It is eight years since companies had to deal with two tax rates and marginal relief when calculating their corporation tax liability. That system has now been reinstated and, as of 1 April 2023, the amount of corporation tax will depend on a company’s profits as follows: under £50,000 – small profits rate of 19% […]

Many taxpayers taxed under self assessment may not be aware that HMRC self assessment phone service was closed for three months, opening on 4 September. HMRC has been piloting a new seasonal model for the self-assessment helpline by directing queries to the department’s digital services. The intention was to enable 350 of HMRC’s staff to

VAT registration is compulsory for any UK established persons who are in business and make or intend to make taxable supplies should either one of the following tests are satisfied: Historical test Under the ‘historical test’, if taxable sales have exceeded £85,000 in any rolling 12-month period, the business must register within the next month