Tax Tips and News
Latest news round-up
Newsletter issue - September 2022 Making Tax Digital - a new penalty regime for all The current penalty system for late payment and/or late submission of tax returns differs depending on which tax is levied. For some time HMRC has wanted a consistent approach across all taxes and the opportunity to make it so has…Read More
One way of getting money out of your company - charge rent
Newsletter issue - September 2022 Although dividends are generally the most tax-efficient method by which money can be extracted from a company, renting a property you own to your company can be more or as tax efficient depending on your marginal tax rate. Whether charging rent is tax-efficient needs to be looked at overall by…Read More
Have you taken an 'illegal dividend'?
Newsletter issue - September 2022 Anyone who invests in a company is taking a chance, hoping that the money will not be wasted, and that the directors, as representatives of the company, will use the money in such a way that the company's profit increases. In return for taking this chance, a shareholder receives 'payback'…Read More
Are you trading?
Newsletter issue - September 2022 Covid -19 had a devastating impact on many businesses with significant numbers closing for good. However, many workers who were made redundant or furloughed took the opportunity to set up their own businesses. According to the Government's December 2021 report 'Business Statistics' an estimated 810,316 new businesses were launched in…Read More
September Questions and Answers
Newsletter issue - September 2022 Q. I am a self employed dentist wanting to expand my knowledge and specialise in a particular branch of dentistry. I have discovered that there is a part time course at my local university which will enable me to continue working. The cost is £25,000 and it will take three…Read More
September Key tax dates
Newsletter issue - September 2022 1 - Corporation Tax payment 30 November 2021 year end New rates published for Advisory fuel rates for company car drivers Trust Registration Service: deadline to register non-taxable trusts in existence on 6 October 2020, some non-taxable trusts created after 6 October 2020, and some taxable trusts created on or…Read More