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DIARY OF MAIN TAX EVENTS JANUARY/FEBRUARY 2022

Tax Diary

Date What’s Due 01/01/22 Corporation tax payment for year to 31/03/21 (unless pay quarterly) 19/01/22 PAYE & NIC deductions, and CIS return and tax, for month to 5/01/22 (due 22/01 if you pay electronically) 31/01/22 Deadline for Self-Assessment tax return for 2020/21 if filed online. Also, the due date for 2020/21 balancing payment and 50% […]

TIME TO REVIEW YOUR WILL?

Estate Planning

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. In the absence of a will there are […]

£1 MILLION ANNUAL INVESTMENT ALLOWANCE STILL AVAILABLE

Investments

Second hand plant and machinery does not qualify for the 130% super-deduction but would still qualify for the 100% Annual Investment Allowance (AIA). The amount of expenditure qualifying for 100%  tax relief was originally scheduled to revert to just £200,000 from 1 January 2021 but will now continue at £1 million until 31 March 2023. […]

130% SUPER -DEDUCTION FOR INVESTING IN NEW PLANT CONTINUES

Investments

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. This tax break, which started on 1 April 2021 continues until 31 March 2023, allows companies to deduct 130% of the cost of […]

LOOKING TO GET YOUR TAX BILL DOWN?

Tax

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. An HMRC tax planning opportunity is to invest in a company that qualifies under the Enterprise Investment Scheme (EIS) or under Seed EIS. These investments enable […]

PENSION PLANNINNG

Pensions

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. For most taxpayers the maximum pension contribution continues to be £40,000 each tax year. This limit covers both contributions by the individual and by their employer into their pension […]

NEW YEAR TAX PLANNING IDEAS

Tax

At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2021/22 tax year (still £20,000 each). You might also […]

SUMMARY OF FREEPORT TAX ADVANTAGES

Tax

The main tax and customs duty advantages of locating in a designated freeport area are as follows:- SDLT exemption on the purchase of land and buildings in the area 10 year write off of the cost of constructing or renovating commercial property Enhanced capital allowances for investment in plant and machinery Exemption from employers NICs […]

NEW YEAR, NEW OPPORTUNITIES

Budget 2021, Tax

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. The devolved governments will also be announcing locations in Scotland, Wales and Northern Ireland in due course. The proposed locations of the freeports can […]

ADVISORY FUEL RATE FOR COMPANY CARS

Tax

HMRC have again increased the advisory fuel rates that apply for the reimbursement of employees’ private fuel for their company cars. The new rates apply from 1 December 2021, but you can continue to use the previous rates for up to 1 month from the date the new rates apply. Where there has been a […]