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UK government unveils energy strategy

UK government unveils energy strategy

Up to eight more nuclear reactors could be delivered to existing sites as part of the UK's new energy strategy. The plan, which aims to boost UK energy independence and tackle rising prices, also includes plans to increase wind, hydrogen and solar production. Under...

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HMRC starts chasing up SEISS overpayments

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants. From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were...

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High street heavyweights call for reform of Business Rates

High street heavyweights call for reform of Business Rates

Several of the UK’s largest companies have joined together under an alliance to call on Chancellor Rishi Sunak to reform the UK’s ‘decades old’ business rates system. The Alliance has been set up by some of the UK’s high street big hitters, including supermarket...

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Inheritance Tax and estate planning

Inheritance Tax and estate planning

In the Spring Budget 2021, Chancellor Rishi Sunak announced that Inheritance Tax rates will be frozen until 2026. Amidst the cost-of-living crisis, inflation, rising energy bills and the National Insurance increase, the government is under pressure to address economic...

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Williamson & Croft becomes a member of Integra International

Williamson & Croft becomes a member of Integra International

Manchester and Liverpool based accountants and tax advisors Williamson & Croft are pleased to announce a membership with Integra International, a global association of chartered accountants, CPAs, tax advisors and business advisors. Integra International were...

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National Insurance rates and threshold changing

National Insurance rates and threshold changing

Millions of taxpayers have been hit by the 1.25 percent rise in National Insurance (NI) on top of soaring inflation and energy bills. The new rate of 13.25 percent will apply to people paying the Class 1 National Insurance rate on income between £184 to £967 a week...

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Employment-related securities (‘ERS’) reporting

Employment-related securities (‘ERS’) reporting

Action may be required by 6 July 2022 Companies who operate any share plans or, in the past tax year, have issued shares or securities (including share options) to employees may be required to submit an employment-related securities ('ERS') report to HMRC. Reportable...

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Issuing shares to an employee

Issuing shares to an employee

Companies who seek to reward and incentivise employees may wish to do so with shares rather than cash bonuses. Where shares are issued to an employee for free (or below the current market value) there will generally be significant tax consequences. This is because...

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Shining a light on tax domicile status

Shining a light on tax domicile status

The topic of tax domicile status and how it works has been heavily featured in the news of late, thanks to Chancellor Rishi Sunak’s recent controversy involving his wife Akshata Murty who, it has been revealed, has been claiming non-UK domicile tax status. This means...

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Recovery Loan Scheme ending 30 June

Recovery Loan Scheme ending 30 June

What is the Recovery Loan Scheme? The Recovery Loan Scheme (RLS) is currently available to businesses who may need support to access loans and other kinds of finance so that they can recover following the COVID-19 pandemic and resulting transition period. The RLS was...

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1.25% rise in National Insurance takes effect

1.25% rise in National Insurance takes effect

From 6th April 2022, the controversial rise in National Insurance contributions (NICs) came into effect. Going forward, employers and employees will have to pay an extra 1.25% towards National Insurance. This will affect everyone under the state pension age or those...

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CMA frees leaseholders from rising ground rents

CMA frees leaseholders from rising ground rents

Intervention by the Competition and Markets Authority (CMA) has freed more leaseholders from increasing ground rent terms that saw them trapped in homes they struggled to sell or mortgage. Businesses which had bought freeh­olds from housing developer Countryside have...

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News

HMRC targeting businesses claiming Entrepreneurs’ Relief

HMRC has confirmed to the Chartered Institute of Taxation that they intend to send ‘nudge letters’ to some taxpayers who sold shares in the year to 5th April 2020. The letters will be targeting those who have made substantial gains during their lifetime and may have...

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