Tax Diary October/November 2022

October 4th, 2022

1 October 2022 – Due date for Corporation Tax due for the year ended 31 December 2021. 19 October 2022 – PAYE and NIC deductions due for month ended 5 October 2022. (If you pay your tax electronically the due date is 22 October 2022.) 19 October 2022 – Filing deadline for the CIS300 monthly […]

Ways to pay your VAT bill

October 4th, 2022

Make sure your payment will reach HMRC’s bank account by the payment deadline. You may have to pay a surcharge if you do not pay on time. If you are not sure of the actual payment deadline you can use the VAT payment deadline calculator to work out how much time to allow. To make […]

Buy-to-let loan interest trap

October 4th, 2022

Although finance costs, predominantly loan interest, are now disallowed as an expense that can be utilised to reduce taxable rental income, these charges do qualify for a tax credit limited to 20% basic rate Income Tax. For example, if your loan/mortgage interest amounts to £10,000 this cannot be used to reduce your rental income. It […]

Winter Fuel Support

October 4th, 2022

If you were born on or before 25 September 1956 you could receive between £250 and £600 to help you pay your heating bills. This is known as a ‘Winter Fuel Payment’. The amount you receive will include a ‘Pensioner Cost of Living Payment’. This is between £150 and £300. You will only get this […]

More start-ups eligible for slice of �900m loan pot

October 4th, 2022

More new businesses are going to be able to take advantage of an £884 million loan scheme after the Business Secretary expanded its eligibility. Start-ups that have been trading for up to three years will now be able to apply for loans of up to £25,000 and second loans will be available to businesses up […]

Mini-Budget delivers some big changes

September 29th, 2022

New Chancellor Kwasi Kwarteng found himself firmly in the spotlight as he delivered a mini-Budget that saw the pound crashing to a new 37-year low. The winners and losers were left to reflect on the announcements as the Chancellor delivered a package of tax cuts worth £45 billion in an attempt to boost the UK’s […]

Relief scheme takes the heat off energy bills

September 27th, 2022

Businesses have been given a helping hand by the Government to cope with the dramatic rise in energy prices as a new winter of discontent looms. Through a new Energy Bill Relief Scheme, the Government will provide a discount on wholesale gas and electricity prices for all non-domestic customers (including all UK businesses, the voluntary […]

Mini-Budget 23 September 2022

September 23rd, 2022

A summary of the main tax changes that will impact the liability of individuals and business owners from April 2023 are: • A reduction in the Income Tax basic rate from 20% to 19%. • The abolition of the 45% additional Income Tax rate. • The cancellation of the proposed increase in Corporation Tax. The […]

Businesses face rebranding following Queens death

September 22nd, 2022

Heinz. Cadbury. Coca-Cola. Being household names isn’t the only thing they have in common. All three were awarded the Royal Warrant, and were able to display the Royal Arms on their products. Following the death of Her Majesty Queen Elizabeth II, these companies – and around 600 more – will have to stop using the […]

Prepare your business for the next big challenge

September 20th, 2022

Business owners could be facing a difficult few months as the cost-of-living crisis continues to bite alongside the predicted winter recession. After overcoming the difficulties associated with COVID-19, it seems there hasn’t been much opportunity to steady the ship before the next tidal wave of challenges washes over us. The worst thing businesses can do […]