Tax Tips and News
Latest news round-up
Newsletter issue - January 2022 A number of suggested reforms to the CGT have been accepted by the government. In May 2021, the Office of Tax Simplification published a report that included 14 recommendations. The government's response was published on 30 November. While any major changes, such as aligning CGT rates with income tax were…Read More
Christmas: how does hospitality and gifts affect the VAT return?
Newsletter issue - January 2022 The Omicron variant of Covid-19 saw new guidelines issued by the government in December. However, at the time of writing no lockdown, circuit breaker or otherwise, has been announced. As a result, many businesses will be going ahead with plans for hosting parties for staff and clients. Some may choose…Read More
Inheritance Tax (IHT) - a problem with taper relief
Newsletter issue - January 2022 Making gifts of value during an individual's lifetime is a tried and trusted way of reducing the exposure to IHT. Many people are aware of the so-called "seven-year rule", which provides that a potentially exempt transfer (PET) becomes fully exempt as long as the person making the gift is still…Read More
Home working and Capital Gains Tax (CGT)
Newsletter issue - January 2022 Working from home was slowly becoming more common before the Covid-19 pandemic; however, the various lockdown restrictions meant that it increased exponentially in 2020 and 2021. Many employees have indicated that they do not wish to return to the office full-time, and employers appear to be willing to acquiesce to…Read More
January Questions and Answers
Newsletter issue - January 2022 Q. I am in the process of buying a property that has been empty for a number of years. Extensive renovation is needed, and I have been speaking to a contractor who says that he will be able to charge just 5% VAT for the work. I don't want to…Read More
January Key tax dates
Newsletter issue - January 2022 1 - Due date for payment of Corporation Tax for accounting periods ending 31 March 2021 7 - Electronic VAT return and payment due for quarter ended 30 November 2021 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/1/2022 31 - Deadline for electronic filing of…Read More