TAX DIARY JULY/AUGUST 2022

Date What’s Due 1/07 Corporation tax for year to 30/9/21 (unless pay quarterly) 5/07 Last date for agreeing PAYE settlement agreements for 2021/22 employee benefits 5/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2021/22 06/07 Deadline for forms P11D and P11D(b) for 2021/22 tax […]

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R&D TAX CREDIT REPAYMENTS DELAYED

The Research & Development (R&D) tax credit scheme for small and medium sized enterprise companies is particularly generous as there is currently 230% relief for qualifying expenditure and, where the company is loss making, this results in a 14.5% repayable credit. This means that the company receives a £33,350 refund for every £100,000 spent on […]

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PREPARE YOUR PAYROLL FOR THE NATIONAL INSURANCE CHANGES IN JULY

From 6 July 2022, some National Insurance Contributions (NICs) thresholds will increase. The primary threshold for 6 July 2022 to 5 April 2023 will rise to: £242 per week £1,048 per month £12,570 per year See Class 1 National Insurance thresholds for 2022 to 2023. To accommodate this change, payroll software, including HMRC’s Basic PAYE Tools, […]

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