Plastic Packaging Tax update

The Plastic Packaging Tax (PPT) was introduced on 1 April 2022. If you manufacture or import plastic packaging into the UK, you may need to register for PPT, submit a PPT return and pay any tax due. As the end of the first quarterly accounting period for PPT approaches, HMRC shared some key reminders on completing PPT returns and payments. If you are liable to register or have already registered for PPT, from 1 July 2022 you must submit your PPT return and pay any tax due no later than 29 July 2022. Your PPT return needs to cover plastic packaging your business manufactured or imported into the UK, from when you became liable to 30 June 2022. You must keep accounts and recordsto support the information provided when you complete your quarterly PPT return. Your accounts must show how you have worked out the figures you submit on your PPT return, and your records must show the evidence to support these figures. You must keep your accounts and records for at least 6 years from the end of the accounting period, and record weight in tonnes, kilograms, and grams. You will need to pay any tax due through your online PPT account. You can pay via Direct Debit, BACS, CHAPS, Debit/Corporate credit card or Faster Payments. For a reminder of these steps and all return and payment dates for 2022-23, download the PPT flyer. See: Plastic Packaging Tax - GOV.UK (www.gov.uk) Need more information? Do you need further support on the Plastic Packaging Tax? We offer a wide range of services which are unique to your business. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible. Our fantastic team at A&C Chartered Accountants are here to help.

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