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Date What’s Due 1/03 Corporation tax for year to 31/05/2022 unless quarterly instalments apply. 19/03 PAYE & NIC deductions, and CIS return and tax, for month to 5/03/2023(due 22/03 if you pay electronically). 1/04 Corporation tax for year to 30/06/2022 unless quarterly instalments apply. 5/04 End of 2022/23 tax year – many tax planning...
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...
The government is committed to a number of important changes to Research & Development (R&D) tax relief from 1 April 2023. It also looks increasing likely that the two existing systems will be merged into a single system in future years and we hope to...
Companies considering the acquisition of new plant and machinery need to be aware that the temporary ‘super-deduction’ of up to 130% for the cost of acquiring new plant ends on 31 March 2023. Consequently, corporate businesses may wish to bring forward planned expenditure to take advantage...
A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT applies to return periods commencing on or after 1 January 2023. The same system will also apply to the returns to be submitted under making tax digital for...
Although the start of making tax digital for income tax self-assessment has been delayed to 2026 at the earliest, the start date of the new regime for taxing the profits of unincorporated businesses on a tax year basis has not been delayed and the transition...
Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 and then 2024. It was announced just before Christmas that the new system of submitting digital information quarterly to HMRC has been...
It’s not too late to undertake some end-of-year tax planning. If you have available funds, an obvious tax planning point would be to maximise your £20,000 ISA allowances for the 2022/23 tax year. You might also want to consider increasing your pension savings before 5 April...
With the UK economy flat-lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may also extend the 130% super-deduction for investment in...
These are the suggested reimbursement rates for employees' private mileage using their company car from 1 March 2022. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 13p 8p (9p) 1600cc or less 11p 1401cc to 2000cc 15p 10p 1601 to 2000cc 13p Over 2000cc 22p 16p 15p Note that for hybrid cars...