Latest Tax Tips and News - October 2022
Mini Budget Summary
Newsletter issue – October 2022 We knew that the new Prime Minister wanted to cut income tax rates at some time in her tenure because we had been told so repeatedly. What we did not expect was the measure to be enacted so soon after the new Chancellor had been installed and we certainly did…Read More
Are you too late to claim a tax repayment?
Newsletter issue – October 2022 Claims for repayment of tax are usually made via submission of a tax return, e.g. a self-assessment repayment claim is by completion of the section on page TR7. Whether as an individual or a company the time limit for amending a tax return is usually one year from the deadline…Read More
Landlords - make sure you claim all the expenses you can.
Newsletter issue – October 2022 Whatever the reason for becoming a landlord, expenses will be incurred relating to that property at some time or another. Unfortunately, just because a payment has been made does not necessarily mean it is allowable for tax. Even if the payment is allowable, when tax relief can be claimed depends…Read More
Which VAT scheme to use?
Newsletter issue – October 2022 Most businesses know that once the tax turnover for a business exceeds the VAT registration threshold (currently £85,000 a year), or it is expected to do so within the next 30 days, VAT registration is compulsory. Some businesses are not required to register (e.g. those offering education and training and…Read More
October Questions and Answers
Newsletter issue – October 2022 Q. My company does not have a credit card and therefore I use my own personal credit card to pay for some expenses - particularly any purchases made online as a credit card gives an extra layer of protection. I also use the card for some personal expenses. Every month…Read More
October Key Tax Dates
Newsletter issue – October 2022 1 -Corporation Tax payment 31 December 2021 year-end 5 -Deadline to notify HMRC of 2021/22 tax liability where returns are not currently submitted. A penalty can be avoided if the tax owed is paid no later than 31?January 2023. 7 - Electronic VAT return and payment due for the VAT…Read More