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| 01/07/2022 | |||||
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| When should a business register for VAT? | Can employing a family member save tax? |
| The rules regarding VAT registration appear relatively straightforward -- a business must register if its VAT taxable turnover exceeds the VAT registration threshold (currently £85,000, remaining at this level until at least 31 March 2024). .. Read More... | Regardless of your business structure (sole trader or limited company) employing a spouse/ civil partner (or any other family member) can be one of the more efficient ways of reducing tax for your business... Read More... |
| Tax relief for rental property losses post Covid |
| Landlords could have been said to be the 'forgotten business' of the Covid pandemic - granted, they were able to take a three month 'holiday' from mortgage payments but were not given any direct help from the government (apart from business rate holidays .. Read More... |
| July Questions and Answer | July Key tax dates |
Newsletter issue - July 2022 5 - PAYE Settlement Agreements for 2021/22 must be agreed with HMRC. Letting agents acting for non-resident landlords must make a return of the rents paid to landlords and tax deducted in 2021/22 (form NRLY). If no letting agent is acting the tenant must make the return. 6 - Employers to submit forms P11D and returns of Class 1A NICs (forms P11D(b)) to HMRC for 2021/22. Employers must supply relevant employees with P11D information for 2021/22. Annual returns for reporting events relating to all employee share schemes in 2021/22 must be submitted through ERS. Employee share schemes put in place in 2021/22 must be registered. File report of termination payments and benefits where non-cash benefits are included in the package, where the total value of the settlement is £30,000 or more. Where a close company has provided beneficial loans to a director, it must elect by this date for all loans to be treated as a single loan to calculate benefits in kind. 7 - Return must be made of non-cash benefits provided in 2021/22 to retired employees under the employer-financed retirement benefits scheme. 19 - Employer non-electronic payments of Class 1A NICs for 2021/22 on benefits returned on a declaration of expenses and benefits (form P11D(b)) must reach HMRC. The due date is 22 July for payments made by an approved electronic payment method. 31 - Second payment on account of self-assessed income tax and Class 4 NIC for 2021/22 due. Tax credit claims for 2021/22 must be confirmed and renewed for 2022/23 if required. Deadline to pay any self-assessment tax owing for 2020/21 before a second automatic penalty is charged. Where a pension scheme annual allowance charge of over £2,000 is due for 2021/22 the pension scheme member must inform the scheme administrator if they want to scheme to pay that charge from their pension benefits. |
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