Don’t miss tax deadlines
If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another penalty is incurred (the higher of £300 or 5% of the tax due). The flat-rate penalties will stand even if the tax return shows no tax. Your company’s corporation tax return is due a […]
Where there’s a Will…
They may also need to pay inheritance tax (IHT) if the net value of your assets, including your home and any insurance policies that pay out to your estate on death, exceeds the nil rate band (NRB) of £325,000. The IHT rate above this threshold is 40%, or 36% if at least 10% of your […]
Accelerate your tax relief
You can save or delay tax by advancing the acquisition of assets to before the end of your accounting period. This permits you to claim the capital allowances associated with those assets earlier. If you trade through a company, you can claim a super-deduction of 130% of the cost of new plant and machinery purchased before […]
Claim for your company’s losses
The trading losses from these periods can be carried back to set against total profits of accounting periods ending in the previous three years. There are two £2 million caps (one for each financial year in which the loss is generated) for the losses carried back to the two earliest years of the three. Claims […]
Tax exempt ways to treat your employees this Christmas
Gifts which qualify as trivial benefits Seasonal gifts may include a Christmas hamper, a bottle of wine, a spa voucher, or tickets to various events of the employee’s choice such as arts or sports venues. If a gift meets the following conditions, it should qualify as a trivial benefit: Both employer and employee are exempt […]
Taking climate action: Electric Vehicles Salary Sacrifice Scheme
This is why we expect there to be a rise in the number of EV salary sacrifice schemes introduced by employers over the next few years, which make leasing EVs much more affordable for employees with no upfront costs. How does it work? An EV salary sacrifice scheme lets an employee pay for an electric […]
Capital Gains Tax (CGT) return on UK residential property disposal – deadline extension
This will apply to UK residential property disposals completed on or after 27 October 2021. Disposals before that date still need to meet the 30-day requirement. In the case of mixed-use property disposed of by a UK resident, the 60-day reporting and payment window only applies to the residential element of the gain. The deadline […]
Valuable tax relief through the Enterprise Investment Scheme
As the tax reliefs are so generous, there are strict rules for both the company and individual, some of which are as follows: Individual Company A company can apply to HMRC for advance assurance so there is certainty for investors that it qualifies for EIS/SEIS. It is strongly recommended that advance assurance is authorised before […]
A Reminder – Reporting deadlines and requirements
HMRC do not issue Paper Returns automatically to encourage electronic filing by 31 January following the year-end (31 January 2022 for 2020/21 Tax Returns). Extensions to the Reporting Deadline If your notice to file a Return was issued after July 2021 the deadline for filing a Paper Return is extended to 3 months following the […]
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA)
In a recent statement the Treasury has announced that MTD for ITSA will be pushed back to 6 April 2024 in order to provide more time for taxpayers to make the necessary preparations and allow continued testing of the pilot. In view of the limited guidance issued to date on the new system and the pressures […]
