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Basis period reform: What you need to know

You may have heard that HM Revenue & Customs are changing the basis period rules that are used when accounting for tax on business profits. These changes will affect any business that prepares its accounts to an annual accounting date other than 31 March or 5 April, and is therefore likely to affect you.

Pension planning opportunities post Budget (March 2023)

Last week’s Budget delivered by Jeremy Hunt had a strong focus on pensions, with a considerable volume of analysis and reporting thereafter, and I want to identify the major changes and the opportunities this may now present.

2023 Spring Budget – key points

The Chancellor, Jeremy Hunt has announced the 2023 budget. The UK will now not enter a technical recession this year the independent Office for Budget Responsibility (OBR) has said. Inflation will also more than halve and reduce to 2.9% by the end of the year. This article will outline the key points made in this year’s budget with a detailed PDF download to follow.

Are you ready for the corporation tax rise?

The main rate of corporation tax is increasing from 19% to 25% for companies with profits over £250,000 on the 1st of April 2023. The 19% rate will be used as a small profits rate, for companies with profits of £50,000 or less. Any companies with profits between the margin of £250,000 and £50,000 will pay tax at the main rate, but it will be reduced by a marginal relief. This will lead to a gradual increase in the effective corporation tax rate.

What are we expecting in the spring budget?

Mr Hunt will deliver his Spring Budget in Parliament on Wednesday 15 March. The Chancellor normally delivers his statement after Prime Minister’s Questions, which typically finish at 12.30pm. His statement is likely to focus on the Government’s aims to halve inflation, reduce public debt and boost economic growth.

Energy Bills Discount Scheme

The Energy Bill Relief Scheme currently provides a discount on wholesale gas and electricity prices for all non-domestic consumers. This includes public sector organisations, voluntary sector organisations like charities, and businesses. The scheme came into effect on 1 October 2022 and was always intended to run until 31 March 2023.