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Tax Diary December 2021/January 2022
December 2nd, 2021

1 December 2021 – Due date for corporation tax payable for the year ended 28 February 2021. 19 December 2021 – PAYE and NIC deductions due for month ended 5 December 2021. (If you pay your tax electronically the due date is 22 December 2021). 19 December 2021 – Filing deadline for the CIS300 monthly […]

Budget bad news 27 October 2021
December 2nd, 2021

Readers should take note of the following changes: Income Tax Allowances frozen: The Income Tax personal allowance and the rates and bands are frozen until April 2026. Whilst this is not a direct tax increase, it does mean that any increases in earnings will be fully taxed and certain taxpayers may find that this process […]

Budget bonuses 27 October 2021
December 2nd, 2021

There was little good cheer in the Chancellor’s announcements to parliament on 27 October. A short summary of the good news is listed below: Annual Investment Allowance (AIA): The £1m limit to claims for tax relief when purchasing qualifying assets was due to return to a more modest £200,000 from the 1st of January 2022. […]

Business gifts and tax
December 2nd, 2021

Business gifts are not allowed as a tax deduction against profits. The legislation treats gifts in the same way as business entertaining expenditure, which is also disallowed. HMRC define a gift as: “… something that is given to a person without receiving anything in exchange. It is offered voluntarily and without any expectation of a […]

Christmas gifts for staff
December 2nd, 2021

Readers are reminded that there is a tax-free allowance for the provision of an annual party or other event for the benefit of staff and their partners. The present limit to tax relief is £150 per head. If this amount is exceeded, the full cost of the benefit is taxable not the excess over £150. […]

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