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Tax Diary September/October 2022
1 September 2022 – Due date for Corporation Tax due for the year ended 30 November 2021.
19 September 2022 – PAYE and NIC deductions due for month ended 5 September 2022. (If you pay your tax
Duty free limits if you are travelling abroad
Here is a reminder of any duty payable and tax-free allowances if travelling abroad this summer.
If you are travelling from outside the UK and arriving home in Great Britain (England, Wales and
Tax-free trivial benefits
There is a benefit in kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a bouquet of flowers given occasionally to employees or any other BiK classed as
Using Advisory Fuel rates
The easiest way to ensure that no car-fuel benefit charge (for private journeys in a company car) is payable, is to use the advisory fuel rates published by HMRC to repay any private fuel costs to
Scope of Trade
There is no statutory definition of ‘trade’. The only statutory reference to the term is that ‘trade’ includes a ‘venture in the nature of trade’. This absence of a formal definition decides if an
Using the Annual Investment Allowance
The Annual Investment Allowance (AIA) is a generous tax relief that was first introduced in 2008. The AIA allows for the total amount of qualifying expenditure on plant and machinery to be deducted
Miscellaneous income
There are special rules known as the miscellaneous income sweep-up provisions that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches income that would not
Gifts with reservation
The majority of gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or
Tax relief on replacement of domestic items
The replacement of domestic items relief has been in place since April 2016. The relief allows landlords the ability to claim tax relief when they replace movable furniture, furnishings, household
Business records if self-employed
If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income.
For tax
