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01/05/2023 |
May Tax Tips & News
Welcome to the Sephton Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.
If you need further assistance just let us know or send us a question for our Question and Answer Section.
We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.
Please contact us for advice on your own specific circumstances. We’re here to help!
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| VAT penalty notices |
| Two new VAT penalty regimes came into effect for VAT periods beginning on and after 1 January 2023, for late filing of VAT returns and for late payment. Read More... |
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| Planning for retirement |
| On 6 April 2023, the pensions annual allowance increased from £40,000 to £60,000, and the pensions lifetime allowance was effectively abolished. You can now contribute far more to your pension funds each year, and so can your employer. Any unused annual a Read More... |
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| Payroll settlement agreements (PSA) |
| A payroll settlement agreement (PSA) is used by employers to declare and pay the tax and NIC due on benefits that they don't want the employee to be taxed on. These may be one-off benefits paid on an irregular basis, such as the use of a company flat for Read More... |
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| Payroll hygiene |
| It is very irritating when HMRC accuses you of owing more PAYE than is actually due. This can happen when the HMRC computer has recorded a duplicate employment for an employee, without ceasing the previous employment. For example, William Smith is employe Read More... |
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| May Questions and Answers |
| Q. The payroll for my business has increased during 2022/23, so the employer's NIC bill topped £100,000 for the first time. Does this mean I can't claim the Employer's Allowance for 2023/24? Is there anything I can net off against the NIC liability to bri Read More... |
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| May key tax dates |
| 1 - Where the taxpayer has not submitted their 2021/22 self-assessment tax return by midnight the following penalties apply:
for online filing - £10 daily penalties
for filing on paper - the greater of £300 or 5% of the tax showing on the return.
Read More... |
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| About Us |
Sephton Accountants are based in West Midlands, offering local business owners and individuals a wide range of services.
All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website sephton.co.uk for more information.
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Copyright © 2024 Sephton. All rights reserved.
Marston House
5 Elmdon Lane
Marston Green
Solihull B37 7DL
Sephton is a trading name of Sephton & Company LLP
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