News

More time to top-up NICs

23/03/2023

In some circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State Pension. Usually, HMRC allow you to pay voluntary contributions for the past 6 tax years. The deadline is 5 April each year. However, there is currently an...

More...

Changes in VAT penalties

23/03/2023

The first monthly returns and payments affected by HMRC’s new VAT penalty regime were due by 7 March 2023. The new VAT penalty rules apply to the late submission and / or late payments of VAT returns for VAT return periods beginning on or after 1 January 2023. Under the new regime, there are separate penalties for late VAT returns and...

More...

Scottish Parliament approves 3% rent cap

23/03/2023

The Scottish Parliament has approved a new 3% rent cap for most private renters that will come into effect from 1 April 2023 for an initial six-month period with the option to extend for another six-month period if required. These changes follow a temporarily freeze on rent increases for private and social tenants, and for student...

More...

Transferring nil rate band for Inheritance Tax

23/03/2023

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. The allowance increased to the present maximum level of £175,000 from 6 April 2020. The...

More...

Do you need to file a tax return

23/03/2023

There are a number of reasons why you might need to complete a Self-Assessment return. This includes if you are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property. Taxpayers that need to complete a Self-Assessment return for the first time should inform HMRC as...

More...

Reduce CGT by claiming rollover relief

23/03/2023

Business Asset Rollover Relief is a valuable relief that allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is...

More...

Keep talking

22/03/2023

During recent disruptions to trade, ascribed to Brexit, COVID, the war in Ukraine or other global economic challenges, we have become used to online meetings and facetime calls to keep in touch with business associates, staff and friends. Now that restrictions are easing it is worth reconsidering the value of face-to-face...

More...

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...

More...

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...

More...

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...

More...

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...

More...

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...

More...

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...

More...

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...

More...

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,...

More...

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...

More...

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...

More...

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...

More...

CONTACT US

111-113 High Street
Evesham
Worcestershire
WR11 4XP
United Kingdom
Contact Us: contact@clemrab.com
Call 01386 712300

SEE LOCATION ON MAP