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…
HMRC penalties, Convictions & sentences – May 2022 Table of Contents Overview: A fish seller, buy-to-let landlords and a crypto investor, not to mention an accountant and bookkeeper, all failed to pay their taxes and face millions of pounds in penalties HMRC has issued penalties for unpaid tax totalling £12.5m in an effort to force…
Fraud: Convictions & sentences – March 2022 Our service to you If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We, at Naail & Co, are pro-active and easily accessible accountants and tax advisors, who will not only ensure that all your…
Spring statement 2022 Key Points Chancellor announces tax cut for nearly 30 million UK workers through rise in National Insurance thresholds Cut will save the typical employee over £330 in the year from July Spring Statement also sets out measures to boost investment, innovation, and growth – including a £1,000 increase to Employment Allowance to…
Less than 1% Crypto investors targeted by HMRC HMRC contacted less than 1% of UK cryptocurrency investors about their potential capital gains tax liability last year A Freedom of Information (FOI) request from wealth management firm Quilter revealed that the tax authority sent out 8,329 letters to crypto investors about potential capital gains tax…
Interest rates increased to 0.75% The Bank of England (BoE) has increased interest rates from 0.5% to 0.75% in the third rise in as many months. The decision to increase the rate by 0.25% comes as the Bank of England tries to ease rising inflation which has caused prices to increase at the fastest…
EU blocks minimum corporation tax deal Poland, Sweden, Estonia, and Malta have voted against a French proposed compromise on the introduction of a minimum global corporate tax rate in the EU Meeting in Brussels on Tuesday, the finance ministers of Poland, Sweden, Estonia and Malta voted against the French-proposed compromise on how to implement…
Property register – Economic Crime Act New rules will create a register of overseas owners of UK property to improve transparency and highlight potential risks of money laundering The Economic Crime (Transparency and Enforcement) Act 2022 has received Royal Assent following a speeded up passage through parliament. Introduced following Russia’s invasion of Ukraine, the new…
