SJB & Co Chartered Accountants
Coping with inflation, recession, and other financial challenges This update sets out some of the business and personal financial challenges for 2023-24, and a few ideas for countering these challenges. The challenges for business owners The combination of rising energy bills, high inflation, recession and climbing interest rates sets a grim stage for 2023-24. All […]
Which way to turn? Read More »
When the High Income Child Benefit Charge applies You are able to claim child benefit if you are responsible for bringing up a child under the age of 16, or under the age of 20 where the child stays in approved education or training. However, some or all of the child benefit that you receive
The VAT default surcharge will be replaced with new penalties, which will apply to everyone who submits a VAT return. Penalties will be charged for late submission once the relevant penalty points threshold is reached. Penalties for late payment will depend on the extent to which the payment is late. The way in which interest
Changes to VAT Penalties from 1 January 2023 Read More »
The new Chancellor, Kwasi Kwarteng, revealed his exceptional bid to regenerate the economy by cutting taxes today, 23rd September 2022. He is gambling that this will invigorate growth and this additional activity will provide the tax revenues to fund his tax cuts. Most pundits are reporting that this “mini” budget contains the biggest tax cuts
Mini Budget – 23 September 2022 Read More »
Since April 2020, all UK residential properties disposed of by UK resident taxpayers – that create a taxable gain for Capital Gains Tax (CGT) purposes – will have to be reported to HMRC within 60-days of the disposal. Any CGT payable will have to be paid over to HMRC in the same 60-day window. Generally,
60 days to pay capital gains tax If you sell chargeable UK residential property Read More »
The final reporting obligations for employers that provide Benefits in Kind (BiK) to employees, including directors, is fast approaching. The following update sets out what needs to be done and by what date What needs to be included on P11D forms Items that should be included on a form P11D include any payments made, or
P11Ds: Reporting Benefits in Kind 2021-22 Read More »
PROPERTY BUSINESSES – TAX REVIEW CHECKLIST As Making Tax Digital is now just 2 years away, it is time to start preparations if you have not already done so. Landlords whose rental and self-employed income exceeds £10,000 per year will have to comply with the MTD rules. Note that it is gross income (turnover) that
Property tax issues and checklists Read More »
The Chancellor unveiled his Spring Statement today. With a background of increasing wage, fuel and raw material costs and rising inflation, it was hoped the Chancellor would bring some respite for small businesses and sole traders. Thankfully there is some small respite coming for small business owners and sole traders. Before you get too excited,
Inheritance tax (IHT) planning check list Make sure you have an up-to-date Will. Dying without a Will can cause all sorts of problems for your surviving family as well as affecting your IHT liabilities. Make the most of the annual gift exemptions. You can only carry forward the £3,000 unused annual allowance for one year.
IHT Year-end Checklist for 2021-22 Read More »
Tax payments due 31 JanuaryThis a quick reminder that tax due for last year and payments on account for the current year are due by 31 January. Clients who have completed their tax returns will have the details in the tax return documentation sent out with their return. Details of how to pay if you
31 January Tax Payment Reminder And Filing Deadline Read More »
