Tax Diary February/March 2023
1 February 2023 – Due date for corporation tax payable for the year ended 30 April 2022. 19 February 2023 – PAYE and NIC deductions due for month ended 5 February 2023. (If you pay your tax electronically the due date is 22 February 2023) 19 February 2023 – Filing deadline for the CIS300 monthly […]
PAYE and overseas employees 24773
There are a multitude of rules and regulations that you must be aware of when you employ someone from abroad who is coming to work in the UK. HMRC’s guidance (entitled New employee coming to work from abroad) sets out some important issues to be aware of when taking on a new employee from abroad. […]
When you must register for VAT
The taxable turnover threshold, that determines whether businesses should be registered for VAT, is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for deregistration is £83,000. It was confirmed as part of the Autumn Statement 2022 measures that the taxable turnover registration and deregistration thresholds will be frozen at the current […]
Limits to tax relief for pension contributions
Under current rules, you can claim tax relief for your private pension contributions. The annual allowance for tax relief on pensions is £40,000 for the current tax year. There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years […]
Corporation tax changes April 2023
The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 – ensuring these companies pay Corporation Tax at the same rate as currently. […]
Do not get caught out by dodgy job ads
The start of a new year is the peak time for jobseekers, but that also means that scammers crawl out of the woodwork to exploit unwitting victims. If you are looking around for a new job, there are a number of red flags you should be aware of. The Disclosure and Barring Service (DBS) is […]
Electric car owners to save money under landmark initiative
Cheaper motoring is heading down the road with the announcement of a new scheme for smart charging of electric vehicles. The Electric Vehicle Smart Charging Action Plan, published by the Government and Ofgem, sets out steps being taken to seize on the significant potential of smart charging and make it the preferred method of long […]
Be on your guard against scammers
It’s a sad fact of life that scammers love to take advantage of vulnerable people, but there are steps you can take to protect yourself. Making yourself and your loved ones aware of the tactics used by criminals is the first step to staying safe. Consumer champions Which? have helpfully put together a guide to […]
Energy discount scheme a further boost for businesses
New energy bills support will give businesses a boost when it is introduced later this year. A new energy scheme for businesses, charities and the public sector has been confirmed ahead of the current scheme ending in March. The new plan will mean all eligible UK businesses and other non-domestic energy users will receive a […]
Clampdown on repayment agents will protect taxpayers
New legislation from HMRC that changes the way repayment agents are paid will better safeguard taxpayers and improve standards in the sector. The way taxpayers who use a repayment agent can receive overpaid tax will be adjusted to protect them and raise standards among repayment agents. Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent […]
