Wokingham Accountants
The VAT default surcharge is being replaced with a new VAT penalty and interest regime. The new rules apply to VAT accounting periods beginning on or after 1 January 2023. Late filing penalties The new penalty regime operates on a points-based system. Each VAT return received late, including nil and repayment returns, will receive one … Read more
As well as a mechanism for collecting revenue, the tax system is also used to encourage certain behaviours and discourage others. One example where this is evident is in the way in which company cars are taxed. To encourage company car drivers and their employers to make environmentally-friendly choices, the taxable amount increases as the … Read more
If you need to file a self-assessment tax return for 2021/22, you must do this online by 31 January 2023 if you want to avoid a late filing penalty. However, if you received your notice to file a tax return after 31 October 2022, a later deadline applies; you must file the return within three … Read more
If customers do not pay a bill on which you have charged VAT, you may be able to claim bad debt relief & recover the VAT paid over to HMRC
The National Insurance increases that came into effect from April 2022 have been reversed. How does this affect you if you are self-employed?
To save work, employers can pay employees a mileage allowance if they use their own car for business journeys. The Government have recently cleared up confusion as to what can be paid tax-free, confirming the maximum tax-free amount. Mileage allowance payments The approved mileage allowance payments system is a simplified system that allows employers to … Read more
Inheritance tax is often described as a voluntary tax. While most of us do not know in advance when we are going to die, there are steps that you can take to reduce the amount of inheritance tax on your estate. Here are five suggestions. The inter-spouse exemption means that there is no inheritance tax … Read more
If you operate your business as a personal or family company, you will need to extract some or all of the profits if you wish to use them personally. When it comes to tax, not all profit extraction methods are equal. While personal circumstances will dictate the most efficient way for you to extract profits, … Read more
Where a business is operated as a family company, it is necessary to extract the profits from the company in order to use them outside the company for personal use, such as to meet living expenses. Extracting profits may trigger further tax and National Insurance liabilities, and when formulating a strategy, it is advisable to … Read more
HMRC use badges of trade to ascertain if a trade exists. Find out what the badges are and how to determine if you are carrying out a trade.
