The deadline for filing a self-assessment tax return is 31 January 2024.
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Author: Frost Wiltshire
Everything changes
If you have your own business and are self-employed rather than operating through a company, you may find a substantial change in the coming years. This is because the timing of when profit is recognised on your tax return is changing.
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All rise
From 1 April 2023, the rate of Corporation tax has gone up. This won’t hit all companies but will have an impact on many businesses so now is a great time to think about some tax planning.
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I don’t want to miss a thing
There have been some significant changes around the administrative side of research and Development (R&D) for companies.
One change is that from 8 August 2023, it is necessary to complete and submit an additional information form (AIF) in advance of submitting the actual claim and corresponding corporation tax return. If this is not done, the claim will get rejected.
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It’s beginning to look a lot like Christmas
The tree is up in the office at our lovely country base and looking fantastic!
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All the leaves are brown
The Autumn statement has been announced and perhaps the most surprising part for many was the fall in Employee National Insurance. It was anticipated that this would fall, but it has been cut more than some predicted; by 2% (from 12% to 10%).
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Electric Avenue
With taxes on the rise, now is a really good time to be thinking about where savings can be made. An employer supplying an electric car (which can be through a salary sacrifice) can be really tax efficient, particularly for an owner managed business.
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Mistletoe and Wine
The tree is up, the jumpers are festive, and we are starting to turn our thoughts to Christmas once again!
There are many ways to reward employees in a tax efficient way, and even though some of these can be complex, there are other ways of providing tax efficient or tax-free benefits which are very simple.
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The Final Countdown
The deadline for filing your 2021.22 tax return is fast approaching. If you haven’t gotten round to completing it yet, we might be able to help!
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Give me just a little more time
As we approach the end of January, the personal tax return self-assessment deadline is looming. However, for the 2020/21 return due on 31 January 2022, HMRC is waiving late filing and late payment penalties for one month. This means that penalties will not be triggered unless the return is filed, or payment made after 28 February 2022.
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