On 20 July 2022 Business Secretary Kwasi Kwarteng announced that the Recovery Loan Scheme (RLS) will be extended for a further two years offering small businesses crucial support, while also accelerating economic growth in the UK.
Perhaps one of the most obvious changes brought about by the pandemic is just how important technology has become. During lockdowns and restrictions, entrepreneurs and business owners found new ways to pivot and keep everything ‘business as usual’ with the use of new technology.
Charitable tax relief is a way for individuals and limited companies to donate to registered UK charities tax-free and it may also benefit you when Self Assessment season comes around.
While off-payroll working rules (IR35) for the private sector have been in place since April 2021 HMRC has been relatively relaxed when it comes to penalising those who make mistakes - until now.
Along with the start of the 2022/2023 tax year, 6 April brought a new increase to National Insurance contributions (NICs) known as the Health and Social Care Levy.
On 6 April 2022 HMRC decommissioned its online end of year expenses and benefits service, the interactive PDF used by small businesses to submit P11Ds. While the deadline for reporting taxable benefits and expenses is 6 July 2022, it's never to early to implement an efficient filing procedure.
Businesses across the UK are feeling the effects of inflation and doing their best to navigate through these financially challenging times. Amidst the number crunching and budgeting, there are key government support measures available to help small and medium sized businesses.
DSA Prospect Associate, Nigel Benton discusses the new Customs Declaration Service and how businesses can prepare to use it moving forward.