HMRC have issued their Agent Update for October 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered.
SME Tax News
The House of Lords Finance Bill Sub-Committee has launched a Call for Evidence inviting contributions to its inquiry on draft Finance Bill 2022-23 in respect of proposed changes to Research & Development (R&D) relief.
On 17 October 2022 the Chancellor, Jeremy Hunt, made a fiscal statement reversing almost all tax measures announced at the Mini-budget on 23 September 2022, other than those that have already been legislated.
The Prime Minister announced on 14 October 2022 that plans to increase Corporation Tax rates to 25% from April 2023 would be reinstated after they were reversed in the September mini-budget.
Hello,
Did you notice that the topic of ‘Net Zero’ was not mentioned in either the Chancellor’s Growth Plan 2022 (published at the mini-budget/fiscal event of September) or in the Prime Minister’s conference speech? It seemed odd.
The Department for Business Energy and Industrial Strategy (BEIS) has released a consultation ‘Net Zero: Call for evidence’. This is part of an independent review of the government’s approach to delivering its net zero target.
In BTI 2014 LLC v Sequana SA & Ors [2022] UKSC 25, the Supreme Court (SC) confirmed that a company's directors hold no extra duty to a company's creditors until insolvency becomes inevitable. It meant that a large dividend paid whilst the company was solvent was lawful, and was not within reach of the creditors following a later insolvency.
The Northern Ireland Assembly Department of Finance has published ‘Consultation on devolution of more fiscal powers’. This considers recommendations made by the Independent Fiscal Commission in May 2022.
The Department for Health and Social Care (DHSC) has responded to consultation feedback on 'NHS Pension Scheme: proposed amendments to continue the suspension of restrictions on return to work'. This includes extensions to the scheme from 31 October 2022 and another consultation on 'flexible retirement and working'.
The Chancellor, Kwasi Kwarteng, has announced that he will be holding a 'Medium-Term Fiscal Plan' immediately following the publication of the Office for Budget Responsibility's (OBR) economic and fiscal forecast on 31 October 2022. He has brought forward this date; it had been previously announced in November.