Aug 2022 – Trivial’ Benefits for Directors

As a company director it very important to keep your personal money and the company’s money completely separate. If you use the company’s funds to pay your personal bills, that is treated as a loan to you for tax purposes. If you use the company’s ...
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Aug 2022 – Employee benefits and expenses

Expenses and benefits provided to employees in the tax year to 5 April 2022 need to be reported to HMRC on a form P11D (or online equivalent) by 6 July 2022. HMRC has been discouraging employers from using paper P11D forms for some time and ...
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July 2022 – Multiple Senior Hires for CN

As part of the ongoing development of the firm, Clarke Nicklin Chartered Accountants have expanded their Cheadle Royal based team earlier this year. The new appointments include Tax Manager John Crawford, Compliance and practice Manager, Beverley Richardson, as well as Accounts and Audit Assistant Manager, ...
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July 2022 – Self-employed NIC

Most self-employed individuals pay Class 2 NIC (which provides entitlement to state benefits) and Class 4 NIC (which doesn’t). Traders with low profits may only pay Class 2 NIC, which is £163.80 for 2022/23. The profit levels from which both Class 2 and 4 NIC ...
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June 2022 – NIC thresholds change in July

National Insurance Contributions (NIC) rates increased for everyone by 1.25 percentage points from 6 April 2022, but the thresholds from which employee NIC are payable are being raised significantly from 6 July 2022 (see table). This means that most employees will have more NIC deducted ...
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June 2022 – Registering foreign owned properties

Owning UK property through overseas entities is about to become a far more transparent affair. Companies, trusts, partnerships and similar entities, which own UK property and are governed by the law of a country outside of the UK, will soon have to register with Companies ...
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June 2022 – Taxing cryptocurrencies

There is currently no specific law that determines how cryptoassets (bitcoin and similar) and decentralised finance (DeFi) transactions should be taxed, but that doesn’t mean any profit made is tax-free. It is subject to tax either as sundry income or as a capital gain. HMRC ...
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June 2022 – Back To The Future?

It is a tough time for both families and businesses, with higher prices and staff shortages causing difficulties that are witnessed every day, from supermarkets to airports. Those under fifty will struggle to remember such difficult economic times, with inflation at a 40-year high. On ...
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May 2022 – New Rules for Holiday Lettings

Some owners of holiday homes pay no council tax or business rates for their property, as they register the property as business premises then claim small business rates relief (SBRR) to reduce the business rates bill to nil. An assessment for business rates will always ...
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May 2022 – Gift Aid records

Many people make charitable donations around religious festivals and holidays. If this is your habit, remember that ticking the Gift Aid box on the form when making the donation is a win-win for you and the charity. You can benefit from higher rate tax relief ...
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May 2022 – Disposal of Unlisted Shares

The share transactions of private companies are just that – private. They do not have to be declared to HMRC, unless a taxable capital gain or loss arises. However, company law requires the company to record at Companies House the names of people who hold ...
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May 2022 – Interest on Tax Paid Late

If your business struggled during the pandemic, you may have tax still outstanding from 2019/20 due to having little or no income from your trade in 2020/21. All outstanding tax now carries interest at 2.75%. Where the tax has been outstanding for more than six ...
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