Hello,
Did you notice that the topic of ‘Net Zero’ was not mentioned in either the Chancellor’s Growth Plan 2022 (published at the mini-budget/fiscal event of September) or in the Prime Minister’s conference speech? It seemed odd.
SME Tax News
The Department for Business Energy and Industrial Strategy (BEIS) has released a consultation ‘Net Zero: Call for evidence’. This is part of an independent review of the government’s approach to delivering its net zero target.
In BTI 2014 LLC v Sequana SA & Ors [2022] UKSC 25, the Supreme Court (SC) confirmed that a company's directors hold no extra duty to a company's creditors until insolvency becomes inevitable. It meant that a large dividend paid whilst the company was solvent was lawful, and was not within reach of the creditors following a later insolvency.
The Northern Ireland Assembly Department of Finance has published ‘Consultation on devolution of more fiscal powers’. This considers recommendations made by the Independent Fiscal Commission in May 2022.
The Department for Health and Social Care (DHSC) has responded to consultation feedback on 'NHS Pension Scheme: proposed amendments to continue the suspension of restrictions on return to work'. This includes extensions to the scheme from 31 October 2022 and another consultation on 'flexible retirement and working'.
The Chancellor, Kwasi Kwarteng, has announced that he will be holding a 'Medium-Term Fiscal Plan' immediately following the publication of the Office for Budget Responsibility's (OBR) economic and fiscal forecast on 31 October 2022. He has brought forward this date; it had been previously announced in November.
The Scottish Parliament has announced that its 2022 Budget will be held on Thursday 15 December 2022. This will set the Budget and spending plans for Scotland for 2023-24.
Hello,
You will no doubt have heard about the U-turn on the mini-budget announcement to cut the 45% Income Tax band on Monday, you are less likely, however, to have heard about the decision to change the definition of a 'small' company.
HMRC is warning VAT-registered taxpayers that they have only one month left to register for Making Tax Digital (MTD) for VAT. It seems that there are some 100,000 businesses that have yet to sign up and file under the new system.
This measure was introduced by Liz Truss, it seems to have been shelved.
The government is changing the definition of a 'small' company by increasing the employee number threshold from 50 to 500 employees. This change will bring some 40,000 businesses within the definition of 'small' and will have some considerable implications across accounting, tax, investor reliefs and grants.