17th May 2023
Nearly 600 members of the Lifecycle accountants’ network recently joined us to hear renowned tax expert, Rebecca Benneyworth, deliver a 90-minute session on some topical tax issues including an update on the status of the delayed MTD legislation.
As always, there was some great audience participation with delegates asking questions on a wide range of topics and benefiting from some invaluable practical guidance on a variety of client-related issues.
In Rebecca’s words; “The last 12 months have been packed with fiscal events and it has been difficult to keep up with the many announcements made, particularly in relation to Research and Development tax changes. With a Short Finance Act and a massive Finance Bill, there was plenty to talk about on the session. Most of the R&D changes come in from 1 April 2023 but we have more announcements which put further (and some far reaching) changes in the pipeline for future Finance Bills.
“The new ‘Expensing’ rule for capital purchases is a very close substitute for the super deduction which came to an end on 31 March 2023 – in both value and design, but for those businesses which cannot take advantage of the new rule (including income tax businesses) the retention of the Annual Investment Allowance at £1 million per annum is most welcome. On the personal tax side, probably the most important changes are those affecting pension saving by the more wealthy clients, and the legislation implementing CGT changes for divorcing couples remind how very much missed the OTS will be, following the abolition in this year’s Finance Bill.”
An on demand recording of Rebecca’s session is available is now available to all Lifecycle members by clicking here to access their personal dashboard.
For those not already a member, simply click here to register.