Monthly Archives: April 2022

Tax planning 2022-23

Planning to save tax may seem like a luxury buy in these days of rising prices and recovering from COVID fallout.

And yet tax planning is of real value in these uncertain times.

Whether your income and profits are increasing or reducing, there will be tax consequences. And unfortunately, to mitigate your tax footprint you will need...

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Rising prices – inflation and the background

We are all feeling the effects of inflation, increasing energy, fuel and the price of basic foodstuffs affect us all.

The Government Actuary’s Department has posted a blog article recently – Inflation, its personal – written by Christopher Ward, Actuary.

The article provides a useful update on the scope and cause of rising prices. It says:

“We are...

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Reorganising company structures to save tax

When corporation tax increases from 1 April 2023, companies will need to consider three scenarios:

From 1 April 2023:

  • The main corporation tax rate is increased to 25% where profits are over the upper profits limit, set at £250,000.
  • A small profits rate will apply for companies whose profits are equal or below the lower profits limit, set...
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The value of objectivity

Many business owners feel qualified to act on their subjective conclusions. Where these conclusions are key to the continuing success of the business this internal process opens up the possibility of failure – what if you have failed to consider all the possible risks?

As individuals, we can only grapple with our internal thought processes, we...

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Saving to meet future tax payments

Whether you are self-employed or run your business through a company, the profits you produce are subject to tax less any reliefs for past losses or investments in assets that qualify for tax relief.

As most accounts software packages do not allow for these tax liabilities on a month-by-month basis, there is a tendency to see...

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Planning for the unexpected

How do we plan for the unpredictability that is a recurring feature of our business lives?

Brexit, COVID-19, and now the war in Ukraine, all conspire to create trading conditions that can best be described as chaotic.

Present challenges include increasing energy and commodity prices, both of which are forcing up the cost of living and inflation.


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Landlords and Making Tax Digital

Landlords are described by HMRC as a property business and yet their income, rents received, is treated as an exempt transaction for VAT purposes, i.e., landlords do not need to register for VAT and submit quarterly returns.

The only exception is if a let commercial property has been opted-in to VAT.

This means that the majority of...

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Happy new tax year

Like so many of the regulations that govern our lives, the legislative processes underpinning these rules are anachronisms – things that belong to the past.

For example, the present tax year ends on 5th April 2022. The reason that our tax year ends on this obscure date started in 1582 when Pope Gregory ordered a change...

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Tax Diary April/May 2022

1 April 2022 - Due date for Corporation Tax due for the year ended 30 June 2021.

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

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

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HMRC warning to taxpayers

HMRC issued the following press release 8 March 2022:

“HMRC is warning customers not to share sensitive personal information online to avoid their identities being used to commit tax fraud.

“HMRC is aware that criminals are attempting to obtain customers’ Government Gateway logins and other personal details, enabling them to register for Income Tax Self-Assessment and...

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