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The UK government’s current Energy Bill Relief Scheme (EBRS) is continuing to offer discounted energy costs for non-domestic consumers of wholesale gas and electricity until the end of March.

This six-month scheme, which started on 1st October 2022 and will end on 31st March 2023, was always intended to be a temporary measure to help businesses continue to operate throughout the cost of energy crisis over the winter.

Now this is coming to an end, the government will be replacing it with the new Energy Bills Discount Scheme (EBDS) from 1st April 2023 until 31st March 2024. This twelve-month scheme will be less generous, as there is no ‘government supported price’ cap, and businesses with energy costs below a certain amount will not qualify.

Here’s how the new energy bill support scheme for businesses will work, and how it could affect your business in the next year.

With so much upheaval around the mini-budget and Autumn Statement at the end of last year, some of the details that would usually have been published with the Statement took some time to emerge. This included information on the fuel benefit charge for company cars, which arrived in a bulletin from HMRC three weeks late.

This tax applies to employees whose job requires the use of a company car or van that can also be used outside of work hours, with fuel paid for by their employer – which HMRC classifies as ‘free fuel’ and therefore a taxable benefit. If the employer doesn’t subsidise the benefit, it will cost the employee, as the tax still needs to be paid.

The fuel benefit charge for company vehicles has been updated annually in line with the September Consumer Price Index for several years now, so the anticipated figure of 10.1% based on the CPI published in October turned out to be correct. This blog explains the changes to the fuel benefit charge from April 2023 and how this may affect employees and employers.

Many parents are not aware of the High Income Child Benefit Charge (HICBC). It’s a confusing kind of tax, requiring individuals who need to repay some or all of the Child Benefit payments they’ve received to submit a tax return every year, even if their income is already taxed through PAYE.

Since there is little public awareness about the requirement to pay back Child Benefit if your income is above a certain threshold, many people are at risk of receiving penalties from HMRC and having to pay back thousands of pounds they weren’t even aware they owed.

Currently, the number of people estimated to be in default for the High Income Child Benefit Charge is over 60,000. If you’re liable for paying the HICBC, but haven’t been submitting Self Assessment Tax returns each year, then you could be one of many middle-income families who will find themselves owing several thousand pounds in backdated Child Benefit repayments.

Read on to find out how the High Income Child Benefit Charge works, who it applies to, and what will happen if you’re liable for this charge but haven’t been paying.

First-time homebuyers are still finding it a struggle to get on the property ladder. Increases in house prices, mortgage rates, and the cost of living are making it harder than ever for would-be buyers to save up a deposit large enough to purchase their first home.
As a result, many young people are turning to their parents for financial support, also known as ‘the bank of mum and dad’. Almost half of first-time buyers under 35 years old needed financial help from their parents, whether through a gift, loan, or joint mortgage.
However, even with the best intentions, it’s not always wise for parents to give a significant amount of money to their child this way. If it isn’t planned carefully, there could be tax consequences down the line that practically wipe out your initial financial gift.
Here are the main taxes you need to think about before helping your children to get on the first step of the property ladder, and how they could affect such a financial transaction in the long term.

Due to the challenges of the current economic environment, the UK government announced in December 2022 that the Making Tax Digital (MTD) rollout for Income Tax Self-Assessment (ITSA) has been postponed for 2 years.

Previously, people responsible for submitting Self-Assessment Tax returns were expected to switch to the Making Tax Digital service from April 2024 if they earned over £10,000 from self-employment in a tax year. Now, this will not be mandatory until April 2026.

This means that self-employed individuals, including landlords, will have more time than expected to prepare for the transition to MTD for ITSA. Here’s a summary of what’s happening with MTD and other changes you should know about due to this postponement.

Despite several tumultuous weeks towards the end of 2022, the Corporation Tax increase will be going ahead in April 2023 as announced back in 2021.

Small companies should already be aware of the incoming tax rate changes, but it’s important to take the associated company rule changes into account, too.

The rate of Corporation Tax applied and when it needs to be paid will depend on the company’s profits and how many associated companies it has. This will affect more companies than just the rate change, so company owners shouldn’t let themselves be caught off guard.

This blog explains the basics of the rule changes and how they could affect your company.