DIARY OF MAIN TAX EVENTS
MAY/JUNE 2023 Date What’s Due 01/05/23 Corporation tax payment for year to 31/7/22 (unless quarterly instalments apply) 19/05/23 PAYE & NIC deductions, and CIS return and tax, for month to 05/05/23 (due 22/05/23 if you pay electronically) 31/05/23 VAT for Returns ended 31/03/23 (due 07/05 if paid electronically, 12/05 if paid by Direct Debit) 01/06/23 […]
CONSULTATION INTO POSSIBLE REFORM OF CONSTRUCTION INDUSTRY SCHEME
The Government have announced a number of tax consultations on its Tax Administration and Maintenance Day, 27 April. These include measures designed to support the Government’s ambition to simplify and modernise the tax system, tackle non-compliance, make the tax system fairer for taxpayers and to make the customs system work better for traders. One of […]
PENSIONS AND ESTATE PLANNING
As a result of the pension reforms introduced by George Osborne which took effect from 6 April 2015, a drawdown pension fund has become an important part of estate planning. The fund itself is not subject to inheritance tax and, where the pensioner dies under the age of 75, there is no charge when the […]
PENSION LIFETIME ALLOWANCE
The latest Finance Bill will legislate the announcement in the Spring Budget that the lifetime allowance (LTA) charge is abolished from 6 April 2023. Individuals will continue to be able to receive 25% of their pension savings as a tax-free lump sum when they become entitled to their pension benefits. From 6 April 2023, for […]
HMRC PHASING OUT PAPER TAX RETURNS FOR 2023/24
As well as moving more and more employer returns online HMRC have announced that they will be phasing out paper self-assessment tax returns and encouraging individuals to file online. Individuals under the age of 70 within self-assessment will no longer receive a paper form through the post or be able to download a form from […]
PAYE SETTLEMENT AGREEMENTS ALSO ONLINE
Where benefits in kind are provided to employees that will usually result an income tax charge on the employee and a Class 1A national insurance (NI) charge on the employer. The rate to be used for 2022/23 is 14.53% because of the withdrawal of the 1.25% Health and Social Care levy part way through the […]
2022/23 P11D FORMS TO BE SUBMITTED ONLINE
The deadline for filing the P11d forms to report benefits in kind in respect of directors and employees for 2022/23 is 6 July 2023. Note, however, that the original and amended reports must now be made online and paper returns will be rejected. Forms P11D and P11D(b) returns must be submitted online through one of the […]
CHANCELLOR’S SPRING BUDGET EDITION 2023
COST OF LIVING SUPPORT Energy Costs The Energy Price Guarantee (EPG) brings a typical household energy bill in Great Britain down to around £2,500 per year. It has now been announced that the £2,500 EPG will be extended by 3 months to 30th June 2023, before increasing to £3,000 until the end of the EPG period […]
DIARY OF MAIN TAX EVENTS
MARCH/APRIL 2023 Date What’s Due 1/03/23 Corporation tax payment for year to 31/05/22 (unless quarterly instalments apply) 19/03/23 PAYE & NIC deductions, and CIS return and tax, for month to 5/03/23 (due 22/03/23 if you pay electronically) 28/03/23 VAT for Returns ended 31/01/23 (due 07/03/23 if paid electronically, 12/03/23 if paid by direct debit) […]
ADVISORY FUEL RATE FOR COMPANY CARS
The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 March 2023. Where full reimbursement is made there is no taxable fuel benefit. The rates for the previous quarter, if different, are in brackets. Engine Size Petrol Diesel LPG 1400cc or less 13p (14p) […]
