Making Tax Digital for VAT becomes mandatory for all VAT registered businesses from 1 April 2022. Businesses with a taxable turnover above £85,000 have already been required to follow Making Tax Digital, keeping digital records and filing VAT returns using compatible software since April 2019. From 1 April 2022, all VAT registered businesses must file […]
Revisit your business plan. Does it still apply to your business goals and aspirations in the current pandemic-affected market? Ensure you set aside time to review and update your goals through the coming year. Consider your cashflow requirements for the year including re-paying any loans taken out during the pandemic and any investment needs. […]
The working environment continues to change at a fast pace, and it’s important to adapt appropriately. Businesses across the world have been grappling with rapid transformation because of changes to working practices, shifts in buyer behaviour and ongoing economic uncertainty. The way we work is evolving In the last 18 months, the shift to agile […]
Second hand plant and machinery does not qualify for the 130% super-deduction but would still qualify for the 100% Annual Investment Allowance (AIA). The amount of expenditure qualifying for 100% tax relief was originally scheduled to revert to just £200,000 from 1 January 2021 but will now continue at £1 million until 31 March 2023. Although […]
Many businesses may have been too short of cash to take advantage of the new super-deduction for investing in new plant in 2021 but may be more confident about investing in 2022. This tax break, which started on 1 April 2021 continues until 31 March 2023, allows companies to deduct 130% of the cost of […]
If your tax payment due on 31 January is more than you expected there is still time to reduce the liability if you are prepared to take a risk. An HMRC tax planning opportunity is to invest in a company that qualifies under the Enterprise Investment Scheme (EIS) or under Seed EIS. These investments enable […]
As well as thinking about New Year’s resolutions it is also a good time to start planning your tax affairs before the end of the tax year on 5 April. An obvious tax planning point would be to maximise your ISA allowances for the 2021/22 tax year (still £20,000 each). You might also want to consider […]
Many businesses may have been too short of cash to take advantage of the new super-deduction for investing in new plant in 2021 but may be more confident about investing in 2022. This tax break, which started on 1 April 2021 continues until 31 March 2023, allows companies to deduct 130% of the cost of […]
Date What’s Due 1/01 Corporation tax payment for year to 31/3/21 (unless quarterly instalments apply) 19/01 PAYE & NIC deductions, and CIS return and tax, for month to 5/01/22 (due 22/01 if you pay electronically) 31/01 Deadline for Self-Assessment tax return for 2020/21 if filed online. Also, the due date for 2020/21 […]
Help to Grow: Digital is a new UK-wide scheme to help small and medium size businesses (SMEs) adopt digital technologies that are proven to increase productivity. From December 2021, the scheme will offer SMEs free and impartial advice on how technology can help their business. A new online platform will be set up to help them […]
