TAX DIARY MAY/JUNE 2022

  Date What’s Due   01/05 Corporation tax payment for year to 31/07/21 (unless quarterly instalments apply)   19/05 PAYE & NIC deductions, and CIS return and tax, for month to 5/05/22 (due 22/05 if you pay electronically) 01/06 Corporation tax payment for year to 31/08/21 (unless quarterly instalments apply)   19/06 PAYE & NIC […]

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ATED RETURNS AND REVALUATIONS DUE

The Annual Tax on Enveloped Dwellings (ATED) was introduced in April 2012 and is charged where certain residential properties are owned within a corporate structure. This tax not only catches UK properties owned by wealthy oligarchs via offshore companies but also applies to UK resident companies. Originally the charge only applied where the value of […]

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REIMBURSE PRIVATE FUEL FOR YOUR COMPANY CAR

Unless there is full reimbursement of fuel provided for the private use of a company car there is a benefit in kind charge based on a fixed figure of £24,600 which is multiplied by the CO2 emissions percentage that is used to calculate the company car benefit for that vehicle. For a high emission car […]

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EMPLOYERS NICS IN RELATION TO EX-MILITARY STAFF

Last year the Government announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers. Employers can claim relief from employer NICs for the first 12 months of the veteran’s first civilian job after they leave the military. For 2021/22 employers had to initially pay the employers […]

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END OF TAX YEAR PAYROLL PROCEDURES

As the 2021/22 tax year has now ended, employers need to carry out the following end of year procedures: Provide employees with their P60 annual summaries by 31 May 2022 Prepare forms P11D for employees’ expenses and benefits by 5 July 2022 Update employees’ payroll data for 2022/23, in particular their new tax codes Update […]

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CHANGES TO VAT RATES FROM 1 APRIL 2022

Many in the hospitality sector were hoping that the Chancellor would extend the 12.5% reduced rate that has applied since 1 October 2021 but, as scheduled, the rate has reverted to 20% from 1 April 2022. The increase applies to hospitality, visitor attractions, catering services including restaurants and takeaways. This has a consequential effect on […]

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