“If your income is under the personal allowance, currently £12,570, you may be eligible to apply for Marriage Allowance. This allows you to transfer £1,260 of your personal allowance to your husband, wife or civil partner, if they are a basic rate taxpayer, and can reduce their tax by up to £252 each tax year based on current rates.
HMRC allow eligible claims to be backdated to include any tax year since 5 April 2018 meaning further savings could be available.”
“Remember the self-assessment tax return deadline is tomorrow – this is your last chance to file your return without incurring a penalty!
This year’s self-assessment tax return covers income earned between 6 April 2021 and 5 April 2022 so make sure you get your return in on time.”
“In the run up to the tax return deadline, HMRC phone lines are incredibly busy.
If you are struggling to pay your tax on time, as long as your return has already been filed and you owe less than £30,000 you may be able to set up a Time to Pay arrangement online to beat the phone queues.”
“The deadline for filing your 2021/22 Self Assessment tax return and paying the tax owed is 11:59pm on Tuesday 31 January 2023.
Remember, if you think you may be unable to pay your tax bill in full then contact HMRC as they may agree to a Time to Pay arrangement.”
“Remember that the new points-based penalties are now in place for VAT returns submitted late, or VAT payments made late, for accounting periods starting on or after 1 January 2023.
The way late payment interest for VAT is charged has also changed so make sure you get your filings and payments in before the deadline to avoid any issues.”
“It’s an employee market just now and recruiting/retaining staff is key.
There are a series of incentives from bonus structures to equity incentives which might help you achieve that.”
“In the current climate, accelerating tax reliefs to their earliest point might be important.
That could include ensuring loss claims are made at the earliest opportunity, making appropriate R&D claims in companies, reviewing the choice of year end, timing of capital expenditure, assessing remuneration etc.”
“A Christmas gift costing more than £50 will count as a taxable benefit for the employees that receive it.
Why not give a non-tangible gift (an extra day’s holiday to go Christmas shopping, team building days or charitable donations) which attracts no tax?”
“Remember that businesses may be eligible for employment allowance which can provide a useful credit against your monthly PAYE/NIC bill.”
“For those in receipt of regular VAT repayments, you should check if you are eligible to submit monthly VAT returns which can significantly help cash flow.”
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Chartered Accountants
