Date What’s Due 01/04 Corporation tax payment for year to 30/6/22 (unless quarterly instalments apply) 05/04 2022/23 tax year ends on 5th April. 2023/24 tax year begins on 6th April. 19/04 PAYE & NIC deductions, and CIS return and tax, for month to 5/04/23 (due 22/04 if you pay electronically) 01/05 Corporation tax payment for […]
An individual savings account (ISA) is a tax-efficient way to save or invest your money. Each tax year, you can invest up to a certain amount of money into your ISA tax-free, known as your ISA allowance. The current ISA allowance for the 2022/23 tax year is £20,000, which means you can save or invest […]
Maximising your pension allowances can help you achieve your retirement goals and ensure that you have enough money to live on when you retire. The UK Government provides several pension allowances, and it’s important to understand these allowances and how to make the most of them. Annual Allowance The Annual Allowance is the maximum amount […]
UK savers are voting with their feet and changing accounts in large numbers in the hunt for higher interest rates. There was a reported 317 per cent increase in the switching of accounts in the last three months of 2022. This accounts for a total of £73.5 billion being put into new savings accounts and […]
Company car drivers will see changes to the amount they can claim back for fuel costs from their employer from 1 March. HM Revenue & Customs (HMRC) has also confirmed that the way the advisory electricity rate (AER) is calculated has been changed to better reflect energy prices, particularly with soaring electricity costs, when it is reviewed […]
Workers across the UK will get a pay rise from April as higher National Minimum Wage (NMW) rates are introduced. According to the Government, around two million of the UK’s lowest-paid workers will benefit from the rise in the National Living Wage (NLW) and NMW rates. From April 2023, the NLW will increase by 92 […]
Businesses should be planning for the rise in Corporation Tax (CT), which comes into force from 1 April 2023, and sees the top rate of tax rising from 19 per cent to 25 per cent. The tax applies to all profitable limited companies – both from trading income and from the sale of investments or […]
Chancellor Jeremy Hunt announced many R&D tax changes in his Autumn Budget, including how the funding is allocated, which will be implemented in April. He announced changes to the rates paid by the Research and Development Expenditure Credit (RDEC) for larger firms and the small and medium enterprises (SME) R&D relief scheme. Under these changes, […]
People planning to claim the UK state pension have been advised to check their National Insurance (NI) record to identify any shortfalls in their payment history. NI contributions, or lack of them, can affect a person’s entitlement to the state pension in later life. A temporary window which allows people to voluntarily top up NI contributions for […]
It is that stressful time of year again with the payroll year-end fast approaching. Payroll year-end ties in with the tax year-end, which is 5 April. The deadline for submitting details to HM Revenue & Customs (HMRC) is 31 May. Important dates around payroll year-end include: 5 April – End of the 2022/23 tax year […]
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