Corporation Tax – marginal relief from 1 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
Taxpayers who return to the UK
There are tax implications that you will need to consider if you previously left the UK to live abroad and are now either returning to live and work in the UK or are considering such a move.
In most cases, if you have returned to live in the UK you will be classed as resident in the UK and will be
CGT during divorce or separation
If you are part of a couple that is about to separate or divorce, apart from the emotional stress, there are also tax issues that can have significant implications. Whilst this is unlikely to be uppermost in your mind it is important that the tax consequences of the break-up are considered.
Income
New deal for private renters
The government has announced their intention to fundamentally reform the private rented sector marking the biggest shake up of the private rented sector in 30 years. These measures are set to include a ban on section 21 ‘no-fault’ evictions and placing a legislative duty for landlords in the private
Reform of Consumer Credit Act
The government has announced new plans to modernise consumer credit laws to cut costs for businesses and simplify rules for consumers. This will see major reforms to the Consumer Credit Act that regulates credit card purchases and personal loans. A consultation on the direction of reform is expected
Class 1A payment deadline
Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. There is no employee contribution payable. If you provided taxable benefits to staff or directors your business is likely to have a Class 1A employers’ NIC liability. The deadline for
Check employment status for tax
The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector.
The service provides HMRC’s view if IR35 legislation applies to a particular engagement and whether a
Submitting CIS nil monthly returns
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’ and should be aware of the tax implications of the scheme.
Under
Notifying cessation of self-employment
Any taxpayers that have ceased to be self-employed must notify HMRC of their change in status. There are a number of steps that must be followed if a taxpayer ceases trading as a sole trader or if they are ending or leaving a business partnership.
Taxpayers must send in a Self-Assessment return by
Tax Diary July/August 2022
1 July 2022 – Due date for corporation tax due for the year ended 30 September 2021.
6 July 2022 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.
19 July 2022 – Pay Class 1A NICs (by the 22 July 2022 if paid electronically).
19 July 2022 – PAYE