Streets Chartered Accountants covers the new Energy Bills Discount Scheme, capital allowances, National Insurance, changes in VAT penalties, interest rates increases, and more in its new news roundup.
The new Energy Bills Discount Scheme replaces the Energy Bill Relief Scheme which came to an end on 31 March 2023.
Spring Budget 2023 – Capital allowances
Designed in part to help offset the increased Corporation Tax main rate, the Chancellor announced the introduction of a new ground-breaking 100% first-year capital allowance for qualifying plant and machinery assets. This measure is also expected to help boost business investment and growth.
National Insurance if working abroad
If you move abroad, it can often be advantageous to continue paying your UK National Insurance Contributions (NICs) in order to preserve your entitlement to the State Pension and other benefits.
In some circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State Pension.
The first monthly returns and payments affected by HMRC’s new VAT penalty regime were due by 7 March 2023. The new VAT penalty rules apply to the late submission and / or late payments of VAT returns for VAT return periods beginning on or after 1 January 2023.
Adding employees to a workplace pension scheme
Automatic enrolment for workplace pensions has helped many employees make a start on providing for their retirement with the advantage that employers and government are also contributing to their pension pot.
Spring Budget 2023 – Pension changes
One of the key measures of the Spring Budget was the announcement that the £40,000 cap on annual pension contributions will be increased by 50% to £60,000 from 6 April 2023.
Get information about a company
There is a significant amount of information about companies that can be obtained from Companies House.
Spring Budget 2023 – Childcare changes
One of the main areas targeted by the Spring Budget was changes to childcare.
Pensioner Cost of Living Payment 2023-24
The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits.
Spring Budget 2023 – Energy Price Guarantee
The Chancellor had previously announced that the energy price guarantee cap, which will see the average household have their energy bills capped at £2,500 a year, would remain in place until the 31 March 2023. It was announced as part of the Spring Budget measures that this cap will now be extended for a further 3-months until 30 June 2023.
Bank of England and HMRC increase interest rates
The Bank of England’s Monetary Policy Committee (MPC) met on 22 March 2023 and voted 7-2 in favour of raising interest rates by 25 basis points to 4.25% in a move to tackle continued, rising inflation. This is the eleventh time the MPC has increased interest rates with rates now the highest they have been since November 2008.
