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October 2022

Tax Diary November/December 2022

1 November 2022 - Due date for Corporation Tax due for the year ended 31 January 2022. 19 November 2022 - PAYE and NIC deductions due for month ended 5 November 2022. (If you pay your tax electronically the due date is 22 November 2022.)

How to register for the new VAT registration service

As part of Making Tax Digital for VAT, VAT registrations have changed. The way businesses register for VAT changed on 1 August 2022. A new VAT Registration Service (VRS) has been created to manage the process.

What to do if you have received suspicious contact from HMRC

Criminals claiming to be from HMRC have targeted individuals by email, text and phone with their communications ranging from offering bogus tax rebates to threatening arrest for tax evasion. Contacts like these should sound alarm bells – HMRC would never call threatening arrest.  

How much can I gift staff for Christmas tax free?

Business owners who are minded to celebrate the forthcoming Christmas break with their staff are reminded that there is a tax-free allowance for the provision of an annual party or other event for the benefit of staff and their partners. The present limit to tax relief is £150 per head. If this amount is exceeded, the full cost of the benefit is taxable not the excess over £150.  

Off Payroll Working update: Repeal of off payroll working rules scrapped.

It was announced last Monday by the chancellor that the planned repeal of the off payroll working rules is not going ahead. This means that organisations subject to the rules must continue to apply the off payroll working rules beyond April 2023.

How will Making Tax Digital for Income Tax affect Landlords?

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is set to impact Landlords with a gross income of more than £10,000 a year from property from 6 April 2024. Landlords will need to be prepared for the coming tax changes well before the required switch date to avoid any issues and/or penalties.

Almost all tax cuts announced in the mini-Budget have been reversed

Following on from the previously announced U-turns on Corporation Tax and the top rate of income tax, new Chancellor Jeremy Hunt has today announced plans to scrap ‘almost all’ the tax cuts announced in the ‘mini-Budget’ on 23 September.

Are you prepared for Making Tax Digital for Income Tax Self Assessment?

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is HMRC’s second phase of digitalising the UK tax system. It will impact self-employed individuals and landlords with a taxable income above £10,000 from April 2024. 

MTD - What does this mean for Freelancers?

Making Tax Digital (MTD) is HMRC’s initiative to make the UK tax system effective and efficient in today’s digital world. MTD is intended to make life easier and to file tax returns more accurately for the taxpayer. 

Top Tips for Managing Your Cash Flow During Uncertain Times

Whilst the UK economy continues to slow, but is not officially in a ‘recession,’ business owners may be worrying about the impact that going into a recession could have on their business and with experts unable to predict the severity or the length of it, many business owners are fearing that the worst is yet to come.