Mini Budget 2022 – Key Announcements For Businesses

overpay tax

Corporation Tax From April 23 the rate of corporation tax was set to rise to 25% for business with taxable profits above £250,000, and only those businesses with profits under £50,000 remaining at 19%. As had been highly predicted the rate increase has been reversed with the 19% rate set to stay in place for all profit levels. This will … Read More

Mini Budget 2022 – Key Announcements For Individuals

Income Tax The Chancellor Kwasi Kwarteng has brought forward the cut to basic rate tax one year earlier which will see basic rate tax go from 20% to 19% from April 2023.  This will be the first cut in income tax for 16 years.  Kwarteng said “This means that we will have one of the most competitive and progressive income tax … Read More

Key tax & accounting deadlines to 30 November 2022

As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. September 2022 1 September – Deadline for corporation tax payment for accounting period ended 30 November 2021 1 September – Updated advisory fuel rates published 7 September (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More

Advisory Fuel Rates from 1 September 2022

Fuel rates from 1 March 2022

From 1 September 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 15 pence 9 pence 1401cc to 2000cc 18 pence 11 pence Over 2000cc 27 pence 17 pence Engine size Diesel – … Read More

Trust Registration Service

The Trust Registration Service (TRS) was setup in 2017 and all UK Express Trusts liable to pay UK tax were required to register. New rules were announced in October 2020 that require all UK trusts, apart from a few exceptions, and some non-UK trusts in existence on or after 6 October 2020, to register with HMRC by 1 September 2022, … Read More

Capital Gain Tax on property disposals to be paid within 60 day window

non-resident

CGT on property disposals to be paid earlier. From April 2020, UK residents disposing of second properties are required to report the sale and pay any resulting tax within 60 days of completion (previously 30 days). The rules do not apply to main residences which are covered by the Principal Private Residence Relief, sheltering the full gain from tax. For … Read More

Advisory Fuel Rates from 1 June 2022

Fuel rates from 1 March 2022

From 1 June 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 9 pence 1401cc to 2000cc 17 pence 11 pence Over 2000cc 25 pence 16 pence Engine size Diesel – … Read More

Key tax & accounting deadlines to 31 August 2022

As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. June 2022 1 June – Deadline for corporation tax payment for accounting period ended 31 August 2021 1 June – Updated advisory fuel rates published 7 June (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More

Tax Planning Before New Tax Year

Tax Reliefs 2021 - 2022

With the end of the personal tax year on 5 April 2022, there is still time to use unused tax reliefs to optimise the tax position. Clearly adequate funds need to be in place to pay for day-to-day lifestyle and cover the essential outgoings but there are several ways to shield income and savings from tax and allow you to … Read More