The 2022/23 tax year ended on 5th April and now is the time to prepare for the upcoming 6th July 2023 deadline.

P11D’s Expense and benefits forms should be completed for each employee and director who have received expenses and/or benefits during the 2022/23 tax year. Class 1A National Insurance contributions should also be declared and paid by the employer. The deadline for P11D submissions is 6th July 2023 with penalties levied for late or incorrect returns. The P11D payment deadline is … Read More

Spring Statement – Employment

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The Chancellor announced several plans to help people increase their hours, move into work and extend their working lives. He said “those who can work, should” ‘Universal Support’ a new supported employment programme for disabled people and those with long-term health conditions. The government will spend up to £4,000 per person to find them suitable job roles which caters to … Read More

Spring Statement – Enterprise

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Corporation Tax Despite all the lobbying the corporation tax increase to 25% from 19% due in April 23 is still to go ahead. The Chancellor’s argument is that this only applies to 10% of businesses as relates to profits above £250,000 and still makes the UK one of the lowest tax regimes in the G7. However, marginal rates apply to … Read More

Key tax & accounting deadlines to 31 May 2023

With the end of the tax year approaching, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. March 2023 1 March – Deadline for corporation tax payment for accounting period ended 31 May 2022 1 March – Updated advisory fuel rates published 7 March – VAT returns and payments for quarter ended 31 January 2023 14 March … Read More

Advisory Fuel Rates from 1 March 2023

Fuel rates from 1 March 2022

From 1 March 2023, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 13 pence 10 pence 1401cc to 2000cc 15 pence 11 pence Over 2000cc 23 pence 17 pence Engine size Diesel – … Read More

Tax Planning Before New Tax Year

With the end of the personal tax year on 5 April 2023 swiftly approaching, there is still time to use unused tax reliefs to optimise the tax position. We have seen several changes to tax bands and allowances during this year and performing a review is always advised pre end of tax year. Clearly adequate funds need to be in … Read More

Key tax & accounting deadlines to 28 February 2023

Self-Assessment

As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. December 2022 1 December – Deadline for corporation tax payment for accounting period ended 28 February 2022 1 December – Updated advisory fuel rates published 7 December (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More

Advisory Fuel Rates from 1 December 2022

From 1 December 2022, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 14 pence 10 pence 1401cc to 2000cc 17 pence 12 pence Over 2000cc 26 pence 18 pence Engine size Diesel – … Read More

Autumn Statement – Key Announcements for Individuals

Income Tax & National Insurance National Living Wage will increase 9.7% in April 2023 from £9.50 per hour to £10.42 per hour which represents an annual increase for a full time worker of £1,600. The Chancellor has reduced the income tax additional rate threshold from £150,000 to £125,140 which will increase taxes for people on high incomes from April 2023. … Read More

Autumn Statement – Key Announcements for Businesses

tax & accounting deadlines

BUSINESS Overall no surprises for businesses in today’s announcements as the reversal in corporation tax rates had previously been confirmed. The continued approach to tackle tax avoidance is present and mainly focused on international tax measures to ensure the fair share of tax is paid by businesses in the UK. CORPORATION TAX RATES As previously confirmed the planned increase to … Read More