HMRC have announced that they will be issuing current and former members of the Eclipse Film Partnerships an opportunity to settle their outstanding tax issues without being pursued for additional dry tax.
SME Tax News
From 6 April 2023, HMRC removed the concession that treated all Associate Dentists as self-employed. Instead, they will have to use the ordinary tests for employment to determine whether they are employed or self-employed.
The Scottish Government has announced a call for evidence seeking views on its draft Framework for Tax which explains the approach to tax policy for the new session of the Scottish Parliament.
The government has suspended the triple lock formula for annual state pension increases, limiting this year's rise to 2.5%. Should the triple lock have been maintained, the post-pandemic rise in average earnings would have seen pensions increasing by 8%.
HM Revenue and Customs (HMRC) has again made a call for parents and teenagers to check if they have cash in Child Trust Funds, saying thousands are missing out.
Dividend tax rate increase: the prime minister has announced a 1.25% increase to dividend tax rates from April 2022 as part of a package of measures to fund the costs of social care and the NHS.
The government has announced its plan for funding the NHS and social care sector. This will include a new Health & Social Care Levy which will be delivered by a raise in Class 1 and Class 4 National Insurance Contributions (NICs) of 1.25%.
HMRC's latest Trusts and Estates newsletter contains some useful information. Here is our enhanced version.
The Treasury has announced that there will be two budgets in 2021. The Autumn 2021 budget will take place on 27 October 2021. The Office for Budget Responsibility (OBR) will prepare an economic and fiscal forecast which will be presented alongside the Autumn Budget and 2021 Spending Review on 27 October 2021.
The prime minister has announced tax rises to fund the costs of Social Care and the NHS. Breaking two election pledges, the government's paper, 'Build Back Better: Our Plan for Health and Social Care', reveals plans to raise the rates of both National Insurance Contributions (NICs) and Dividend tax by 1.25% from 6 April 2022.