Tax Tips and News

  • More time to pay missing National Insurance Contributions

    Newsletter issue – April 2023 In March we reminded you to check whether your national insurance contribution (NIC) record contains any gaps, and how this could affect entitlement to the state retirement pension. The deadline for paying voluntary Class 3 NIC to fill any NIC deficiencies in tax years back to 2006/07 had been set…Read More

  • Cleaning up your sales till

    Newsletter issue – April 2023 Electronic sales suppression (ESS) is the term for when a sales till is programmed to hide or reduce the value of individual sales. For example, the electronic point of sale (EPOS) software installed on the till may deliberately exclude certain items from the sale records. Alternatively, the EPOS software may…Read More

  • Employment status of Associate Dentists

    Newsletter issue – April 2023 For years HMRC has accepted that associate dentists can be treated as self-employed rather than as employees of the dental practice they work for, but this informal agreement is about to end on 5 April 2023. This was first announced by HMRC in September 2021, in December 2021, and again…Read More

  • Electronic returns of benefits and expenses

    Newsletter issue – April 2023 In February 2022 HMRC suddenly withdrew the interactive online PDF form for reporting expenses and benefits for employees (form P11D). Employers were forced to submit their P11Ds electronically or go back to using paper P11D forms. In the February 2023 edition of the Employer Bulletin HMRC has made it clear…Read More

  • April Questions and Answers

    Newsletter issue – April 2023 Q. In his Spring Budget, the Chancellor said 'full expensing' would apply to plant and machinery. Does this mean I can write off the balance brought forward in my plant and machinery pool, which was previously written down at 18% on the reducing balance method? A: The new 'full expensing'…Read More

  • April key tax dates

    Newsletter issue – April 2023 5 - Last opportunity to utilise income tax personal allowances, annual ISA allowances, and exemptions for CGT and IHT for 2022/23. Last day to claim exemption from Class 4 NIC for 2022/23 where earnings are also subject to Class 1 NIC. Final day for claims for 2018/19 relating to personal…Read More

Robert Kiyosaki

The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.

Robert Kiyosaki