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The Budget 2023 –  changes to tax relief of capital expenditure

While there was little of real interest for farmers in the Spring Budget, there was a big announcement regarding tax relief known as “full expensing”, which will offer some businesses more tax relief when purchasing machinery and equipment.

To replace the super deduction tax relief, companies will be able to claim 100% relief on qualifying capital expenditure, such as IT equipment and plant and machinery, without any cap for the next 3 years. 

Spring Budget 2023: Overview of announcements

Despite intense pressure to cut taxes in his first Spring Budget, the Chancellor resisted, and while he seemed to deliver a fiscal plan that promised to stimulate growth, as we look at the detailed proposals it is clear some of his announcements aren’t quite as generous as they first appear and will have relatively limited impact on most small and medium-sized businesses.

Tribunal highlights SORN not sufficient to prevent treatment of vehicles as company cars

A recent tribunal case has highlighted that having no road tax is not sufficient to prevent the treatment of vehicles as company cars 

What can we expect in the 2023 Spring Budget?

Jeremy Hunt will outline the Government’s spending plans and changes to tax policy in the Spring Budget on March 15^th. It comes against a backdrop of the cost of living crisis and at a time when the Government is continuing to try to balance its books following the pandemic.

Understanding HMRC’s 60-day reporting requirement for residential property sales

If you are disposing of a residential property you may need to report the sale to HM Revenue and Customs 

March 2023 advisory fuel rates – all Change

The final set of advisory fuel rates for company cars for this tax year has been released by HMRC.

You might be entitled to Business Asset Disposal Relief when selling your farm business

If you are considering selling part or all of your farming business you may be able to pay less Capital Gains Tax (CGT) if you qualify for Business Asset Disposal Relief (BADR). 

How Basic Payment Scheme payments can impact your tax bill

While it can be complicated, there are two accounting policies for the recognition of BPS payments for tax purposes.

Tax Changes for Unincorporated Entities: Change in the Basis Period

The changes may result in significant tax balances through the transitional period, so it pays to plan ahead and be prepared for the change. To ‘fail to plan’ is to ‘plan to fail’!

Companies House reform will lead to significant changes for businesses

Companies could soon see changes to the way they file their accounts as part of incoming legislation to help tackle money laundering and other illicit activity.