The latest updates from Milsted Langdon

In this edition, we look at the upcoming reforms to R&D, the new higher rate of interest on tax debts and the importance of VAT advice during transactions.

We also explore the growing number of business insolvencies in the UK and explain the upcoming penalties system for the late submission of VAT information and payments, before finishing with a reminder about the upcoming deadline to make use of the super-deduction capital allowance.

If you would like any further information on these matters or any others in which we specialise, please contact us.

ARE YOU READY FOR CHANGES TO R&D TAX RELIEFS IN 2023?

R&D tax reliefs have supported hundreds of thousands of businesses to invest in innovation by cutting the amount of tax that they pay.

THE RATE OF LATE TAX PAYMENTS INTEREST RATES CONTINUES TO RISE

From 11 October, the interest rates on late tax payments rise again in line with the Bank of England’s (BoE) latest base rate increase.

VAT WAS THEN…THIS IS NOW?

There is no doubt that VAT can be an over-complicated tax. There have always been calls to simplify it.

 INSOLVENCY LEVELS HIT NEW HIGH – WHERE ARE WE HEADING NEXT?

Insolvencies in England and Wales are currently on an upward trajectory and have consistently been rising month on month.

 MTD FOR VAT – WHAT PENALTIES DO YOU FACE FOR NON-COMPLIANCE?

From 1 January 2023, HMRC will introduce a new point-based MTD penalty system, which will replace the existing late submission penalty regime.

 TIME IS RUNNING OUT TO MAKE USE OF THE SUPER-DEDUCTION

Businesses now have less than half a year left to make use of the opportunities available to incorporate businesses under the super-deduction capital allowance.