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01/06/2023 |
June 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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| How to spread your PAYE payments |
| Your business may well be stretched right now, the NMW rates rose by over 10% from 1 April and other input costs have increased by even more, particularly food and energy. It is tempting to use the amounts deducted from your payroll to pay pressing bills, Read More... |
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| HMRC warn of BAD relief claims | VAT margin scheme for car dealers | | Entrepreneurs‘ Relief (ER) was renamed Business Asset Disposal (BAD) relief on 11 March 2020, and at the same time the value of gains which can be covered by this relief was reduced from £10m to £1m on 11 March 2020. Where gains qualify for ei.. Read More... | Brexit has introduced a VAT border between Great Britain and Northern Ireland, the implications of which are still being worked through. From 1 May 2023, second-hand vehicles which are purchased in Great Britain then sold in Northern Ireland have to carry.. Read More... |
| Excess mileage payments | | Petrol and diesel pump prices are high, but the tax-free mileage rates (see table) payable to employees who use their own vehicles on business haven‘t been adjusted for over a decade... Read More... |
| June Questions and Answers | June key tax dates | | Newsletter issue – June 2023
15 - US expatriates must file their 2022 US federal tax returns by this date if they have not obtained a filing extension. If more time is needed an extension can be obtained to 15 October 2023. Interest will accrue from 15 April 2023 on any tax due, until it is paid.
22 - Employers must pay over PAYE, NIC and CIS deductions made for the month to 5 June 2023, so the money clears the HMRC bank account by this date. |
| 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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Copyright © 2024 Lawrence & Co. All rights reserved.
Unit 205, Cervantes House
5-9 Headstone Road
Harrow
HA1 1PD
Lawrence & Co is a trading name of Lawrence & Co
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