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We are pleased to enclose a copy of our tax card, which summarises many of the rates and allowances fundamental to our business and personal lives. We are sure that you will find it a useful point of reference throughout the coming tax year. Please click below to download the tax cards.
Once you have downloaded the PDF on your mobile, select the share button and add to your Books app or save to file to allow you to keep the document on you at all times.
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There are a couple of common questions we are asked and there is often confusion about the correct VAT treatment of these two activities. Is livery VAT exempt? or Are horse riding lessons VAT exempt?
This webinar will answer these questions and provide clarity as to the correct VAT treatment.
Key topics: - Basic livery
- Specialist yards
- Riding schools
Date: Wednesday 9th June 2022 Time: 10.00am Venue: Your desk (Zoom) | |
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| Chancellor cuts fuel duty in Spring Statement | |
Chancellor Rishi Sunak announced a 5p per litre cut in fuel duty for petrol and diesel in the 2022 Spring Statement. The government says it is the largest ever cut on all fuel duty rates, which applies from 6pm on 23 March 2022. The Chancellor also announced that the starting thresholds for national insurance contributions (NICs) will rise to £12,570. | | | |
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Delivered Duty Paid (DDP) is an incoterm used when the seller delivers goods b2b to their overseas customers premises, as part of an international movement of goods. The seller is responsible for customs procedures including the import entry in the customers country, insurance and freight to the customers premises | |
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Southampton makes UK City of Culture 2025 final | |
After two years of work and stiff competition, Southampton has made it to the final four in running to become UK City of Culture 2025. The applications for UK City of Culture 2025 saw a record 20 locations apply, with 8 making it to the longlist down to only 4 for the shortlist. Alongside Southampton on the shortlist is Bradford, County Durham and Wrexham. The winner will be announced in May, and will take on the title from Coventry, which is the 2021 UK City of Culture. | | | |
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| OBR updates economic picture | |
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In his Spring Statement speech, Chancellor Rishi Sunak responded to the latest forecasts as published by the Office for Budget Responsibility (OBR). The OBR forecasts UK economic growth to be 3.8% in 2022, a significant cut from its previous prediction of 6.0%. The OBR then predicts the economy to grow by 1.8% in 2023 and 2.1% in 2024. | |
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| Student loan repayments for new borrowers to start at £25,000 | |
The level at which students begin to pay back their loans will be lowered from £27,295 to £25,000 for new borrowers. From September 2023, the interest rate on student loans will also be set to RPI+0%. Additionally, the length of time that students have to pay their loans back until they can be written off has been extended from 30 to 40 years. | | | |
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| MTD for VAT brings in up to an extra £195 million in tax | |
Estimates show that up to £195 million in extra tax revenue has been collected via Making Tax Digital for VAT (MTD for VAT), according to research from HMRC. The research, conducted by HMRC and peer reviewed by independent academics, showed that in 2019/20 the estimated additional tax revenue was between £185 million to £195 million, compared to a previous estimate of £115 million. | | | |
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Uber fares rise as VAT is now added | |
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From this week, Uber have implemented the High Court ruling of December 2021, that Uber are not an agent but a contractor. Passengers will now contract directly with Uber rather than with a self-employed driver. Previously Uber drivers would not have been VAT registered. Uber have already explained that fares will have to rise as VAT is now added. The same principle applies to similar cab suppliers with the same model as Uber. | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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