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The Chancellor’s Mini Autumn Budget

The new Chancellor Kwasi Kwarteng has delivered an Autumn mini budget and growth plan. His growth plan is based on ‘reforming the supply side of the economy, maintaining a responsible approach to public finance and cutting taxes to boost growth.’ He has addressed the cost of energy, reversed planned tax rises and National Insurance increases, cut stamp duty from today and more.

Charities Act 2022 – get ready for the changes…

The new Charities Act 2022 will include several changes overriding the Charities Act 2011. It was announced that the changes have been made in an attempt to reduce red tape and administration, through wider freedoms given to trustees. This article will outline the proposed changes and timelines which span from Autumn 2022 through late 2023.

One month left for importers to move to single customs platform

Businesses must submit import declarations through the Customs Declaration Service from 1 October. Businesses importing goods only have weeks left to move across to the UK’s new streamlined customs system.

Couples urged to ‘say yes’ to Marriage Allowance proposal

Eligible married couples or people in a civil partnership could reduce their tax by up to £252 a year by signing up to Marriage Allowance.

Changes to basis period rules for the Self-employed

To prepare for Making tax digital for Income Tax Self-Assessment the basis period rules for businesses that are unincorporated will no longer stand. The basis period for the self-employed is the period of accounts that is taxed each year. Replacing this will be an assessment of profits for the tax year.

Government sets out new plans for data protection

Once the UK left the EU, rules surrounding data protection were taken into domestic law virtually unchanged as UK GDPR. That situation is set to change as the government has published its response to Data: a New Direction, a 2021 consultation on reforms to create “an ambitious, pro growth and innovation friendly data protection regime”.