SJB & Co Chartered Accountants
Key dates in August 2023 Taxpayers must undertake certain tasks, such as filing returns and paying tax, by certain dates. If these deadlines are missed, HMRC may charge late filing and late payment penalties. Interest is also charged on tax paid late. Key dates The key dates in August 2023 are 1 August for corporation […]
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Do you need to pay additional contributions by 5 April 2025? Class 3 National Insurance contributions are voluntary contributions which an individual can choose to pay to increase their entitlement to the state pension. Individuals who have gaps in their contribution record from 2006/07 to 2015/16 have a limited window in which to take advantage
Voluntary National Insurance contributions – Updated Read More »
Reminder 31 July tax payments The second payment on account for self-assessment taxpayers is due by 31 July. You should have already received a reminder from HMRC of the amount due and how to pay. Clients unsure as to what to pay should contact us to confirm the amount due. Details of how to pay
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If you have one or more spare rooms in your home, you may consider renting them out to generate additional income. If you let a furnished room in your home, you can take advantage of the rent-a-room scheme to earn up to £7,500 tax-free each year. The rent-a-room scheme does not apply where a room
Tax free income from letting a room in your house? Read More »
After the end of the tax year, employers need to provide certain information to employees and to HMRC as regards both pay and deductions and taxable expenses and benefits. Key dates Employees must be given their P60 for 2022/23 by 31 May 2023. They must also be notified of any payrolled benefits by 1 June
Employer deadlines- Pay and benefit reporting Read More »
For a business to grow sustainably (and to successfully make it through the financial bumps in the road), cash flow needs to be a priority. And not just when times are tough and cash is tight. Making sure that you’re maintaining an optimal level of cash on hand at all times; this is essential to
10 ways to improve your business cash flow Read More »
Beat the 5 April ISA deadline The Bank of England once again increased the base rate on 23 March 2023 – this time by 0.25% to 4.25%. While rising interest rates are good for savers who are able to enjoy a better return on their savings, it may mean that you will need pay tax
TAXATION OF SAVINGS Read More »
The Chancellor, Jeremy Hunt, presented his Spring Budget on 15 March 2023. There were no changes to the income tax rates and thresholds, which had been announced previously. However, the Chancellor unveiled the successor to the capital allowances super-deduction which ends on 31 March 2023. Key dates The capital allowances super-deduction for companies is replaced
Changes to capital allowances from April 2023 Read More »
IHT is payable when a person dies, and their estate exceeds certain limits. It is also potentially payable on gifts made by an individual during their lifetime if the gift was made in the seven-year period prior to their death. Small lifetime gifts can be exempt. These include: Larger lifetime gifts are potentially chargeable to
Inheritance Tax (IHT) – Tax Free Gifts 2022-23 Read More »
George Osborne, definitely had a bee in his bonnet about property owners, particularly those who were building buy-to-let property portfolios. A major change that he introduced was the gradual reduction in the amount of tax relief that landlords of residential property could claim for finance charges: this includes mortgage interest. Accordingly, finance charges are now
Property Business Tax Review 2022-23 Read More »
