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
Tax Planning Before New Tax Year
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
Spring Statement 2022 – Key Announcements For Businesses
Businesses are facing a challenging time with soaring energy costs, disruption to supply chains, interest rate increases, wage inflation and recruitment challenges with currently 1.3 million vacancies across the UK. The Chancellor set out in the Mais Lecture the Government’s focus to address these issues. Capital – cutting and reforming taxes on business investment to encourage firms to invest in … Read More
Spring Statement 2022 – Income Tax & National Insurance
National Insurance Sunak says the planned 1.25% rise in national insurance contributions must remain, as a “dedicated funding source” for health and social care. In 2022/23 the rate of primary Class 1 NICs for employees charged on their earnings, the rate of secondary Class 1 NICs for employers charged on their employees’ earnings, and the rate of Class 4 NICs … Read More
Key tax & accounting deadlines to 31 May 2022
With the end of the tax year approaching, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. March 2022 1 March – Deadline for corporation tax payment for accounting period ended 31 May 2021 1 March – Updated advisory fuel rates published 7 March – VAT returns and payments for quarter ended 31 January 2022 14 March … Read More
Advisory Fuel Rates From 1 March 2022
From 1 March 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 13 pence 8 pence 1401cc to 2000cc 15 pence 10 pence Over 2000cc 22 pence 15 pence Engine size Diesel – … Read More
Chartered Accountants Curo welcomes new partner as expansion continues
Bromsgrove-based Chartered Accountants Curo starts 2022 by taking on a new partner as it continues to expand across the West Midlands region and beyond. Set up in 2005 by former KPMG colleagues Anna Madden and Julia Gallagher, Curo has grown steadily and is now firmly established as a go-to advisor for entrepreneurial businesses. Stuart Wood joins Curo from KPMG in … Read More
Advisory fuel rates from 1 December 2021
From 1 December 2021, 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 9 pence 1401cc to 2000cc 15 pence 10 pence Over 2000cc 22 pence 15 pence Engine size Diesel – … Read More
Crypto assets – have you received a ‘nudge letter’ from HMRC?
We’re seeing an increase in ‘nudge letters’ sent by HMRC to taxpayers suspected of holding crypto assets. The rise of the nudge letter Under increased powers of access, HMRC now works with a larger number of external organisations, exchanging and receiving information about taxpayers’ financial interests. Letters are being sent to taxpayers believed to hold crypto assets based on data … Read More
Key tax & accounting deadlines to 31 January 2022
With Christmas fast approaching and the busy January tax season soon after, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. November 2021 1 November – Deadline for corporation tax payment for accounting period ended 31 January 2021 7 November – VAT returns and payments for quarter ended 30 September 2021 14 November – CTSA quarterly instalments … Read More