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Welcome...
To May's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.
If you need further assistance just let us know or you can send us a question for our Question and Answer Section.
We are 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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| Tax rises inevitable amid tariff trade war? |
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The dust had barely settled on Rachel Reeves' Spring Statement before shockwaves were sent through financial markets following news of trade tariffs from America.
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| HMRC could get new powers in tax avoidance clampdown |
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| Financial reporting: major changes for business sizes take effect |
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Tax avoidance - and specifically those who promote it - has once again been pushed into the spotlight. That's because of a new review launched by the Government, as trailed at the Spring Statement. Read More
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Significant changes affecting financial reporting have kicked in, meaning many businesses may be re-classified in terms of their sizes. Read More
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| Chancellor adds more fuel to ISA reform fire |
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After much rumour and conjecture, it seems that some potentially significant changes to ISAs (Individual Savings Accounts) are on the way.
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| May Questions and Answers |
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Q:My business has always used P11D forms for reporting benefits-in-kind. We don't payroll benefits currently. But I've heard the rules are changing. What does this mean for my business and what do I need to do to prepare? Answer
Q:We run a business with a turnover of around £12.5 million for the last couple of years. Under the current rules, we've been classed as a medium-sized company. With the changes to the size thresholds from April 2025, will we be able to requalify as a small company again? And do the new rules apply to our 30 June 2025 accounts? We have a 30 June year-end.
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Q:I am thinking that I may incorporate by business by transferring it for shares. I am trying to understand how it works, the relief and also what I need to pay in Capital Gains Tax. Can you help? Answer
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19th
- For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you'll owe HMRC
22nd
- Deadline for employers operating PAYE to pay HMRC. This is also the quarterly deadline for businesses that pay per quarter. For those paying by post, the deadline is 31 May.
31st
- Corporation Tax Returns are due for companies with year-end of 31 May.
- Deadline for P60s for employees who were on your payroll on 5 April 2025.
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Please contact us if we can help you with these or any other tax or accounts matters.
In addition, if there's anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list.
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If you are not already a client and are interested in becoming one, we would love to come to meet with you to discuss how we can help and provide you with a competitive quote for our services.
All new client consultations are provided free of charge and without obligation.
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Simpson & Associates (Accountants) Ltd are a firm of Chartered Accountants based in Westbourne, offering local business owners and individuals a wide range of Accountancy and Taxation services.
All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website https://www.completeaccountancyplus.co.uk for more information.
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