Our comprehensive analysis of the Chancellor's Spring 2023 budget covers R&D tax relief, the seed enterprise investment scheme, free childcare, pension allowances, pension savings, corporation tax and capital allowances.

The UK tax system is under attack from fraudsters who attempt to register numerous people for self assessment then submit false repayment claims.

Making tax digital for income tax self assessment (MTD ITSA) will replace the self assessment tax return for unincorporated businesses from April 2024 for sole traders and from April 2025 for most partnerships.

The tax payable on dividends is set to rise from 7.5% to 8.75% for basic rate taxpayers from 6.4.22. Higher rate taxpayers will pay 33.75% on dividends and additional rate taxpayers must budget for dividend tax of 39.35%. These rates will apply to all dividends taken from all companies where the total dividend income exceeds the dividend allowance which has been held at £2,000 for 2022-23.

The national living wage (NLW) will rise to £9.50 per hour for pay periods starting on and after 1.4.22 along with the other national minimum wage rates (see table). Since 6.4.21 the NLW rate has applied to workers aged 23 and over.

A fundamental change to VAT charged within the construction industry came into effect on 1 March 2021.

The IR35 rules have been around for over 20 years but those rules have been redrawn and renamed 'off-payroll working'.

Self-employed individuals will be able to apply for the fourth SEISS grant from late April if they submitted their tax return for 2019-20 by midnight on 2 March 2021 (it was due by 31 January 2021).

As the owner and director of your own company you decide how much salary to take each year. Paying yourself a small salary can be a good way to maintain your national insurance record to build up state benefit entitlements.

As a self-employed individual you may have been able to claim up to three grants under the self-employed income support scheme (SEISS) since the start of the pandemic.

Income tax and national insurance contribution rates have been frozen for 2021-22 and are likely to remain frozen until the end of this Parliament in 2024.