Looking for childcare for the February half-term? Don’t forget you can save up to £2,000 a year with Government support.

Families are being reminded that opening a Tax-Free Childcare account can help their bank balance if they have children aged 11 or under – or 16 if their child has a disability – if they go to nursery, a childminder, attends breakfast or after school club, has holiday care or go to an out of school activity.

Victoria Atkins, Financial Secretary to the Treasury, said: “Tax-Free Childcare can make a big difference to household budgets and I urge families to make sure they are getting the help they are entitled to.”

For every £8 paid into an online account, families automatically receive an additional £2 from the Government. Parents can receive up to £500 every three months (£2,000 a year), or £1,000 (£4,000 a year) if their child is disabled.

How to get you money

Opening a Tax-Free Childcare account is simple and takes around 20 minutes. Money can be deposited at any time and can be used straight away, or whenever it is needed. Unused money in the account can be withdrawn at any time.

Victoria said: “It is a simple process – go online today, set up an account and start making real savings on your childcare costs.”

Families could be eligible for Tax-Free Childcare if they:

• have a child or children aged 11 or under. They stop being eligible on 1 September after their 11th birthday. If their child has a disability, they may get up to £4,000 a year until 1 September after their 16th birthday
• earn, or expect to earn, at least the National Minimum Wage or Living Wage for 16 hours a week, on average
• each earn no more than £100,000 per annum
• do not receive tax credits, Universal Credit or childcare vouchers

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “We want to help working families and by using Tax-Free Childcare, they can use the Government top-up to make their money go further. Search ‘Tax-Free Childcare’ on GOV.UK to find out how it could help you.”

A noodle shop in Hertfordshire is the 100,000th recipient of support from the Government’s Start Up Loans programme.

More than £940m has been handed out to small businesses since the programme was launched in 2012.

Business Minister Kevin Hollinrake said: “We know how important small businesses are to our communities, creating jobs, growth and opportunities, and that is why we are backing them all the way to not only start up, but to scale up.

“As a former business owner, I know how difficult it can be to get your business off the ground, which is why I’m incredibly proud that Government-backed Start Up Loans have helped 100,000 aspiring entrepreneurs, from Shetland to Shoreditch, to make their dreams a reality.”

UK-wide support

The scheme, administered by the British Business Bank, offers financial support, guidance and advice to entrepreneurs looking to start their own business.

From the 100,000 loans, 40 per cent have gone to women and one-in-five to people from Black, Asian and other ethnic minority backgrounds.

Meanwhile, young people (aged between 18 and 24 years old) have received 14 per cent of loans.

The success of the Start Up Loans scheme has been felt nationwide, with new and exciting businesses across the country using them to establish and grow.

The top five local authorities by loan volume and value are Birmingham, Leeds, Cornwall, Hackney in East London and Manchester.

With 12,382 loans in the North-West, 7,117 in the East of England, 5,616 in the East Midlands and 1,539 in Northern Ireland, as well as many more across all parts of the United Kingdom, the Start Up Loans scheme has seen the entire UK benefit, with total economic activity estimated to be around £5.3 billion.

Start up, scale up

Richard Bearman, Managing Director, Start Up Loans said: “Start Up Loans supports people across the UK who are looking to start their own businesses and passing our 100,000 loan milestone is an amazing achievement that has been ten years in the making.

“We could not have achieved this without the dedicated support of our network of UK delivery partners and in-house team, and I’d like to take this chance to thank them for everything they do to make our work possible.”

The Government is not only supporting businesses to start up, but to scale up too. The Start Up Loans scheme was recently expanded to provide finance to eligible businesses operating for up to five years to support their expansion. The Business Secretary Grant Shapps also recently announced a ‘Scale-up Summit’ to bring together key technology, development and finance figures who have accelerated businesses from start-ups to scale-ups.

Thinking about starting a business? Get in touch to see how we can help.

Have you checked the details held on your property ahead of a UK-wide re-evaluation of non-domestic rates in just two months?

If the answer is ‘no’, we would strongly advise that you put it on your to-do list.

A new non-domestic rating list comes into effect on 1 April after the 2017 list closes. If the information held by the Valuation Office Agency (VOA) isn’t correct, it could affect your future business rates.

The rating list sets out all rateable values for non-domestic properties in England and Wales. It is used by local authorities to help determine business rates. But your rateable value isn’t the same as your business rates bill.

The closure of the 2017 list means that there are only limited circumstances in which further amendments may be made to it. These are when:

• changes need to be made to the list following Checks submitted before 1 April 2023 (and any subsequent challenges and appeals).
• the VOA is correcting inaccuracies on the list (this can be done up to 31 March 2024). If the list is changed then customers for those properties have the right to make a Check within six months of the change.
• a customer wants to challenge the 2017 list on the grounds of a tribunal or court decision. They can do this so long as a Check has been made by 30 September 2023.

This means that you have up until 31 March to check that the factual information held about your property on the 2017 list is correct, and to inform the VOA if it isn’t (this is known as making a Check case).

You will be able to challenge the 2017 assessment if you are not happy with the outcome.

If information needs updating, you will need to have an account set up on the Government Gateway and claim your property before you can make a Check case.

It can take some time to claim a property. It is recommended that you do this as soon as possible if you want to make a Check case on the information held about your property on the 2017 list.

When reviewing the information already held, you will need to consider if the below have been correctly reported:

• accommodation or floor area
• heating and air conditioning
• width if it is a shop
• car parking
• floor levels
• mezzanines
• temporary structures
• storage land
• security cameras

The VOA regularly looks at property information selected at random and will carry out inspections if it is believed the details are incorrect.

The start of a new year is the peak time for jobseekers, but that also means that scammers crawl out of the woodwork to exploit unwitting victims.

If you are looking around for a new job, there are a number of red flags you should be aware of.

The Disclosure and Barring Service (DBS) is working with JobsAware to raise awareness of job scams that might lead people down the path of sharing identity details, and even their own money, in the mistaken belief they are in line for new employment.

Be on your guard for the following:

1. Poorly written job adverts

It is important that the job you are applying for sounds legitimate. It should include roles and responsibilities, desired experience, working hours and expectations, and salary. Job adverts that withhold basic information should be treated as suspicious.

2. Suspicious contact details

Are the contact details legitimate? Look out for a direct contact person or email address. Be wary if there is no point of contact linked with a job advert.

3. Unrealistic salary

Does the salary not seem to match the role? This could be a way of drawing you into a role that does not actually exist to gather personal information or bank details.

4. A job offer without an interview

Being offered a job automatically without having met a member of the hiring company should automatically set the alarm bells ringing. You should always ask to meet face-to-face or online with the hiring manager.

5. Being asked for money

Don’t ever send money before starting a job. This includes for training, uniforms, or DBS checks. These, in most instances, should be provided by the employer.

6. Illegitimate companies or illegitimate emails

If you are unsure of the legitimacy of a company, you can check this using Companies House via GOV UK.

7. UK domains

If the domain is outside the UK, ensure to investigate the company further. Online jobs can be legitimate but require extra vigilance.

Dr Suzanne Smith, Barring and Safeguarding Director for the Disclosure and Barring Service, said: “Job search trends show that the start of a new year in January, and into February, see high numbers going online to find new employment opportunities. Often people can be keen in their pursuit of what might seem to be the perfect job on the surface, leaving themselves vulnerable to scams.

“Taking some simple steps to spot potential job advert red flags could save you time, stress, money and a lot of heartache.”

Keith Rosser, Chair of JobsAware, said: “Job scams continue to bring misery to people looking for work. In January we anticipate we will receive more than double the number of reports of monetary losses due to job scams when compared with December.”

If you suspect you have been targeted by, or have been the victim of a job scam, there are a number of ways to report this, including via the JobsAware portal. They will investigate and take further action, if necessary.

If you have parted with money as part of a suspected job scam, please contact the police and they will take the matter further.

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 – ensuring these companies pay Corporation Tax at the same rate as currently.

Where a company has profits between £50,000 and £250,000 a marginal rate of Corporation Tax will apply that bridges the gap between the lower and upper rates. The lower and upper limits will be proportionately reduced for short accounting periods of less than 12 months and where there are associated companies.

The effect of marginal relief is that the effective rate of Corporation Tax gradually increases from 19% where profits exceed £50,000 to 25% where profits are more than £250,000.

The amount of Corporation Tax payable will be found by multiplying taxable profits and gains by the main rate of 25% and deducting marginal relief. For the fiscal year 2023, the marginal relief fraction will be 3/200. HMRC also offers an online calculator that can be used to check basic eligibility for marginal relief. The calculator can be found at www.tax.service.gov.uk/marginal-relief-calculator.

For certain businesses it may be prudent to reconsider associated company relationships before April 2023. This will help avoid partial loss of the lower 19% rate or marginal tapering relief.

Under current rules, you can claim tax relief for your private pension contributions. The annual allowance for tax relief on pensions is £40,000 for the current tax year. There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There is also a lifetime limit for tax relief on pension contributions. The limit is currently £1,073,100 and will remain frozen at that level until at least April 2026.

You can get tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the overriding limits. Tax relief is paid on pension contributions at the highest rate of Income Tax paid.

This means that if you are:

• A basic rate taxpayer you get 20% pension tax relief
• A higher rate taxpayer you can claim 40% pension tax relief
• An additional rate taxpayer you can claim 45% pension tax relief
• The first 20% of tax relief is usually automatically applied by your employer with no further action required if you are a basic-rate taxpayer. If you are a higher rate or additional rate taxpayer, you can claim back any further reliefs on your Self-Assessment tax return.

The above applies for claiming tax relief in England, Wales or Northern Ireland. There are regional differences if you are based in Scotland.

The taxable turnover threshold, that determines whether businesses should be registered for VAT, is currently £85,000.

The taxable turnover threshold that determines whether businesses can apply for deregistration is £83,000.

It was confirmed as part of the Autumn Statement 2022 measures that the taxable turnover registration and deregistration thresholds will be frozen at the current rates until 31 March 2026.

Businesses are required to register for VAT if they meet either of the following two conditions:

• At the end of any month, the value of the taxable supplies made in the past 12 months or less has exceeded £85,000; or
• At any time, there are reasonable grounds for believing that the value of taxable supplies to be made in the next 30 days alone will exceed £85,000.
• The registration threshold for relevant acquisitions from other EU Member States into Northern Ireland is also £85,000.

Businesses with no physical presence in the UK may also have a liability to be VAT registered in the UK if they supply any goods or services to the UK.

There are a multitude of rules and regulations that you must be aware of when you employ someone from abroad who is coming to work in the UK.

HMRC’s guidance (entitled New employee coming to work from abroad) sets out some important issues to be aware of when taking on a new employee from abroad.

This includes the following:

• Check an employee’s right to work in the UK
• Paying tax and National Insurance contributions
• National Insurance contributions
• Modified PAYE arrangements
• Payments
• Work done in and outside the UK
• Short term business visitors
• UK employers must operate PAYE and NICs for employees from abroad regardless of whether they are working on a temporary or permanent basis. This also applies to seconded employees who are being paid by an overseas company. The UK employer is responsible for reporting earnings and PAYE deductions in the same way as for a UK employee.

New employees from abroad will not have a P45 so you will need to obtain all the pertinent information to set them up and report to HMRC on a Full Payment Submission (FPS).

This includes their full name, gender, date of birth, full address and National Insurance number (if the employee knows it). The employer will also need a completed starter declaration and should enquire if the new employee has an existing student loan.

1 February 2023 – Due date for corporation tax payable for the year ended 30 April 2022.

19 February 2023 – PAYE and NIC deductions due for month ended 5 February 2023. (If you pay your tax electronically the due date is 22 February 2023)

19 February 2023 – Filing deadline for the CIS300 monthly return for the month ended 5 February 2023.

19 February 2023 – CIS tax deducted for the month ended 5 February 2023 is payable by today.

1 March 2023 – Due date for Corporation Tax due for the year ended 31 May 2022.

2 March 2023 – Self-Assessment tax for 2021-22 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2023, or an agreement has been reached with HMRC under their time to pay facility by the same date.

19 March 2023 – PAYE and NIC deductions due for month ended 5 March 2023 (If you pay your tax electronically the due date is 22 March 2023).

19 March 2023 – Filing deadline for the CIS300 monthly return for the month ended 5 March 2023.

19 March 2023 – CIS tax deducted for the month ended 5 March 2023 is payable by today.

Cheaper motoring is heading down the road with the announcement of a new scheme for smart charging of electric vehicles.

The Electric Vehicle Smart Charging Action Plan, published by the Government and Ofgem, sets out steps being taken to seize on the significant potential of smart charging and make it the preferred method of long duration charging by 2025.

Smart charging harnesses the potential of energy use data and the latest energy innovations to deliver significant benefits for consumers, including allowing motorists to charge electric vehicles when electricity is cheaper or cleaner, allowing consumers to power their home using electricity stored in their electric vehicle, or even sell it back to the grid for profit. It is expected high mileage motorists could save up to £1,000 a year through smarter charging.

Easier charging

Energy and Climate Minister Graham Stuart said: “We want to make smart charging an easier choice for drivers of electric vehicles, whether that is charging on the driveway, at the workplace, or parked on the street. To do that we need to build new network infrastructure at pace, using the latest available technologies.

“This plan sets out how we will work with Ofgem and industry to kickstart the market for smart charging, which we are backing up with £16 million in innovation funding. This will let people take control of their energy usage, in the most convenient and low-cost way.”

The Government has also announced £16 million funding from the Net Zero Innovation Portfolio (NZIP) for technologies that harness the potential of smart charging, including a smart street lamppost which will enable motorists to access smart charging on the move, and projects that will enable domestic appliances, from heat pumps to electric vehicle charge points and batteries, to integrate into a smarter energy system.

Ofgem Director for Strategy and Decarbonisation Neil Kenward said: “As energy regulator, we’re helping create the infrastructure to deliver Britain’s net-zero future at the lowest cost to customers.

Smart benefits

“This latest innovative plan will help to maximise the benefits of smart charging, offer vital savings to consumers and reduce the overall cost of energy by seizing the opportunities to use batteries to both power homes and fuel the wider grid.”

The announcements build on the steps already taken by the Government to enable smart and flexible electric vehicle charging. As of July 2022, all new charge points sold for private use now must have smart functionality and the UK is consulting on a new policy and technical framework to unlock the benefits of domestic smart, flexible energy, and enhance its cybersecurity.

Through the plan, the Government will improve publicly available information and evidence on smart charging, support the implementation of robust consumer service standards and ensure private charge points are secure and compatible with the latest energy innovations.

The roll-out of intelligent and automated smart charging will deliver a win-win situation for all consumers. Reduced electricity system costs will lower prices for everyone, motorists will pay less for charging their electric vehicle, and the electricity powering electric vehicles will be cleaner and greener.