The chancellor confirmed that from 1 April 2023, the main rate of corporation tax will be 25% with a small profits rate of 19%. On capital allowances, the government will introduce full expensing for the next three years. Companies incurring qualifying expenditure on the provision of new plant and machinery on or after 1 April 2023 but before 1 […]
The government wishes to extend the self-employed cash basis so that as many businesses as possible are able to use it. It has published a consultation document which proposes the following: increase the turnover thresholds for businesses to use the cash basis; set the cash basis as the default, with an opt-out for accruals; increase the £500 […]
The Research and Development (Prescribed Activities) Regulations SI 2023/293 provide details of activities that are, or are not to be treated as research and development for the purposes of ITA 2007,s 1006 with reference to the Business, Energy and Industrial Strategy. Activities prescribed as research and development. For the purposes of section 1006 of the […]
Leisure services for members of the public can now be treated as non-business activities for VAT purposes, HMRC has confirmed. Previously, local authorities had to treat these supplies as business activities and either: charge their customers VAT at the standard rate; or apply the exemption. After several local authorities challenged this treatment, the courts ruled […]