“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.”
“Spending on pensions, charitable donations, VCT and EIS investments can make a huge marginal impact on your tax bill if timed correctly.”
“For those in cash flow difficulties, remember that, for reasonable requests, HMRC are often sympathetic to time to pay arrangements.”
“If you currently claim the HMRC simple rates for working from home, the recent large increases to utility bills may mean these are insufficient.
You should consider calculating this based on the actual costs you incur.”
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Chartered Accountants
