Monthly Archives: October 2022

Homeowners looking to introduce energy efficiency measures into their homes will soon be able to take advantage of new green finance products. The Government has launched a fund to boost the choice of affordable products for homeowners to help them reduce energy consumption. Ministers are keen to scale up the green finance market and provide […]

As families struggle to manage household finances with the cost-of-living crisis, parents are being reminded that there is cash available to help towards childcare costs. Up to £2,000 a year is available to help pay for half-term holiday clubs and wraparound care during school terms. Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Tax-Free […]

Tens of thousands of pounds is sitting in bank accounts unclaimed by teenagers who may not even know it exists. The cash is from matured Child Trust Funds savings, a scheme set up for every child born between 1 September 2002 and 2 January 2011. To encourage future saving and start the account, the Government […]

Beware of fraudsters if you are starting to think about completing your annual tax returns. Self-Assessment customers have become a target for unscrupulous criminals, with some threatening arrest and others promising a sizeable rebate. In the 12 months to August 2022, HM Revenue and Customs (HMRC) responded to more than 180,000 referrals of suspicious contact […]

Around 40,000 businesses are now exempt from reporting requirements as the Prime Minister unveils a new plan to boost productivity. Liz Truss has announced that thousands of the UK’s fastest-growing businesses will be released from existing requirements and other regulations. Currently, small businesses are presumed to be exempt from certain regulations. However, many medium-sized businesses […]

Time is fast running out for VAT-registered businesses to be ready for Making Tax Digital filing. From the start of next month, organisations will no longer be able to submit VAT returns through their existing online account. By law, all VAT-registered businesses must sign up to Making Tax Digital (MTD) and use compatible software to […]

Anyone planning to complete a tax return for 2021-22 must notify HM Revenue and Customs (HMRC) by Wednesday. Before customers can complete their first tax return, they need to register with HMRC to receive their Unique Taxpayer Reference (UTR) which they need to file a return. The tax return deadline for the 2021 to 2022 […]

1 October 2022 – Due date for Corporation Tax due for the year ended 31 December 2021. 19 October 2022 – PAYE and NIC deductions due for month ended 5 October 2022. (If you pay your tax electronically the due date is 22 October 2022.) 19 October 2022 – Filing deadline for the CIS300 monthly […]

Make sure your payment will reach HMRC’s bank account by the payment deadline. You may have to pay a surcharge if you do not pay on time. If you are not sure of the actual payment deadline you can use the VAT payment deadline calculator to work out how much time to allow. To make […]

Although finance costs, predominantly loan interest, are now disallowed as an expense that can be utilised to reduce taxable rental income, these charges do qualify for a tax credit limited to 20% basic rate Income Tax. For example, if your loan/mortgage interest amounts to £10,000 this cannot be used to reduce your rental income. It […]