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You now have longer to pay personal tax. 2020/21 income tax, CGT, class 2 and 4 NIC liabilities normally need to be paid by 31 January 2022. However, HMRC have recently announced that provided the tax is paid by 1 April 2022, there will be no penalty, although interest accrues from 1 February 2022 at 2.75%.
on 23 December 2021, the Chancellor of the Exchequer, Rishi Sunak, commissioned the Office for Budget Responsibility (OBR) to produce an economic and fiscal forecast for Wednesday 23 March 2022.
Businesses across the world have been grappling with rapid transformation because of changes to working practices, shifts in buyer behaviour and ongoing economic uncertainty.
Please find the list below of main tax events January / February 2022. Any questions, do not hesitate to contact our team, who will assist you with any of these deadlines.
Top of the new year to do list for many individuals is to make or update their will. Many think this is something to leave until later in life, but it is important to get things in place once property is acquired or when children come along.
If your tax payment due on 31 January is more than you expected there is still time to reduce the liability if you are prepared to take a risk.
In the run up to the Autumn Budget many were predicting that the chancellor might announce restrictions to pension tax relief. Thankfully nothing has changed -yet.
At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your
130% super-deduction for investing in new plant continues: Many businesses may have been too short of cash to take advantage of the new super-deduction for investing in new plant in 2021 but may be more confident about investing in 2022.
Second hand plant and machinery does not qualify for the 130% super-deduction but would still qualify for the 100% Annual Investment Allowance (AIA).
In his Spring 2021 Budget the Chancellor announced that there would be 8 “Freeports” in England with generous tax breaks to encourage businesses to set up and invest in those areas.
If as an employee you are working at home as a result of Coronavirus but have not been reimbursed the additional costs by your employer, you may claim a deduction from earnings.
Firstly, we would like to say a big thank you to all clients for your donations so far. We are delighted to confirm we have now completed our 20,000 press-ups for Royal Manchester Children’s Hospital and we are so close to reaching our target of £3000!
A&C’s Christmas Jumper day has been a great success! The team at A&C Chartered Accountants have had a fantastic day on 10th December 2021, to help raise money for the Royal Manchester Children’s Hospital Charity
Please see below the list of main tax events for December 2021/January 2022. If you need any further help please do not hesitate to contact us.
HMRC have again increased the advisory fuel rates December 2021 that apply for the reimbursement of employees’ private fuel for their company cars.
The latest version of the CT600 Corporation Tax Return requires companies to report CJRS furlough payments received and the amounts
Remember that certain gifts to staff at Christmas are also tax free if structured correctly. Employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free.
Last year many businesses put on a “virtual” Christmas parties and HMRC agreed that would be acceptable in order for there to be no taxable benefit for the employees involved.
Where possible taxpayers should “Gift Aid” any payments to charity to provide a further benefit to the charity.
Another tax planning strategy that is still available despite rumours that it would be closed in the Budget was the CGT hold over relief when assets are transferred into or out of a trust.