The changes to the basis of assessment of self-employed profits are scheduled to change from 6 April 2024. The new rules mean that profits (and losses) will be assessed based on the amounts arising between 6 April and 5 April instead of the profit/loss of an accounting period ending in the tax year. This means […]
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 […]
The figures in the table below are the HMRC suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2022. Remember that provided all private fuel is fully reimbursed the fuel benefit does not apply. Engine Size Petrol Diesel LPG 1400cc or less 15p (14p) 9p 1600cc or less 14p […]
For limited companies, when it comes to making decisions, company law states that shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders. If a shareholder(s) owns more than 75% of the shares, they control the company outright and can veto the decisions of […]
There continues to be poor take-up of the Government’s Tax-Free Childcare Accounts which provide a 25% subsidy towards the cost of childcare. The system operates by topping up savings of up to £8,000 per child by 25%, potentially an extra £2,000 from the Government to spend on qualifying childcare. The scheme applies to children under […]
The government scheme that cuts the price of leading software, boosting productivity and growth of UK small businesses, will now benefit even more firms. The Digital Scheme eligibility has been expanded to businesses with at least one employee, meaning up to 1.2 million businesses could benefit. This means businesses can now access a £5,000 discount […]
The Plastic Packaging Tax (PPT) was introduced on 1 April 2022. If you manufacture or import plastic packaging into the UK, you may need to register for PPT, submit a PPT return and pay any tax due. As the end of the first quarterly accounting period for PPT approaches, HMRC shared some key reminders on […]
Date What’s Due 1/08 Corporation tax for year to 31/10/21 (unless pay quarterly) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/8/22 (due 22/08 if you pay electronically) 1/09 Corporation tax for year to 30/11/21 (unless pay quarterly) 19/09 PAYE & […]
Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024. The obligation to keep records in a digital format and report […]
HMRC are currently consulting on the precise details of what needs to be reported each quarter. As expected, it seems the accounting software will need to record and report income and expenditure in the same categories currently used for self-assessment. The main categories are: Turnover/gross rents Costs of goods sold Materials Wages and salaries of […]
