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March 2022

Important Year-End Processes for Cloud Software Users

Unlike traditional desktop accounting systems, cloud software packages (including QuickBooks Online, Xero and Sage Cloud) do not have a separate and structured year-end process. There are however, a couple of important steps that we recommend you take once your year-end has passed and all transactions relating to that year have been posted.  

The Spring Statement: As it Happened

The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing cost of living crisis. The Chancellor also stressed that, apart from the untold human suffering, the Russian invasion of Ukraine is creating further uncertainty in the domestic and global economy, particularly in relation to energy markets and the food supply-chain.

Spring Statement 2022: Key headlines

Against a backdrop of rising prices and an OBR inflation prediction of 7.4% this year, the Chancellor’s Spring Statement announced a number of measures aimed at helping households and businesses.  

What is the corporation tax increase from April 2023?

The current Corporation tax rate of 19% generally applies to all companies whatever their size. From 1 April 2023, this rate will cease to apply and will be replaced by variable rates ranging from 19% to 25%.

What are the MTD tax return changes from 2023/24?

In preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment, the basis period rules for unincorporated businesses are being abolished. In its place, unincorporated businesses will be assessed on the profits actually earned in the tax year.

Have you used your tax-free capital gains exemption?

You and each member of your family is entitled to make tax-free capital gains of up to £12,300 in the 2021-22 tax year. If you have made no disposals that would trigger a capital gain in 2021-22.

Can you claim the 2021/22 marriage allowance?

The allowance enables married couples or those in civil partnerships to transfer part of their personal allowances if one partner receives income under their Personal Allowance threshold of (usually) £12,570 and the other is a basic rate taxpayer.

How to close a limited company

In most cases, you will need the agreement of the company’s directors and shareholders to close a limited company, however the way you close the company depends on whether or not it can pay its remaining bills.

Ukraine - help and guidance for businesses and investors

With the situation in Ukraine showing little sign of abating in the short term, Moore UK member firm Moore Kingston Smith is providing practical guidance and advice for businesses and private investors. 

How will the National Insurance increase affect your business?

This is a reminder that from April 2022, National Insurance contributions are set to rise through the introduction of a 1.25% Health and Social Care Tax Levy. Dividends rates are also set to increase by the same amount.

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