HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potentially penalties of up to 100% of amounts overclaimed in certain circumstances. HMRC may apply the penalty where they believe that the trader knew that they were not entitled to the grant and did not tell […]
If you have children under 12 who attend a nursery, after school club, play scheme, childminder or you are considering sending them to a summer camp, you should think about setting up a tax-free childcare account. The government adds 25% to the amounts that you save in the account, contributing up to £2,000 for each […]
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. […]
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 […]
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 […]
