Tax filing deadline: March to May 2023 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…
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-offTax 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 they…
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…
Autumn Budget statement 2022All you need to know Table of Contents The Autumn Statement 2022 from Chancellor Jeremy Hunt aimed to maintain public service funding, protect economic development and restore stability. We have broken down announcements from the Autumn Statement 2022 into various sections so you can find out what this budget means for you?…
Making Tax Digital for Income Tax Self Assessment – MTD ITSA John Edwards, CEO of the Institute of Financial Accountants (IFA), provides an overview of the Making Tax Digital for Income Tax (MTD ITSA) changes due to come into force in April 2024 and urges accountants to prepare now. Heralded as a £360m revenue opportunity,…
VAT errors- HMRC online reporting launched HMRC has introduced a new digital form so that a company can quickly and easily report VAT errors made on earlier VAT return submissions. What does this indicate for your business? Disclosing past VAT errors The new online form is now HMRC’s preferred option for disclosure of past VAT…
