The government is going to create a criminal offence for promoters of tax avoidance who ignore HMRC Stop Notices with potential for a two-year prison sentence
A surprise announcement in the Budget to abolish the lifetime allowance for pensions also gave some respite to users of pension drawdown and the annual allowance, explains Zigurds Kronbergs FCA FCCA, senior tax writer, Croner-i
The government has published a draft of Finance Bill 2023 with details of tax changes due to come into effect from April including a 6% hike in corporation tax, end of lifetime allowance and full expensing rules
The government will tighten up the rules when an asset is disposed of under an unconditional contract so that HMRC has up to four years to investigate taxpayers
A number of administrative changes to the enterprise management incentives (EMI) scheme will be introduced in April 2023 to simplify the application process
As part of tax simplification, the government plans to reform cash basis accounting rules by increasing the turnover threshold, possibly to £1.35m, to allow more businesses to use the system
As the Chancellor set out his plans in the Budget, accountants and auditors reacted with disappointment, specifically at the lack of support for small businesses
In the Budget, the Chancellor announced a ‘Brexit pubs guarantee’ to keep the tax on beer and cider up to 11p lower than supermarkets, but wine and spirit prices soar