Tax Tips and News

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23/01/2022

January Tax Tips and News

Welcome to Sephton’s monthly newsletter. Here, you’ll find all our latest tax tips as well as the news that’s affecting our clients. If you scroll down the page, you’ll see you have access to the complete archive too. We’re committed to making sure our clients receive useful advice and support throughout the year.

If you need further assistance though, please get in touch using the details on the ‘contact’ page. We’re happy to help.

Latest news round-up
A number of suggested reforms to the CGT have been accepted by the government. In May 2021, the Office of Tax Simplification published a report that included 14 recommendations. The government’s response was published on 30 November. While any major chan Read More...
 
Christmas: how does hospitality and gifts affect the VAT return?
The Omicron variant of Covid-19 saw new guidelines issued by the government in December. However, at the time of writing no lockdown, circuit breaker or otherwise, has been announced. As a result, many businesses will be going ahead with plans for hosting Read More...
 
Inheritance Tax (IHT) - a problem with taper relief
Making gifts of value during an individual's lifetime is a tried and trusted way of reducing the exposure to IHT. Many people are aware of the so-called "seven-year rule", which provides that a potentially exempt transfer (PET) becomes fully exempt as lon Read More...
 
Home working and Capital Gains Tax (CGT)
Working from home was slowly becoming more common before the Covid-19 pandemic; however, the various lockdowns restrictions meant that it increased exponentially in 2020 and 2021. Many employees have indicated that they do not wish to return to the office Read More...
 
January Questions and Answers
Q. I am in the process of buying a property that has been empty for a number of years. Extensive renovation is needed, and I have been speaking to a contractor who says that he will be able to charge just 5% VAT for the work. I don't want to fall foul of Read More...
 
January Key tax dates
1 - Due date for payment of Corporation Tax for accounting periods ending 31 March 2021 7 - Electronic VAT return and payment due for quarter ended 30 November 2021 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/1/2022 31 – Deadl Read More...
 
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