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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency

Filing 2021/22 expenses and benefits returns

Filing 2021/22 expenses and benefits returns Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022, unless they have been payrolled or included within a PAYE Settlement Agreement. Taxable expense...

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Spring Budget 2022

The Spring Budget 2022 Our 2022 Spring Budget summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions, please do not hesitate to ...

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Payments on account – Who needs to pay?

Payments on account – Who needs to pay and how are they calculated? The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January 2022, if a late filing penalty is to be avoided. The exception to this is where a notice to file a return for 202...

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Tax-free help with childcare costs

Tax-free help with childcare costs Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by which this is possible. Government tax-free top-up scheme ...

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RTI penalties and period of grace

RTI penalties and period of grace Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is made to the employee. This is done by means of the full payment submission (FPS). Pe...

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Relief for losses in the early years of a trade

Relief for losses in the early years of a trade It is not uncommon to realise a loss in the early years of a trade. However, traders who commenced their self-employment in 2019 or 2020 may also have suffered as a result of the pandemic. Although the ...

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Tax relief on loans to close companies

Tax relief on loans to close companies Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled by five or fewer shareholders or any number of shareholders all of whom are directors. In a ...

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Claim tax relief for additional costs of working from home

Claim tax relief for additional costs of working from home During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found themselves working at home, often at very short notice. Many still have not returned to the wor...

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Take dividends while you can

Take dividends while you can For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract any further funds needed outside the company in the form of dividends. However, while there are no restrictions on takin...

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Expenses and benefit returns for 2020/21

Expenses and benefit returns for 2020/21 Expenses and benefit returns P11D and P11D(b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties may be charged for returns that are filed late. Form P11D A form ...

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