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Welcome...
To June'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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| HMRC criticised for time taken to process tax refunds |
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HMRC is under scrutiny for taking over four months to process tax refunds, a process that previously took just a few weeks. The delays are particularly affecting employers' PAYE refunds and the Construction Industry Scheme (CIS).
Read More
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| Is it time to use up this year's cash ISA Allowance? |
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| Changes to notifications by employers to operate PAYE on a proportion of a globally mobile employee's income and Overseas Workday Relief |
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Rumours have swirled since before the last Autumn Statement about a possible cut to the annual cash ISA allowance. It is now known that the Chancellor has been evaluating cutting this allowance. It is not yet known what, if anything, has been decided but there is talk of it being reduced from £20,000 to £4,000. Read More
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The previous non-domicile rules regarding operating PAYE on a reduced percentage of an employee's income (known as Section 690) ended, replaced by a system based on tax residence. Read More
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| HMRC's 'Help for Hustles' Campaign |
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This is a recent initiative by HMRC. The campaign is designed to assist individuals who earn extra income outside their main job, ensuring they understand their tax obligations.
Read More
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| June Questions and Answers |
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Q: I've reached that stage in my life where I need to think about my estate and the amount of inheritance tax that may be paid on it. I've heard that gifting money before I die is free of IHT. Can you please explain how this works? Answer
Q: I have a main job with a company (tax paid through PAYE) and a secondary 'side hustle'. How does this affect my tax status and how do I pay any extra tax owed?
Answer
Q: I claimed the home working entitlement during the Covid 19 pandemic. I still work from home now - should I still be claiming this tax relief? Answer
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1st
- Corporation Tax payments are due for companies with a year-end of 30th September.
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.
- It is also the deadline for employers operating PAYE to pay HMRC by post, for May.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for May.
30th
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 30th June.
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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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