The 130% super-deduction referred to above only applies to limited companies, however the Annual Investment Allowance (AIA) is available to unincorporated businesses as well as limited companies. In the recent Autumn Statement the Chancellor announced that the AIA for expenditure on plant and machinery would become a permanent £1 million allowance. The annual limit was […]
A new points-based system for late VAT returns starts for return periods commencing on or after 1 January 2023. A financial penalty will apply when a number of points have been accumulated, which will depend on how frequently the returns should be submitted. For a trader preparing quarterly returns a penalty will be charged when […]
Date What’s Due 01/01 Corporation tax payment for year to 31/3/22 (unless quarterly instalments apply) 19/01 PAYE & NIC deductions, and CIS return and tax, for month to 5/01/23 (due 22/01 if you pay electronically) 31/01 Deadline for Self-Assessment tax return for 2021/22 if filed online. Also the due date for […]
We are delighted to be able to donate to the following charities this year at Christmas. I CHOOSE FREEDOM (formerly Reigate and Banstead Women’s Aid – RBWA) I Choose Freedom is a charity that provides refuge and a path to freedom for survivors of domestic abuse. Founded in 1984 they have provide thousands of women […]
For the last couple of years during the Covid-19 pandemic many businesses put on “virtual” Christmas parties for their employees and HMRC agreed that would be acceptable and that the exemption from tax would continue to apply. There continues to be no taxable benefit for employees provided that all staff are invited, and the cost […]
This is a timely reminder that employers may make small tax-free gifts to employees and directors if all of the following conditions apply: The cost to the employer is £50 or less It is not cash or a cash voucher It is not a reward for their work or performance There is no contractual entitlement […]
Earlier this month, the business secretary Grant Schnapps announced a government review into tackling late payments for small businesses, while also urging large companies to pay their smaller suppliers promptly. Small businesses routinely suffer from late payments from businesses they supply, which can lead to cash flow problems, putting their firms at risk and preventing […]
HMRC is reminding taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year. These grants are taxable and should be declared on tax returns for the 2021 to 2022 tax year before the deadline on 31 January 2023. The Self-Employment Income Support Scheme (SEISS) application and payment windows […]
HMRC has announced their suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2022, which are summarized in the table below. The rates have been reduced in line with the recent fall in petrol prices. However, diesel prices remain the same and LPG reimbursement rates have increased. Remember, that provided […]
The rising cost of living crisis is impacting us all, and charities are no exception. Fundraising challenges, cost of business increases and volunteer and staff stability are just some of the many issues charities may face. Over the coming weeks, the Charity Finance Group (CFG) will be sharing a selection of free resources in their […]
