Moore Accountancy October 2022 Newsletter
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Moore Accountancy Update

Autumn is very much upon us.

We were determined to keep our heating off until October however the boiler automatically kicked on one morning, which in my mind means Autumn has arrived!

We recently had significant IT issues which has delayed VAT and payroll processing, as well as our ability to access emails (and hence respond to them).

We are looking at back up options to our data server and access to it, to avoid this happening again. It is however a cautionary tale about being over-reliant to the internet. Maybe we should bring back paper and pen which is what I trained with in the 1990s!! (only kidding....)

Ning will be heading off this month for maternity leave.
Katie and Sid will be covering her cilent files until maternity cover can be found. We will of course update you as and when a new team member joins us.

We will be closing the office from Thursday 22/12/22 and reopening on Tuesday 03/01/23 so that the team can spend quality time with their families.

Moore Accountancy continue with hybrid working, as it works with the team dynamics and their welfare, both mentally and physically. 

Emails will continue to be passed to the relevant team member and dealt with as if they were in the office.

If you have missed any of our previous newsletters, then our website has a backlog of them here.

The mini-budget was recently announced with a raft of changes issued - many of which were reversing plans created by the previous Chancellor.

Our blog - details the key changes, and when the Finance Bill or the Full Budget is delivered, we will be able to update on the practicalities of the announcements.

In the meantime, have a read and get in touch if you wish to discuss any of the proposals.

EDIT - 45% tax rate abolition has been repealed

The changes to the basis of assessment of self-employed profits are scheduled to change from 06/04/24.
The new rules mean that profits (and losses) will be assessed based on the amounts arising between 6/04 and 5/04 instead of the profit/loss of an accounting period ending in the tax year.
This means that where the business accounts do not coincide with tax year the profits or losses will need to be apportioned. This is intended to coincide with the start of Making Tax Digital for income tax.

Transitional rules proposed for the previous 2023/24 tax year could result in large tax bills for some sole traders and partners, particularly those with an existing 30/04 year end.
The profits of year ended 30/04/22 would be taxed in 2022/23 under the current rules with 2024/25 taxing profits arising between 06/04/24 and 05/04/25 under the new rules.

But what about 2023/24?
The profits taxed in 2023/24 would be those for year ended 30/04/23 plus the period 01/05/23 to 05/04/24 - in total 23 months profits!
The good news is that there would be a deduction for “overlap relief” (as much as11 months) which typically arose when profits were taxed twice at the start of the business - but those will often be much lower than the extra 11 months being taxed in 2023/24.

The transitional provisions provide for the “excess” profits to be spread over the next 5 tax years to smooth out the excessive tax bill. 

Note that if your sole trader or partnership business has a year end of 31/03 then this will not affect you.



In response to a recommendation by the Office of Tax Simplification the Government have introduced draft legislation for inclusion in Finance Bill 2023 that extends the no gain/no loss rule when a couple separate.

Under the current rules the no gain/no loss rule that means that there is no CGT on transfers of assets between spouses or civil partners only applies up to the end of the tax year in which they separate.

The divorce settlement or court order that transfers assets between the couple often takes place many months after the separation and may lead to CGT being payable.

The main change proposed is that separating spouses or civil partners will be given up to three years after the year they cease to live together in which to make no gain/no loss transfers.

Most divorces would be concluded within this period.

No gain/no loss treatment will also apply to assets transferred as part of a formal divorce agreement.


An email was sent out to all personal tax clients reminding them that we would like to receive documentation by 30/09/22 and many of you have followed through. :)

As a reminder, we have retained the changes we introduced the last couple of years around fees, in the hope that they will continue to benefit our clients and ensure the wellbeing of our staff.  

Clients who provide nformation
between 01/11/22 - 04/12/22 will pay an additional 10% fee.
between 05/12/22 - 01/01/23 will pay an additional 20% fee.
after 02/01/23 and want it submitting before the 31/01/23 deadline will pay an additional 30% fee. 
Note, where clients have foreign income with reliance on tax deadlines being different from the UK that the above fees will not apply if all other information is received in advance.

Following the Monetary Policy Committee decision to increase the Bank of England base rate to 2.25%, HMRC has announced increases to both interest charged on late paid tax and the rate paid on repayments of tax.

As HMRC interest rates are linked to the Bank of England base rate, its 22/09/22 increase from 1.75% to 2.25% has triggered another increase in rates for late payments and repayment of tax.

HMRC has announced that the rate will increase with effect from 03/10/22 for late quarterly instalment payments, and that late payment interest for other late payments will increase from 11/10/22.

The rate of interest on unpaid instalments of corporation tax liabilities is calculated as base rate plus one. It will increase to 3.25% from 03/10/22.

The rate of interest for the late payment of other taxes is calculated as base rate plus 2.5, so will increase to 4.75% from 11/10/22.

The rate of interest paid by HMRC on the overpayment of tax is calculated as base rate minus one. It will increase to 1.25% on 11/10/22.


19/10/22 - PAYE & NIC deductions for month ended 05/10/22 (September payroll)

31/10/22 - Corporation tax due for year to 31/01/22

31/10/22 - Filing for any Self Assessment Tax Returns via PAPER

19/11/22 - PAYE & NIC deductions for month ended 05/11/22 (October payroll) 

30/11/22 - Corporation tax due for year to 28/02/22

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Moore Accountancy · 1 Northway · Altrincham · Cheshire, WA14 1NN · United Kingdom

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