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 […]
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 […]
December is always a busy time with many companies due to file accounts with Companies House (CH) before the end of the month. As CH are continuing to follow the UK government guidance for working safely during coronavirus (COVID-19), this means it could take longer than usual to process paper documents sent by post. Their online […]
We are delighted to be able to donate to the following charities this year at Christmas. REIGATE AND BANSTEAD WOMENS REFUGE (RBWA) RBWA is a small independent charity dedicated to changing the lives of women and children fleeing abuse. Founded in 1984 they have provide thousands of women and children with safety and freedom. https://www.rbwa.org.uk/ CAYSH […]
Remember that certain gifts to staff at Christmas are also tax free if structured correctly. Employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free. This exemption applies to small gifts worth no more than £50 to staff at Christmas, on their birthday, or other occasions and includes […]
Date What’s Due 01/12/21 Corporation tax for year to 28/02/2021 unless quarterly instalments apply 19/12/21 PAYE & NIC deductions, and CIS return and tax, for month to 5/12/21 (due 22/12 if you pay electronically) 30/12/21 Deadline for filing 2020/21 tax return online in order to request that HMRC collect outstanding tax via the 2022/23 […]
Where possible taxpayers should “Gift Aid” any payments to charity to provide a further benefit to the charity. Higher rate taxpayers obtain additional tax relief on the grossed-up amount donated. For example, where an individual makes a £20 cash donation to charity the charity is able to reclaim a further £5 from HMRC making a […]
One tax planning strategy that is still available despite rumours that it would be closed in the Budget was the CGT hold over relief when assets are transferred into or out of a trust. This relief currently enables a non-business asset, such as an investment property, to be transferred without paying CGT. The relief applies […]
