With rare exceptions, once the end of the tax year has passed, tax planning options to reduce liability are no longer possible. For Income Tax and Capital Gains Tax purposes, this means that the majority of the tax reduction options will cease unless actioned before 6 April 2022, the start of the next tax year. […]
If politicians have it right, we may be approaching the end of the major disruption to economic activity of the past two years. Which is great news for those trades badly affected by continuing lockdown and other restrictions. Unfortunately, rapid growth following a long period of depressed trading conditions can prove to be disastrous. The […]
1 February 2022 – Due date for Corporation Tax payable for the year ended 30 April 2021. 19 February 2022 – PAYE and NIC deductions due for month ended 5 February 2022 (If you pay your tax electronically the due date is 22 February 2022). 19 February 2022 – Filing deadline for the CIS300 monthly […]
HMRC has confirmed that four million out of twelve point two million taxpayers have yet to file their 2020-21 self-assessment tax returns. Which means that an equivalent proportion of taxes due 31 January 2022 will remain unpaid; at least for the foreseeable future. We have reported on our blog earlier in January 2022, that HMRC […]
In between the other political distractions of the last few weeks, England has returned to the COVID measures set out in Plan A. This means: The government is no longer asking people to work from home if they can. People should now talk to their employers to agree arrangements to return to the office. Face […]
Paying someone to act as your nanny, housekeeper or gardener may result in you being considered an employer. In turn, this may involve you needing to meet statutory employment rights and deducting any tax or National Insurance contributions from their wages. These obligations will not apply if: They are self-employed, or Paid through an agency. […]
A reminder that business in the hospitality, leisure and accommodation sectors in England may be due support funding from their local authority. Recently, local authorities were reminded by government that they needed to process grants quickly. Extracts from a letter sent to authorities is reproduced below: “As you will know, the spread of the Omicron […]
We are often asked why a self-employed person is paying so much tax when their drawings from their self-employed business are minimal. The reason for this is that sole traders and partners (individuals) pay tax on the profits they earn not on the amount of cash they withdraw from their business. For example, consider Sue, […]
The following definitions set out how property income is calculated and taxed: Rental income – includes rents, amounts received to cover use of furniture, cleaning of communal areas, hot water, heating and repairs to property. Allowable expenses – any expense that you have laid out “wholly and exclusively” for the purposes of renting out a […]