United Kingdom at a glance – November 2022

These emails are designed for those investing into the United Kingdom and those who have plans to do so. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.

November 2022

  1. As a result of the introduction of Making Tax Digital (MTD) for VAT, all VAT returns due on or after 08 November 2022 must be submitted using MTD-compliant software.
  2. Businesses within the small profit rate band (profits below £250,000) will not be affected by the increase in corporation tax of 25% in April 2023.
  3. UK companies are not subject to capital gains tax on chargeable gains. Instead, their chargeable gains will be subject to UK corporation tax.
  4. The UK has certain supplies subject to VAT at a rate of 0% (zero-rated VAT). This applies to supplies such as aircraft repair and maintenance, children’s clothing, and printing goods such as brochures, leaflets and pamphlets.
  5. The UK corporation tax rate remains set to rise to 25%, effective from April 2023.
  6. From the UK’s Autumn Budget announcement on 17 November 2022, the UK Government will be providing £13.6 billion of support for businesses with business rates over the next 5 years, with rates multipliers being frozen in 2023-2024.
  7. The accent of the UK noticeably changes every 25 miles.
  8. The Secondary Threshold for National Insurance Contributions (NIC’s) for employers will remain at £9,100 until April 2028.
  9. Rishi Sunak is the first British prime minister of colour.
  10. There are two separate tests a business can use to assess whether they are subject to compulsory VAT registration.

This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice. 

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