New legislation taking effect in 2023/24 will affect non-corporate trading businesses that prepare accounts to a date other than 31 March or 5 April. The new rules will alter how the taxable profits of accounting periods are matched into tax years for the purposes of self-assessment profit reporting and income tax calculation. At the moment, […]
The Employment Allowance (EA) is a £5,000 allowance set against employer National Insurance Contributions (NICs) and has to be claimed each tax year by qualifying employers. The EA was increased from £4,000 to £5,000 this tax year to help to soften the blow of the 1.25% increase in employer contributions, now calculated at 15.05%. If […]
Date What’s Due 01/06 Corporation tax for year to 31/8/21 (unless pay quarterly) 19/06 PAYE & NIC deductions, and CIS return and tax, for month to 5/6/22 (due 22/06 if you pay electronically) 01/07 Corporation tax for year to 30/9/21 (unless pay quarterly) 05/07 Last date for agreeing PAYE settlement agreements for 2021/22 employee […]
There were very few changes to the HMRC advisory fuel rates from 1 March 2022. Now that the increased prices have fed through into the HMRC calculations there are some significant increases from 1 June 2022, as set out in the table below. In cases where the employee pays for the car fuel, these mileage […]
When a married couple or civil partners separate, tax planning is understandably not at the top of the list of their thoughts. However, a ‘no gain/no loss’ rule allows capital assets to be transferred between them free of capital gains tax (CGT) up to the end of the tax year in which they permanently separate. […]
Many employers and employees have been putting in place salary sacrifice arrangements to give up some of their contractual salary in exchange for additional pension contributions or an electric company car. In these specific cases and if correctly structured, the employee is taxed on the lower of the taxable benefit and the salary foregone. In […]
Supply shortages have led to long delays in the delivery of new electric cars. This has caused many company car drivers to choose a second hand car instead, but what are the tax consequences? Unless the car has zero emissions, the capital allowance rules are the same for new and used cars bought by the […]
P11D forms for reporting expenses and benefits in kind provided to employees and directors in 2021/22 need to be submitted by 6 July 2022. Remember that reimbursed expenses no longer need to be reported where they are incurred ‘wholly, exclusively and necessarily’ in the performance of the employee’s duties. HMRC do however expect internal controls […]
If you are concerned about the future of your business, then take some time to reflect on where you are and what could happen in the next few months. More than ever it’s vitally important for all businesses to plan ahead for a range of scenarios. Cash flow and business planning in these uncertain times […]
The Employment Allowance (EA) is a £5,000 allowance set against employers National Insurance Contributions (NICs) and has to be claimed each tax year if the employer qualifies. This allowance was introduced in 2014/15 and was increased to £5,000 from 2022/23. Employers make a claim for the Employment Allowance through their payroll software. They do this […]
