12/Apr/2022Identifying NIC increases on the payslip
For 2022/23 only, the rates of Class 1 (employer and employee) National Insurance contributions are increased by 1.25 percentage points, along with the rates of Class 1A, Class 1B and […]
06/Apr/2022Filing 2021/22 expenses and benefits returns
Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022, unless they have been payrolled or included within […]
04/Apr/2022Difference between tax planning and tax avoidance
Recent years have seen HMRC stepping up its efforts to reduce what is termed the ‘tax gap’ (defined as being the amount of tax that HMRC think should, in theory, […]
29/Mar/2022Corporation tax rises – accounting period starts are 1 April 2022
Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now. While the changes do not […]
28/Mar/2022Have you claimed the Employment Allowance?
The Employment Allowance is a National Insurance allowance that eligible employers can claim and set against their secondary Class 1 National Insurance liability. The allowance is set at £4,000 for […]
25/Mar/2022The ups and downs of Spring Statement 2022
The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Statement on Wednesday 23 March 2022. In this early edition of our April tax newsletter we outline the key measures […]
25/Mar/2022Director’s loan account – timing of loans and order of repayments – increase in section 455 charge
In a personal or family company the director will often borrow money from the company. This can be an easy source of finance, and also one that can be tax […]
23/Mar/2022Is it worth making additional pension contributions by 5 April
It is prudent to plan ahead for retirement and tax breaks are available to encourage savings into a registered pension scheme. Contributions into a registered pension scheme attract tax relief […]
17/Mar/2022Gifts –beware capital gains tax may be payable
The nature of a gift is that it is something that is given to some without receiving a payment in return. Consequently, as nothing is received in return it would, […]
14/Mar/2022Compulsory acquisition of land – tax consequences
The decision to sell land or property will, in most cases, be made by the taxpayer. However, in the case of a compulsory purchase the decision is taken out of […]
04/Mar/2022Can you benefit from the £1,000 property allowance?
If you have income from land and property, you may be able to take advantage of the property allowance. The allowance can be used in various ways. Tax exemption If […]
01/Mar/2022Completing a VAT invoice – what entries are required?
When a customer purchases an item or service from a business an invoice confirming the amount to pay should be raised either at the time of ordering or after delivery. […]
Proud to be featured in
150
