Latest News

Economic outlook and flexible pricing approach

The Office of National Statistics tell us that Inflation is at 9.1% (at the time of writing) but worse may well be to come. Here, Tom Blandford, gives five key ways to aid the survival of your business by using a more flexible pricing approach.

Compensation and Early Termination Payments - Where we are now?

Hydeam Sulton Tax Partner - Head of VAT and Indirect Tax at Armstrong Watson explores the impact on the legal sector of HMRC’s change of policy on compensation and early termination payments.

The Mini-budget and the Motor Trade - A Budget to Drive Growth?

The new Chancellor’s first Budget last week was anything but mini.  In trying to achieve the government’s goal of stimulating the economy despite increasing interest rates, high inflation and fears of a recession, Kwasi Kwarteng appeared to be leaving no tax stone unturned.  With promises of further tax cuts next year, commentators are now wondering what could be left to announce in the main Budget in a few months’ time.

Living in Scotland? Do you know who your assets will go to when you die?

Inheritance rules differ between the UK nations. Here we explain what the intestacy rules are in Scotland and how this might affect your beneficiaries.

Settling your PAYE liability to HMRC via Direct Debit

From September 2022 HMRC will allow you to set up a Direct Debit mandate to settle outstanding PAYE and NIC liability.

The changes made by HMRC, announced in the August 2022 issue of HMRC’s Employer Bulletin, will mean that after submitting your records to HMRC you now no longer have to set a reminder to transfer the payment.

Can I reduce my family’s Inheritance Tax bill?

Of all the various taxes levied in the UK, Inheritance Tax (IHT) is one of the most peculiar.

For a start, its name is misleading. In other countries that levy inheritance taxes, the tax is usually based on the inheritor (or the beneficiary) and the amount that they inherit.

How will the Mini-budget 2022 measures affect your business?

The recent mini-budget was planned to be a “Budget for growth”, an opportunity for the new Prime Minister to launch the start of her premiership.  The Initial reaction from the markets has not been good, but how could the measures announced help businesses achieve their goals of growth?

Investment zones - A drive for growth or simply tax benefits for relocation?

As part of his mini-Budget the Chancellor announced the intention to create investment zones throughout England.

Business in designated areas within the investment zones will benefit from:

Fiscal Statement Announcements for VAT

Whilst there were calls for the government to use the VAT system to stimulate growth and address the cost-of-living crisis such as a temporary targeted VAT rate cut on domestic fuel, and raising the VAT registration threshold, there were no significant announcements outside alcohol duty and VAT free shopping for non-UK visitors.

The Growth Plan 2022 – Stamp Duty Land Tax

The Chancellor announced a cut to Stamp Duty Land Tax (SDLT) on residential property purchases in England, effective from midnight on 23rd September.

Currently there is a nil rate band of £125,000, 2% is payable on the next £125,000, and 5% on the next £675,000. Higher rates of 10% and then 12% are payable on the purchase price over £925,000 and £1.5 million respectively. From 24th September, the nil rate band is doubled to £250,000 and the 2% band is abolished, but all other bands and rates remain unchanged. This results in a saving of £2,500.