Tax year end planning 2023 – top 10 checklist The need to ensure clients are making the most of the tax reliefs and allowances that are available to them has possibly never been greater. The impact of double-digit inflation, a five-year freeze on most allowances and tax bands, and cuts to CGT and dividend allowances over the next two years, means that many will be feeling the pinch. It’s therefore important that opportunities to limit the amount of tax payable on their savings aren’t wasted, so we’ve created a checklist of our top 10 tax year end planning tips to explore...

Explore an alternative place of business. Does the allure of Dubai or Cape Vere suit everybody? No, so think about what you will and will not need and whether it is flexible. Draw up a budget if you need help, speak to an accountant, but understand how it is put together and allow for reasonable unknowns. Move marketing online. If you have not, then check it out, it is cheaper and sometimes more effective. Have you considered working with other businesses? Excess equipment could be bartered or shared if it is practical. Not pennies received in an auction. Consider using part-time or freelance...

Many taxpayers keep varying states of records and HMRC has an unwritten goal of making tax digital to improve the record-keeping of their customers. The next stage is to encourage trade bodies to ensure their members tighten their procedures to not only record the information but to take the next step to confirm the information is not just factually correct but is legal. We now have corporate offenses for failing to prevent the criminal facilitation of tax evasion. Many companies are also now being asked to produce a risk assessment and procedures to demonstrate they are addressing prevent facilitation. Professional...

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 on late paid VAT is also changing, and repayment interest will replace the repayment supplement. Key dates The new rules will apply for VAT accounting periods beginning on or after 1 January 2023. However, a period of familiarisation will apply from 1 January 2023 until...

When, as an employer, you take on a new starter, you need to provide HMRC with certain information about the new employee. This is done through Real Time Information (RTI) on the Full Payment Submission (FPS). You will also need to work out what tax code to use and also whether you need to deduct student loan repayments from the employee’s pay. HMRC have recently launched interactive new starter guidance, which allows new employees to produce a new starter checklist by answering a number of questions. The guidance is designed to reduce the number of RTI submissions for new starters that contain...

New Chancellor scraps most mini-Budget measures On 23 September 2022, former Chancellor, Kwasi Kwarteng, announced a number tax and National Insurance cuts and policy changes as part of his Growth Plan. Some of the measures have already been scrapped. Now new Chancellor, Jeremy Hunt, has made further U-turns, reversing most of the remaining `mini-Budget’ measures ahead of his Medium Term Fiscal Event on 31 October 2022. The changes announced by the Chancellor are estimated to be worth around £32 billion a year. Key Dates The planned National Insurance cuts will go ahead as planned from 6 November...

This is a hot subject because each liquidator is reporting on how those were used This going to keep all busy for the foreseeable future as HMRC flexes its muscles which sweep up the genuine as well as the chancers If you need advice or help contact [email protected]

If you owe HMRC expect some implications as HMRC starts to use Personal Liability notices. One motto is to pay HMRC always on time otherwise the company may not protect you. What is even more important is to liquidate again within 5 years Phoenix companies HMRC are targeting. If you need advice or help contact [email protected]

The changes in the IR 35 move are the potential liability back to the taxpayer company. Great, it’s your decision. What is not coming across is that when you get the wrong your company ends up paying. Many will consider liquidation, what is not also known is that HMRC has issued new powers FA 2020 sch11 Personal Liability Notice. Many years ago HMRC were preferential creditors i.e. stood in front of the queue that agreed to give up that preferential status, now they have a potent weapon this notice places the lability On the directors and shareholders personally. This is not always known...