With the government’s time taken up in dealing with economic issues such as high inflation and public debt, we are not expecting any significant tax announcements until the Budget, due to be held next March. The General Election is likely to be held later next year, so this Budget may well contain a lot of
Settle tax on behalf of your employee There are various tax exemptions you can use to provide an employee with a one-off tax-free reward. Such as certain ‘trivial’ benefits or long-service awards. If the value of the reward exceeds the tax-free amount permitted, you can bear the tax and NICs (which the employee would normally
If your unincorporated business made a loss during the COVID pandemic in 2020/21 or in 2021/22, you will want to set off those losses against profits and receive a tax refund as soon as possible. Fortunately, the rules for pandemic losses allow you to do this. A trading loss from 2020/21 or 2021/22 can be carried
If you miss the deadline for filing your self-assessment tax return (31 January for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another penalty is incurred (the higher of £300 or 5% of the
National Insurance Contributions (NIC) rates increased for everyone by 1.25 percentage points from 6 April 2022, but the thresholds from which employee NIC are payable are being raised significantly from 6 July 2022 (see table). This means that most employees will have more NIC deducted from their pay in April to June and more low
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