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P11D & P11D(b)  For employers who provide expenses and benefits to their employees, there is now under a month to go to ensure your P11D and P11D(b) submissions have been made with HMRC (6th July 2023).   Payments of Class 1 A National Insurance must be made by 19th July 2023 (22nd July 2023 if…

The Super-Deduction isn’t so super if your Company’s accounting year end is after 31st March 2023!   Between 1st April 2021 to 31st March 2023, Companies have been able to benefit from a new 130% first year capital allowance for investing in new plant and machinery.   For Companies that have purchased qualifying assets before…

The deadline for paying your second payment on account towards the 2022/23 tax year is 31 July 2023.   Paying your tax bill You can make weekly or monthly payments towards your bill, if you prefer. Pay your Self Assessment tax bill: Pay weekly or monthly – GOV.UK (www.gov.uk)   You can get help if you cannot…

The deadline for filling gaps on your State Pension record via voluntary Class 3 National Insurance, back to 2006/07, was originally 5 April 2023. This was extended in March to 31 July 2023, and has today been extended AGAIN to 5 April 2025. So we now have over another 21 months to consider necessary actions.…

What exactly is cryptocurrency? Cryptocurrency (crypto) is a form of decentralised digital currency.  Although there is no central issuing and regulating authority like with traditional currencies like GBP or USD, there are still taxes on crypto in the UK. Crypto assets like Bitcoin and Ethereum have always been popular with investors and tech enthusiasts, but…

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Although it has been with us since 1999, IR35 tax rules will probably be unfamiliar to most readers. These anti avoidance rules were introduced to stop workers reducing their taxes by structuring their affairs to get paid via their own personal service company. Where ‘caught’ by IR35, such arrangements would then collect the same amount…

Now that the 5th April 2023 has passed many self-assessment taxpayers will be turning their attention to preparing and submitting their self-assessment personal tax returns for the 2022/23 tax year, which covers the tax year ended 5th April 2023. Although the filing deadline is 31 January 2024 (31 October 2023 for paper returns) it is…

From 6th April 2022 (relevant to 2022/23 tax year) Class 2 voluntary NIC does not have to be paid if taxable profits exceed the Class 2 NIC Small Profits Threshold of £6,725, but do not exceed the Class 4 NIC Lower profits Limit of £11,908.   If your total taxable profit sits in between these…

Now that the 30 April 2023 Annual Tax on Enveloped Dwellings (ATED) filing deadline has passed, it is important to remember that additional returns may need to be submitted to HMRC during the ATED chargeable period, which runs from 1 April 2023 to 31 March 2024. The most common events which cause this are explained…