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
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UK Infrastructure Bank set-up
The UK Infrastructure Bank Bill, announced as part of the measures in the Queen’s speech, represents the final step in setting up the UK Infrastructure Bank as an operationally independent
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
VAT – discounts and free gifts
When you issue an invoice to your customer, you must ensure that you charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20% there are a number of
Intrastat – trading goods with EU
Intrastat declarations were historically used to collect information on the movement of goods from the UK to other EU countries and vice versa. Any business that exceeded the exemption threshold for
Corporation Tax – reminder HMRC contact details
HMRC can be called by phone on 0300 200 3410 for help with general Corporation Tax enquiries. You will need your 10-digit Unique Tax Reference (UTR) when calling HMRC and this reference number cannot
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
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
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
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
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
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