Tax Diary September/October 2022

1 September 2022 – Due date for Corporation Tax due for the year ended 30 November 2021. 19 September 2022 – PAYE and NIC deductions due for month ended 5 September 2022. (If you pay your tax electronically the due date is 22 September 2022) 19 September 2022 – Filing deadline for the CIS300 monthly […]

Rent-a-room Relief

The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else. You can let out as much of your home as you want. The tax exemption is […]

Two thousand pounds tax free income

There is no tax to pay on trading income or earnings from land and property as long as the income from each source does not exceed £1,000. Trading allowance The trading allowance is a tax exemption of up to £1,000 a year for individuals with trading income from: self-employment. casual services, for example, babysitting or […]


To keep your earnings in sync with increases in prices is becoming progressively difficult. Most individuals – whether employed or self-employed – would find it unrealistic to secure pay rises (if employed) or price increases (if in business) unless the demand for their goods or services was high. If most taxpayers cannot match price increases […]

Change to capital gains on separation or divorce

Under present legislation any transfer of assets between couples who are separating, or divorcing are free of any Capital Gains Tax (CGT) liability as long as the assets are transferred during the year of separation/divorce. This places undue pressure on couples to complete these transfers in time to qualify for the CGT exemption. Based on […]

UK proposes digital deal to support Ukraine recovery

Ukraine has been offered a helping hand by the UK Government to rebuild its economy in the wake of the Russian invasion. Talks between the two nations have led to plans to pursue a new digital trade agreement to help Ukrainian businesses trade more effectively with the UK. International Trade Secretary Anne-Marie Trevelyan met officials […]