Tax tips for directors/Business owners – Must be actioned before end of financial year (31 March 2023) As company directors and business owners, you have an opportunity to make significant tax savings but you need to act before 31st March 2023. Find below some of the points which you can easily act upon prior to…
Fraud: Convictions and sentences February 2023 Bounce back loan: Company director jailed for 12 months – A director of a haulage company has been jailed for 12 months after fraudulently applying for a £50,000 bounce back loan – He applied for a £50,000 bounce back loan and transferred the funds to his personal bank accounting…
Tax filing deadline: September & October 2022 In our handy guide to tax filing deadlines, we provide an at-a-glance guide of filing/submission obligations and payment deadlines. March 2023 1 March 2023 Corporation tax due for accounting periods ended 31 May 2022 where not payable by instalments HMRC reviews advisory fuel rates for company cars…
Points-based VAT penalties from 7 March 2023 HMRC is in the process of contacting 2.5 million businesses reminding them about new points-based penalties for late VAT returns and payment. The first monthly returns and payments affected by the penalties are due by 7 March 2023. HMRC confirmed that ‘VAT customers will be subject to the…
How to cut your Inheritance tax bill? Years of frozen allowances, paired with house price growth and soaring inflation, is dragging more people into inheritance tax, but there are ways to reduce the tax liability In line with previous months, the latest figures on tax receipts for January show that inheritance tax (IHT) continued to…
Selling your main residence? Explore Principal Private Residence Relief Principal private residence (PPR) relief is arguably the most valuable capital gains tax (CGT) relief. It can exempt, without limit, the full gain on the sale or gift of one’s sole or main residence. Given the increase in property prices over the last 30 years, this…
VAT recovery on non-staff members’ expenses Many businesses use self-employed workers in their businesses to do specific projects or on contracts – what happens to the VAT when they incur expenses and claim them back from your business? Staff expenses When a business’s staff incur expenses that the business pays for, it is entitled to…
HMRC raises late payment interest rate to 6.5% HMRC will raise interest rates on tax debt to 6.5% from 21 February 2023 following latest increase in base rate The late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest on will rise to: late payment interest…
Companies must revalue residential properties for ATED What is ATED? ATED is an annual tax payable mainly by companies that own UK residential property valued at more than £500,000. Returns must be submitted on or after 1 April in any chargeable period. There are reliefs and exemptions from the tax, which may mean you do not…
Director’s loan write-off Tax implication What are the tax implications if a director is unable to repay the balance on their overdrawn director’s loan account and the loan has to be written off? Many small and medium-sized companies struggled through the pandemic, with some directors or shareholders finding that they have overdrawn loan accounts which…
Is Director’s loan a cheap source of finance? Is borrowing from a personal or family company as director’s loan an attractive source of cheap finance? HMRC has long tried to discourage director shareholders from borrowing money from their companies through a special tax, known as an s 455 charge. The reason being that HMRC considers…
Is it time to go electric? (P11d on Electric cars) Table of Contents What are the relevant taxes for a company car? When a company/employer provides a company car to the director/employee that is available for a private use, both parties become liable to certain tax liabilities. The company/employer pays P11D tax, also known as…
