Please see below some changes following the Chancellor's Spring Budget 2023 and a brief list of areas that may need particular attention for the new Tax Year: -

• Making Tax Digital is now live for all VAT registered businesses from 1 April 2019 which will affect all VAT Return filing. Do you have compatible software and procedures in place and are you aware of the changes from 1 April 2023?   If not, please contact us to see how we can help.
• National Minimum Wage increase from 1 April 2023:

          £10.42 - Age 23 and over
          £10.18 - Ages 21 - 22
          £ 7.49 - Ages 18 - 20
          £ 5.28 - Ages 16 -17
          £ 5.28 - Apprentices   

• From the 6 April 2023 the Employment Allowance which could reduce Employer’s Class 1 National Insurance Contributions (NICs) has remained at £5,000. This was be removed from 6 April 2020 for Employer's with an  Employer's NIC liability of £100,000 or more in 2019/20. 
• Annual Investment Allowance increased to £1 million from 1 January 2022 to 31 March 2023
• Personal Allowance limit remains at £12,570 from 6 April 2023
• Higher rate 40% tax threshold remains at £50,270 from 6 April 2023 & Additional rate of 45% over £125,140
• Income limit for Personal Allowance remains at £100,000 from 6 April 2023 
• Corporation Tax remains at 19% for 2023 for businesses with profits less than £50,000 then at 25% for businesses with profits of more than £250,000 and the marginal relief perctentage will be applied to profits between those thresholds
• New HMRC redesigned Business Records Checks (BRC) are now being implemented - are you ready?
• HMRC PAYE Real Time Information (RTI) regime - are you aware of the penalties for non-compliance? 
• Were you ready for the 5 April 2023 Tax Year end and will you utilise all of your allowances and reliefs on your 2023 Self Assessment Tax Return by 31 January 2024?
• Have you missed out on Class 4 NIC loss relief?
• VAT Flat Rate Scheme - are you losing out?
• Did you miss the filing deadline of 31 October 2022 for paper based tax returns?
• Can your existing Accountant guarantee that they can produce iXBRL compliant Accounts and Returns?
• Did your current Accountant advise you of "the real tax year end" and did you miss out on Capital Allowances Relief? 
• Are your Company details up to date with the relevant authorities?
• Are you aware of the new HMRC compliance visits and penalty system?
• Are your Company expenses records up to date and do they comply with HMRC guidelines?
• Are you receiving the right Tax, PAYE, VAT and Accountancy advice?
• Are you given sufficient notice to plan for forthcoming tax liabilities and take advantage of Capital Investment?
• Does your Company have an effective "R&D" policy and do you comply with HMRC legislation?
• Are you being overcharged and undervalued by your current Accountant?

If you have any queries or doubts regarding the above, then we would advise that you contact us immediately for a free initial consultation and we can guarantee you will not be disappointed.