HMRC is reminding their Self-Assessment taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year. More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be declared on tax returns for […]
In today’s climate its more important than ever to make the most effective use of your time. Outsourcing payroll means you will have more time to focus on your business. Processing payrolls in-house can be time consuming, complicated and stressful. Keeping up to date with ever-changing legislation and updates is demanding and can be a […]
Date What’s Due 1/11/22 Corporation tax for year to 31/01/2022 unless quarterly instalments apply 19/11/22 PAYE & NIC deductions, and CIS return and tax, for month to 5/11/22 (due 22/11 if you pay electronically) 1/12/22 Corporation tax for year to 28/02/2022 unless quarterly instalments apply 19/12/22 PAYE & NIC deductions, and CIS return and tax, […]
The Government will continue to support business capital investment by keeping the level of the 100% Annual Investment Allowance (AIA) at £1 million. This deduction is available to unincorporated businesses as well as limited companies if they invest in new or second-hand equipment. We are, however, expecting the temporary 130% ‘super-deduction’ for company expenditure on […]
The 23 September Fiscal Statement included the unexpected news that the “off-payroll working” (OPW) rules would be scrapped from 6 April 2023. These rules were introduced for public sector employers from 6 April 2017 and then extended to large and medium-sized private-sector organisations from 6 April 2021. It has since been announced that the OPW rules […]
One of of Liz Truss’ flagship policies was to halt the planned rise in corporation tax rates from 1 April 2023. However these increases will now go ahead. From 1 April 2023, corporation tax will increase to 25% where a company’s profits exceed £250,000 a year. The current 19% rate will however continue to apply […]
On 23 September 2022, it was announced that the Stamp Duty Land Tax (SDLT) nil-rate threshold on residential property would be increased from £125,000 to £250,000. Like the abolition of the 1.25 percentage point increase in NICs, the legislation to enact the SDLT change was already in progress when the U-turns were being made. As […]
The legislation to abolish the 1.25 percentage point increase in the rate of National Insurance Contributions (NICs) paid by workers, employers and the self-employed was already in progress when the U-turns were being made. The reduction therefore continues to go ahead and the rate of NICs on salary payments made on or after 6 November […]
In a Fiscal Statement delivered on 23 September 2022, previous Chancellor, Kwasi Kwarteng, introduced a Growth Plan including the tax cuts promised by Liz Truss in her Conservative Party leader campaign. However, the tax cuts were broader than expected and the plan was not accompanied by a report from the Office of Budget Responsibility (OBR), […]
HMRC is encouraging business owners, employers and the self-employed to check online to make sure they are not missing out on a range of tax reliefs and allowances. One page summary of all tax reliefs and allowances HMRC’s new page on GOV.UK summarises items that people running their own businesses should explore that could help them […]
