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 […]
Due to the many u-turns on tax policy in the last couple of months, businesses may be confused about what changes are going ahead and which ones have been scrapped by the new chancellor. One of the controversial announcements in the mini-budget on 23 September was the abolition of the “off-payroll” rules that apply when […]
Immediately after the Autumn statement, the Office for Budget Responsibility (OBR) released its November 2022 economic and fiscal outlook. Forecasts predict the economy will shrink by 1.4% next year. Their summary makes grim reading. They state that inflation is set to peak at a 40-year high of 11% in the current quarter, and the peak […]
For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with separate penalties for late returns and late payment of VAT. At the same time, HMRC is introducing a new approach to charging interest on late-paid VAT. The new points-based system for late submissions is designed to be more lenient for the occasional […]
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, for month to 5/12/22 (due 22/12 if you pay electronically). 30/12/22 Deadline for filing 2021/22 tax return online in order to request that HMRC collect outstanding tax via the 2022/23 PAYE code. […]
One of the few changes announced on 23 September that has not been reversed concerns Stamp Duty Land Tax (SDLT) in England and Northern Ireland. The starting threshold was increased from £125,000 to £250,000 (and, for First Time Buyers, from £300,000 to £425,000) from 23 September 2022. However, it has now been announced that these […]
