Cath Carruthers 
Newly appointed Chancellor, Jeremy Hunt has today announced (Monday 17 October 2022), in what is being hailed as the biggest U-turn in British economic history, almost all measures set out by ex Chancellor Kwasi Kwarteng in his Mini Budget late-September, have been reversed. Hunt vowed, “there will be more difficult decisions” on tax and spending …
Prime Minister Liz Truss has made yet another U-turn in the not so ‘Mini Budget’, this time to Corporation Tax which now, ex chancellor Kwasi Kwarteng, announced back in late-September. Corporation Tax was due to rise from 19% to 25% in April 2023, but was reversed in a dash to ”ignite growth”. Truss has announced …
Chancellor Kwasi Kwarteng has announced a major U-turn for the 45p Income Tax Rate which affects individual’s earning more than £150,000 a year. The Government’s handling of the UK economy has been criticised following the Mini Budget, which the Chancellor delivered on Friday 23 September 2022. An eventful 10 days followed the Mini Budget, which …
What does it mean for you and your business? Announced on Wednesday 21 September 2022, the government are providing a support package for businesses, which will see energy price cuts through a new Energy Bill Relief Scheme. The government will provide a discount on wholesale gas and electricity prices for all UK businesses. The scheme …
What is VAT and how is it applied? Becoming VAT registered is compulsory once your business’ turnover is more than £85,000 within a 12-month period. SeavorChartered can register your business and can also provide you with an end-to-end service which includes the preparation of your business’ VAT along with submission to HMRC. We can assist …
From 19 September 2022, HMRC will be introducing an optional payment method for a reoccurring Direct Debit for PAYE (Pay As You Earn). With a current array of payment methods, employers are responsible for making the PAYE payment each month and entering the details required to enable payment. With the new Direct Debit method, payments …
What is Cloud Accounting Software and what are the benefits? Cloud Accounting Software is fast becoming the future. Even for small businesses, Cloud Accounting Software such as Xero can help keep you on top of your accounts ahead of your annual accounts meeting. Xero runs daily online backups of your business information, meaning there’s no …
Xero subscriptions are increasing on 15 September 2022. See below what Xero have had to say about the price increase and what this means for you. Xero stated the following, “As a software service business, we are constantly enhancing and improving our product and so we need to regularly review our pricing in line with …
Yesterday, (Thursday 4 August 2022), The Bank of England increased interest rates by 0.5% to 1.75% making it the highest increase in 27 years. The UK is expected to enter a recession, with the cost-of-living crisis continuing throughout 2023 before beginning to ease in early 2024. The Bank of England have said the increase relates …
Our first newsletter of the year brings you news about how businesses are dealing with the apprenticeship levy, the latest figures about UK spend on research & development, calls for Inheritance Tax to be digitised and calls for MTD rollout to be delayed.
The Chartered Institute of Taxation
The Association of Taxation Technicians
