Year end news recap

Super Deduction Tax Relief

If you trade through a company, you can claim a super deduction of 130% of the cost of NEW plant and machinery purchased before 1st April 2023 and offset these costs to your taxable profits. Super deduction only applied to brand new equipment, including vans and trucks (not company cars) If you aren't trading through a company (sole trader) or your equipment isn't brand new, you can still get 100% capital allowances in the year of purchase by using your Annual Investment Allowance (AIA)

Making Tax Digital

From 1st April 2022 all VAT registered companies are required to use MTD software to submit their returns, no matter what their turnover is. If you don't have software in place to do this, please get in touch with us as we can help with that.

National Insurance and Dividend Tax rise from 6th April 2022

The Chancellor introduces the rise of 1.25% to raise funds for the NHS and social care.