“If you are in receipt of any income taxed through PAYE, it is worth checking your tax code to ensure HMRC have not included any incorrect adjustments that impact the amount of tax you are paying at source.
If you are unsure what any of the adjustments relate to, or believe your tax code to be incorrect, you can call the HMRC helpline on 0300 200 3300 and ask that they update your code in order that the correct amount of tax is being collected at source.”
“When considering risk management, all qualified tax professionals are bound by guidelines called Professional Conduct in Relation to Taxation (PCRT).
This demands high standards of ethics from practitioners, ensuring that advice given is commercially appropriate and not simply blatant tax avoidance.”
“Are you an unincorporated business with a financial year end which is not 31 March or 5 April?
If so, you need to be aware of the new basis period rules coming into force from 6 April 2023. Plenty planning possibilities exist.”
“Remember, the 130% super-deduction for capital allowances is only available for assets purchased on or before 31 March 2023.
If you are purchasing new assets for your company, consider buying now to claim the super-deduction.”
“If your business has recently registered for VAT, did you know that you can generally reclaim VAT on goods you bought up to 4 years before you became VAT registered, and on services you bought up to 6 months before?
Conditions apply and you must have a valid VAT invoice or receipt for each item.”
“Pension planning remains very tax efficient in the right circumstances.
Transferring commercial property into your SIPP can allow the tenant to pay rent on the property, claiming tax relief against their profits, and the pension scheme receives the rental income tax free.”
“Those planning on claiming the UK State Pension only have until 5 April 2023 to make voluntary contributions to fill any gaps going back to the April 2006 tax year.
From 6 April 2023, the extended timeframe will revert back to six years therefore we encourage you to check your NI record to identify any shortfalls.”
“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.”
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Chartered Accountants
