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01/07/2023 |
July Tax Tips & News
Welcome to the Lawrence & Co Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.
If you need further assistance just let us know or send us a question for our Question and Answer Section.
We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.
Please contact us for advice on your own specific circumstances. We’re here to help!
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| Corporation tax on capital gains |
| The main rate of corporation tax rose from 19% to 25% on 1 April 2023 for companies with profits over £250,000. The small profits rate of 19% applies where company profits don't exceed £50,000 for the year. Between those profit thresholds an effective mar Read More... |
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| Voluntary NIC payment deadline extended again | HMRC nudges those named in Pandora Papers | | In April 2023, we gave you the good news that the government had extended the deadline for paying voluntary national insurance contributions (NIC) to fill gaps in an NIC record which arose in the years 2006/2007 to 2016/17, from 5 April 2023 to 31 July 20.. Read More... | The Pandora Papers consists of 11.9 million leaked documents from 14 offshore financial service companies. This information was gradually released by the International Consortium of Investigative Journalists from October 2021 onwards... Read More... |
| How to claim the Marriage Allowance | | The marriage allowance is £1,260 of the personal allowance which is available for transfer between spouses or civil partners. But this amount can only be transferred where the recipient is taxed at the basic rate (20%) or less (starter, basic or intermedi.. Read More... |
| July Questions and Answers | July key tax dates | | Newsletter issue – July 2023
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- Employers need to agree any PAYE Settlement Agreement (PSA) for 2022/23 with HMRC. This can now be achieved with an online application.
- Letting agents acting for non-resident landlords must make return of the rents paid to landlords and tax deducted in 2022/23 (form NRLY). If no letting agent is acting the tenant must make the return.
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- Employers need to submit the report of expenses and benefits (P11D) and class 1A NIC due on those benefits (P11d (b)) online for 2022/23. There is no option to submit this information on paper.
- Employers must supply their relevant employees with copies of the P11D information for 2022/23.
- Employee share scheme annual returns need to be submitted through the ERS to report events in 2022/23.
- Any employee share schemes put in place in 2022/23 must be registered by this date.
- Where employee termination payments and benefits have been provided with a value of £30,000 or more for any one employee, or where non-cash benefits included in the package, a report must be submitted to HMRC.
- Directors and employees who wish to 'make good' the cost benefits provided in 2022/23 to avoid being taxed on those items must do so by this date. This applies to the provision of: cars, vans, road-fuel, non-cash vouchers, accommodation, credit token and benefits treated as earnings.
- Where a close company has provided beneficial loans to a director, the company must elect by this date for all loans to be treated as a single loan to calculate benefits in kind.
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- Where non-cash benefits have been provided in 2022/23 to retired employees under employer-financed retirement benefits scheme a return needs to be made to HMRC.
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- Non-electronic payment of Class 1A NIC for 2022/23 on benefits returned on a declaration of expenses and benefits (form P11D(b)) must reach HMRC by this date.
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- Payment of Class 1A NIC made by an approved electronic payment method must reach HMRC by this date.
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- The second payment on account of self-assessed income tax and Class 4 NIC for 2022/23 is due.
- All tax credit claims for 2022/23 must be confirmed and renewed for 2023/24 if required.
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| About Us |
Lawrence & Co Accountants are based in Harrow, offering local business owners and individuals a wide range of services.
All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website www.lawacc.co.uk for more information.
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Unit 205, Cervantes House
5-9 Headstone Road
Harrow
HA1 1PD
Lawrence & Co is a trading name of Lawrence & Co
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