Corporation Tax U-turn - as expected
This afternoon the PM announced another mini-Budget U-turn, this time concerning corporation tax. What’s the full story?
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Deadline to pay Class 1B NI
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HMRC speeds up National Insurance refunds
HMRC has confirmed that it is using a new automated process to speed up National Insurance refunds. Where its records suggest that someone may have overpaid, HMRC will write to them asking them to check their employment and contribution details before any refund is processed. Could you be due money back?
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Should you voluntarily payroll benefits in kind?
The window to sign up to voluntarily payroll non-mandatory benefits in kind for 2027/28 will open in November. Is it worth volunteering to pay HMRC earlier than required or should you wait until it becomes mandatory in 2028/29?
Despite numerous assurances that the government would press ahead with its tax-cutting measures in the face of strongly negative political and economic reactions, the Prime Minister has decided to row back on her promise to scrap the forthcoming increase to corporation tax in April 2023. This follows the earlier U-turn on scrapping the additional rate of income tax.
As things stand, the main rate of corporation tax will increase to 25% from 1 April 2023. However, company owners may well feel that they can’t take anything for granted given that there is now significant pressure on the Prime Minister to resign.
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