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| VAT - the annual accounting scheme | Claiming relief for an old tax return error |
| There are a number of VAT schemes aimed at smaller businesses that help to simplify reporting, and in turn reduce the amount of administration time spent on compliance. One is the annual accounting scheme (AAS). But what is this, and when might it be bene.. Read More... | Generally, the time limit for amending a tax return is one year from the due date. But sometimes, it transpires that the tax calculation is excessive later on. For example, the individual may have mistakenly over declared income... Read More... |
| Trading losses and CGT | March Questions and Answers |
| In most cases, it is beneficial to offset trading losses against income - whether that means sideways loss relief against general income or carrying forward to offset future profits of the same trade. However, sometimes the trader's circumstances mean tha.. Read More... | After several years of successive growth, my wife and I have decided to incorporate our partnership. We have a number of assets used in the trade for which we have claimed relief using the annual investment allowance. As the trade is being effectively dis.. Read More... |
| March Key Tax Dates | Spring Statement 2022 |
Newsletter issue - March 2022 1 - Due date for payment of Corporation Tax for accounting periods ending 31 May 2021 7 - Electronic VAT return and payment due for quarter ended 31 January 2022 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/3/2022 31 - Deadline to pay self-assessment liability or agree time to pay arrangement without incurring late payment penalty following reprieve announced in January | When the Chancellor stood up in the Houses of Parliament to deliver his Spring Statement it was against the backdrop of what the Office of Budget Responsibility has called 'the biggest hit to household finances since comparable records began in 1956-57'.Read More... |
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