Monthly Archives: February 2022

Company share schemes

EMI Scheme

Most share option schemes, with an eye to tax benefits, use the Enterprise Management Incentive (EMI) scheme.

For qualifying arrangements, there are tax incentives for the employer and employee.

The point to emphasise with EMI arrangements is that they can only be made by employers with their employees.

Unapproved option scheme

Unapproved share option schemes can be organised...

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Sharing income with your family

The UK tax system does not allow families to spread the impact of taxation where there is one significant income earner providing for other family members.

For example, if one parent was earning £100,000, they will be paying income tax at 40% rates on almost £50,000 of their income when their partner and teenage children may...

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On-line rip-offs exposed

In a recent press release the Competition and Marketing Authority issued details of a poll of over 2,000 UK adults. According to the results of the poll:

  • 7 out of 10 had experienced misleading online practices
  • 85% believed businesses using them were being dishonest with their customers
  • And 83% were less likely to buy from them in the...
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Challenging your council tax band

Apparently, February is the month that many homeowners take issue with their council tax banding in the hope and expectation that it will result in lower – not higher – council tax bills 2022-23.

Anticipating this, the Valuation Office, who oversee these reviews, have issued guidance. In their opening to a news story published 4 February...

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When did you last estimate your personal wealth?

During the pandemic, businesses affected by COVID-19 disruption will have had their attention firmly focussed on survival. Certain sectors have suffered more than others with the hospitality, entertainment and leisure industries bearing the brunt of lockdown measures.

But what impact has this unprecedented period had on the value of your personal assets?

One thing we cannot change...

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Time to top-up your pension pot

We are fast approaching the end of another tax year, 5 April 2022.

To benefit from tax relief for 2021-22 you will need to make any top-up payment on or before this date.

To help you reach a decision, we have summarised the present tax rules that set out how much you can pay into your fund...

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Tax Diary February/March 2022

1 February 2022 - Due date for Corporation Tax payable for the year ended 30 April 2021.

19 February 2022 - PAYE and NIC deductions due for month ended 5 February 2022 (If you pay your tax electronically the due date is 22 February 2022).

19 February 2022 - Filing deadline for the CIS300 monthly return for...

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Beware overtrading

If politicians have it right, we may be approaching the end of the major disruption to economic activity of the past two years.

Which is great news for those trades badly affected by continuing lockdown and other restrictions.

Unfortunately, rapid growth following a long period of depressed trading conditions can prove to be disastrous.

The danger arises if...

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Still time to consider tax planning options for 2021-22

With rare exceptions, once the end of the tax year has passed, tax planning options to reduce liability are no longer possible.

For Income Tax and Capital Gains Tax purposes, this means that the majority of the tax reduction options will cease unless actioned before 6 April 2022, the start of the next tax year.

Which means...

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Self-isolation for those with COVID-19

Since Monday 17 January, people with COVID-19 in England can end their self-isolation after 5 full days, as long as they test negative on day 5 and day 6.

The decision has been made after careful consideration of modelling from the UK Health Security Agency and to support essential public services and workforces over the winter.

It...

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