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Tax Tips

Chelsea Anton

Chelsea Anton

Supervisor

“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.”

Sarah Millar

Sarah Millar

Senior Manager

“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.”

Jordan Forbes

Jordan Forbes

Semi Senior

“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.”

Lia Hay

Lia Hay

Senior

“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.”

Sandi Grubb

Sandi Grubb

Manager

“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.”

Ben Connolly

Ben Connolly

Manager

“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.”

Rachel Bell

Rachel Bell

Partner

“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.”

Cheryl Whitton

Cheryl Whitton

Supervisor

“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?”

Jane Black

Jane Black

Payroll Manager

“Remember that businesses may be eligible for employment allowance which can provide a useful credit against your monthly PAYE/NIC bill.”

Sandi Grubb

Sandi Grubb

Manager

“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.”

Download our EQ app and keep up to date with tax news, changes and have access to our EQ Portal, tax calculators and key tax dates at your fingertips. Click on the relevant button on your device to download our free app.

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