In the March 2021 Budget, it was announced that the normal one year carry back for trading losses would be extended to three years. That means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that earlier three-year period. This enhanced carry […]
The 130% super-deduction for companies that invest in new plant and machinery applies where the expenditure is incurred between 1 April 2021 and 31 March 2023. Many companies recovering from the coronavirus pandemic have not had the resources to commit thus far and the war in Ukraine may have made them reluctant to invest until […]
Many in the hospitality sector were hoping that the Chancellor would extend the 12.5% reduced rate that has applied since 1 October 2021 but, as scheduled, the rate has reverted to 20% from 1 April 2022. The increase applies to hospitality, visitor attractions, catering services including restaurants and takeaways. This has a consequential effect on […]
As the 2021/22 tax year has now ended, employers need to carry out the following end of year procedures:- Provide employees with their P60 annual summaries by 31 May 2022, Prepare forms P11D for employees’ expenses and benefits by 5 July 2022, Update employees’ payroll data for 2022/23, in particular their new tax codes, and […]
Last year the Government announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers. Employers can claim relief from employer NICs for the first 12 months of the veteran’s first civilian job after they leave the military. For 2021/22 employers had to initially pay the employers […]
Unless there is full reimbursement of fuel provided for the private use of a company car there is a benefit in kind charge based on a fixed figure of £24,600 which is multiplied by the CO2 emissions percentage that is used to calculate the company car benefit for that vehicle. For a high emission car […]
The Annual Tax on Enveloped Dwellings (ATED) was introduced in April 2012 and is charged where certain residential properties are owned within a corporate structure. This tax not only catches UK properties owned by wealthy oligarchs via offshore companies but also applies to UK resident companies. Originally the charge only applied where the value of […]
HMRC have been consulting on changes to the relief from stamp duty land tax (SDLT) when two or more properties are acquired at the same time. This indicates that a change in the rules is imminent, and purchasers should take advantage while the relief continues to apply. Currently where at least two dwellings are purchased […]
Date What’s Due 01/05 Corporation tax payment for year to 31/07/21 (unless quarterly instalments apply) 19/05 PAYE & NIC deductions, and CIS return and tax, for month to 5/05/22 (due 22/05 if you pay electronically) 01/06 Corporation tax payment for year to 31/08/21 (unless quarterly instalments apply) 19/06 PAYE & NIC deductions, […]
With businesses across the UK struggling to invest, Surrey-based accountants TWP is concerned that many may be unaware of an important tax saving. The firm, which has offices in Weybridge and Cranleigh, is calling on companies to use the generous Capital Allowances scheme before they change next year. Businesses now have less than 12 months […]
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