021
The Chancellor Rishi Sunak presented his Third Budget on 27 October 2021. Some of the key highlights include the following:a new temporary business rates relief in England for eligible retail, hospitality and leisure properties for 2022/23a change in the earliest age from which most pension savers can access their pension savings without incurring a tax […]
Corporation Tax Super-Deduction
In order to increase business investment, the Government has introduced a 130% super-deduction on capital allowances that can be offset against any corporation tax charges. Any qualifying expenditure incurred between 1 April 2021 until 31 March 2023 can apply this deduction. What this means is that for any £1 spent, the corporation tax charge is reduced by […]