1 June 2022 – Due date for corporation tax due for the year ended 31 August 2021.
19 June 2022 – PAYE and NIC deductions due for month ended 5 June 2022. (If you pay your tax electronically the due
Tax Diary June/July 2022
read more
blog
Free company information
There is a significant amount of information about companies that can be obtained from Companies House. Companies House is responsible for incorporating and dissolving limited companies, examining and
Access to cash protection increased
The new Financial Services and Markets Bill, announced as part of the Queen’s speech, will provide increased protections for those still dealing with cash. Access to cash remains vital for many people
Income excluded from a property business
HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in
Reminder to look out for tax credit renewal packs
HMRC is currently sending the annual tax credit renewal packs to some 2.1 million tax credit claimants and is encouraging recipients to renew their tax credits claim online. HMRC started writing to
Holiday lets occupancy check
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes.
In order to qualify as a furnished holiday letting,
When you are required to register for PAYE
There are a multitude of rules that new businesses must follow when they start employing staff for the first time. These include ensuring registering for PAYE as an employer with HMRC. This must be
ISAs 2022-23
The maximum amount that can be invested in an ISA in the current (2022-23) tax year is £20,000.
ISA’s are a valuable and flexible relief and should be considered as an option for most investors.
An
Structures and Buildings Allowances
The Structures and Buildings Allowances (SBA) allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of
Mortgage interest on rented property
Under new rules that came into effect from April 2017 the tax relief on mortgage costs for residential landlords was restricted to the basic rate of tax. The finance costs restriction was phased in
Builders – when you may not have to charge VAT
VAT for most work on houses and flats by builders and similar trades, like plumbers, plasterers and carpenters, is charged at the standard rate of 20%. However, there are a number of exceptions where
Tax benefits of switching to electric cars
There are many benefits to encourage the use of electric cars including lower running costs, the environmental advantages and reduced noise pollution. There are also tax benefits to encourage the
Writing off a director’s loan
An overdrawn director’s loan account is created when a director (or other close family member) ‘borrows’ money from their company. Many companies, particularly ‘close’ private companies, pay for
IHT business asset relief
There are a number of reliefs available that can reduce liability to IHT if you inherit the estate of someone who had died. One of these reliefs is known as Business Relief and is a valuable tax
Exchange of joint interests
HMRC’s internal manuals consider the reliefs available where there is an exchange of joint interests in land.
The manuals state that:
The exchange of interests in land which are jointly owned by two
Small Business - Smart Thinking - because YOUR ACCOUNTS MATTER
