Date What’s Due 01/07 Corporation tax payment for year to 30/9/22 (unless quarterly instalments apply). 05/07 Last date for agreeing PAYE settlement agreements for 2022/23 employee benefits. 05/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2022/23. 06/07 Deadline for forms P11D and P11D(b) […]
During the COVID pandemic the government relaxed the conditions to enable those working from home to be paid £6 a week tax free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a tax refund from HMRC. Those relaxed […]
The VAT Flat Rate scheme was introduced in 2002 to simplify VAT reporting for small traders, reducing the time taken to calculate VAT and prepare returns compared to normal VAT accounting. The thresholds for using (£150,000 pa) and exiting the scheme (£230,000 pa) have not changed since 2003. With the extension of Making Tax Digital […]
In the Spring Budget the Chancellor announced that “full expensing” – 100% relief for new, eligible plant and machinery – would replace the 130% super-deduction from 1 April 2023 for limited companies. This is in addition to the £1 million annual investment allowance (AIA) and will be available for expenditure incurred up to 31 March […]
With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate as a result of the “triple lock” being restored. […]
From tax year 2023 to 2024 onwards, the Self-Assessment threshold for taxpayers taxed through PAYE only will change from £100,000 to £150,000. Affected individuals do not need to do anything now as the Self-Assessment threshold for 2022 to 2023 tax returns remains at £100,000. They will receive a Self-Assessment exit letter if they submit a 2022 […]
The table below sets out the HMRC advisory fuel rates that apply from 1 June 2023. These are published quarterly now due to the volatility in petrol and diesel prices in recent years. Where the employer provides an employee with a company car there may be an additional benefit in kind on the provision of […]
Making Tax Digital (MTD) for Income Tax will require businesses to keep digital accounting records and submit quarterly returns to HMRC. These changes will apply to businesses, self-employed individuals and landlords with turnover over £50,000 from 6 April 2026. Those with turnover above £30,000 will be mandated to comply from 6 April 2027 and other […]
Date What’s Due 01/06 Corporation tax payment for year to 31/8/22 (unless quarterly instalments apply) 19/06 PAYE & NIC deductions, and CIS return and tax, for month to 5/06/23 (due 22/06 if you pay electronically) 01/07 Corporation tax payment for year to 30/9/22 (unless quarterly instalments apply) 05/07 Last date for agreeing PAYE settlement agreements […]
From Monday 15 May 2023, unless you are already using Making Tax Digital (MTD) compatible software, you will no longer be able to use your existing VAT online account to file manual VAT returns. That is because by law, all VAT-registered businesses must now use Making Tax Digital (MTD) compatible software to keep their VAT […]
