Latest Tax Tips and News - June 2023
How to spread your PAYE payments
Newsletter issue – June 2023 Your business may well be stretched right now, the NMW rates rose by over 10% from 1 April and other input costs have increased by even more, particularly food and energy. It is tempting to use the amounts deducted from your payroll to pay pressing bills, but that is not…Read More
HMRC warn of BAD relief claims
Newsletter issue – June 2023 Entrepreneurs‘ Relief (ER) was renamed Business Asset Disposal (BAD) relief on 11 March 2020, and at the same time the value of gains which can be covered by this relief was reduced from £10m to £1m on 11 March 2020. Where gains qualify for either ER or BAD relief the…Read More
VAT margin scheme for car dealers
Newsletter issue – June 2023 Brexit has introduced a VAT border between Great Britain and Northern Ireland, the implications of which are still being worked through. From 1 May 2023, second-hand vehicles which are purchased in Great Britain then sold in Northern Ireland have to carry VAT on the full selling price. Before this date…Read More
Excess mileage payments
Newsletter issue – June 2023 Petrol and diesel pump prices are high, but the tax-free mileage rates (see table) payable to employees who use their own vehicles on business haven‘t been adjusted for over a decade. Vehicle First 10,000 miles per year Above 10,000 miles per year Cars and vans 45p 25p Motorcycles 24p 24p…Read More
June Questions and Answers
Newsletter issue – June 2023 Q. I have just received a bonus payment of £100 from the Nationwide Building Society. Do I need to pay tax on this? A: This bonus payment from the Nationwide is treated as normal bank interest for tax purposes, so it is taxable. However, in most cases it will be…Read More
June key tax dates
Newsletter issue – June 2023 15 - US expatriates must file their 2022 US federal tax returns by this date if they have not obtained a filing extension. If more time is needed an extension can be obtained to 15 October 2023. Interest will accrue from 15 April 2023 on any tax due, until it…Read More