Plastic Packaging Tax Table of Contents Plastic Packaging Tax Overview: The new Plastic Packaging Tax (PPT) came into force on 1 April 2022 to combat the use of single use plastic and encourage greater reliance on recycled plastics. Am I liable for Plastic Packaging Tax If you produce or import into the UK any plastic…
P11-D Reporting: Submission & payment deadlines Table of Contents P11D Overview Employers are required to submit P11D annual reports to HMRC together with any related tax and National Insurance payments when benefits are offered to employees or when specific expenses are covered. Organizations should be aware of their P11-D compliance duties, as majority of UK…
Bonus vs dividend Table of Contents Bonus vs Dividend overview Directors can extract monies from a company in various ways, the choice invariably being between a salary or dividend (should the director also be a shareholder); but there may be circumstances that might compel payment via a bonus. The choice of which method can only…
Inflation remains at 40% high, rising to 9.1% in May 2022 The latest inflation figure for May has hit 9.1%, up slightly on the previous month as fuel and energy prices continue to weigh on prices The Bank of England anticipates inflation to reach 11% this autumn when the new energy price cap goes…
Till fraud clampdown to stop tax evasion Table of Contents Overview of Till Fraud clampdown: HMRC officers are using new powers to target till fraud carrying out spot checks on businesses which suppress takings to avoid tax. This comes after the introduction of new powers to combat till fraud, which allow HMRC officers to enter…
PAYE Tax avoidance promoters: Named & shamed Table of Contents PAYE Tax avoidance overview As part of its clampdown on tax avoidance promoters and its “Don’t get caught out” campaign, HRMC has published the names of 3 tax avoidance schemes and their promoters. HMRC is warning taxpayers not to sign up to a payroll scheme…
The Government freezes Student loan interest rates at 7.3% Table of Contents The government has confirmed that student loan interest rates will remain at 7.3% from September 2022 Normally, interest rates climb in lockstep with inflation, but at the current rate of 9%, student loan rates would have risen to 12%, despite the fact that…
NI Threshold changes from 6 July 2022 Table of Contents HMRC has updated the guidance on changes to the National Insurance threshold due to come into effect from 6 July 2022 Overview: The Chancellor raised the National Insurance thresholds for the 2022-23 tax year in his Spring Statement in March. Employees and self-employed people will…
UK Tax freedom day in 2022 What is a “Tax freedom day”? The theoretical date at which the average earner will have paid all of their taxes leaving the rest of their earnings available to spend on themselves. When is the “Tax freedom day? Tax Freedom Day falls a week later than last year on…
Advisory Fuel Rates (AFR) for company car users from 1st June 2022 Table of Contents Overview of Advisory Fuel Rates (AFR) HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 June 2022, increasing rates between 1p and 3p, due to soaring fuel prices. The advisory fuel rates that…
Tax filing deadline: June to September 2022 In our handy guide to tax filing deadlines, we provide an at-a-glance guide to key dates from the deadline for notifying chargeability for income tax and capital gains tax to final claims for coronavirus job retention scheme. 1 June Corporation tax due for accounting periods ended 31…
HMRC targets self employed who overclaimed grants HMRC is targeting self-employed workers who overclaimed coronavirus grants during the pandemic. The self-employed income support plan provided subsidies to self-employed people and members of partnerships who had been negatively affected by the coronavirus pandemic (SEISS). To be eligible for the grants, a company’s taxable profits must not…
