HMRC have issued their Agent Update for September 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered.
SME Tax News
Following the Bank of England’s announcement on 22 September 2022 that the base rate would rise to 2.25%, HMRC interest rates will also increase by 0.50%, to 4.75% for late payment interest and 1.25% for repayment interest, from 11 October 2022.
The Chancellor, Kwasi Kwarteng, has presented his mini-budget and 'The Growth Plan 2022' announcing major reversals to a large chunk of his predecessor's tax policies. Together with a package of tax cuts, these would have greatly benefit owner-managed businesses but almost all were reversed on 17 October 2022.
In his mini-budget on 23 September 2022, Chancellor Kwasi Kwarteng announced that the limits on the value of options that can be granted under Company Share Option Plans (CSOP) are to be increased.
In his mini-budget on 23 September 2022, Chancellor Kwasi Kwarteng announced plans to introduce a new digital, VAT-free shopping scheme for non-resident visitors. [This was reversed on 17 October 2022 by the new Chancellor Jeremy Hunt.]
As part of his plans to promote growth in the economy, Chancellor Kwasi Kwarteng announced extensions to the Seed Enterprise Investment Scheme (SEIS) in his mini-budget on 23 September 2022.
The chancellor's announcement to abolish the Office of Tax Simplification (OTS) has surprised the UK's leading tax and accountancy bodies who find the decision counterintuitive to the chancellor's aims of tax simplification.
In his mini-budget on 23 September 2022, Chancellor Kwasi Kwarteng announced plans to drive growth and unlock housing by developing new Investment Zones across the UK.
Chancellor Kwasi Kwarteng announced changes to thresholds at which Stamp Duty Land Tax (SDLT) applies in his mini-budget on 23 September 2022.
In his mini-budget on 23 September 2022, Chancellor Kwasi Kwarteng announced a complete reversal of the Off-Payroll Working reforms. This was reversed on 17 October 2022 by the new Chancellor Jeremy Hunt.