Latest Tax Tips and News - May 2022
Latest News round-up
Newsletter issue - May 2022 New Class 2 NIC rules - make sure you don't miss out on your state pension One of the more welcome measures in the Chancellor's Spring Budget was the alignment of the National Insurance Contributions (NIC) thresholds for individuals with the personal income tax allowance. For 2022/23, self-employed individuals will…Read More
PAYE Tax Coding - is your Code right?
Newsletter issue - May 2022 Many employed taxpayers receive their wage slips at the end of every week/month and assume that the figures are correct - that the Code being used is correct. As a result, taxpayers may not realize that the amount of tax deducted by the end of the tax year is wrong.…Read More
'Higher earner'- should you claim child benefit?
Newsletter issue - May 2022 The 'High Income Child Benefit Charge' applies to an individual with income over £50,000 where either they or their partner received child benefit in the tax year or someone else received the benefit for a child living with them and they contributed at least an equal amount towards the child’s…Read More
Let property - Claiming the full amount of mortgage interest tax relief
Newsletter issue - May 2022 Personal landlords with mortgages or loans on residential lets will be aware of the restriction on the amount of tax credit relief that can be claimed on interest paid. Usually, this amount is 20% of the interest paid in any one year. However, there are circumstances where a further restriction…Read More
May Questions and Answers
Newsletter issue - May 2022 Q. I am the director of my own company incorporated 15 months ago. The business has expanded such that I have taken on a bookkeeper. Whilst preparing the information required to give to my accountant at the year-end, my new bookkeeper has found a batch of sales invoices that I…Read More
May Key tax dates
Newsletter issue - May 2022 1 - Submission of Annual accounts to Companies House and payment of Corporation Tax for accounting periods ending 31 July 2021 1 - VAT fuel scale charge: new rates apply from the next VAT period beginning on or after 1 May 2022 6 - Electronic VAT return submission and payment…Read More