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Lloyd & Co
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Use HMRC’s tax app to save time
01/12/2022 - More...
A free HMRC tax app is available and offers some useful functionality. In fact, in the 12 months up to October 2022, HMRC received almost 3 million calls from people asking for information that is now readily available on the app. This included: 354,499 calls from people who forgot/lost their National Insurance number; 444,301 calls

Low-cost broadband and phone tariffs
01/12/2022 - More...
The Department for Digital, Culture, Media & Sport (DCMS) has published a new press release to confirm that they have been working together with internet service providers to deliver low-cost broadband and phone packages called social tariffs. These new social tariffs offer discounted broadband and mobile deals for people on

Filing abridged company accounts
01/12/2022 - More...
Companies that are dormant or qualify as a small company or ‘micro-entity’ can choose to send a simpler set of accounts known as abridged accounts to Companies House and do not need to be audited. These abridged accounts contain a simpler balance sheet and mean that less information about the company will be available in the public

Who is a Scottish taxpayer?
01/12/2022 - More...
The Scottish rate of income (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. This means that Scottish taxpayers who also have savings and dividend income need to consider the UK rates as well as the Scottish rates when calculating their income tax bill. Scottish taxpayer status applies

Self-assessment payments on account
01/12/2022 - More...
Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on: 31 January during the tax year e.g. for 2022-23 the first payment on account is due on 31 January 2023. 31 July following the tax year e.g. for 2022-23 the second payment on account is

Autumn Finance Bill published
01/12/2022 - More...
The government published the Autumn Finance Bill 2022 on 22 November 2022. The Bill is officially known as Finance Bill 2022-23. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Statement. The Autumn Finance Bill will be followed by the main Spring Finance Bill 2023 which will be published

CGT tax-free allowance reducing
24/11/2022 - More...
In the Autumn Statement, the Chancellor announced that the annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved next year. This rate had previously been fixed at £12,300 from April 2021 to April 2026 for individuals, personal representatives, and certain trusts for disabled people. The exempt amount will

Personal tax allowances frozen to April 2028
24/11/2022 - More...
Chancellor Jeremy Hunt announced as part of the Autumn Statement measures that the Income Tax thresholds will be maintained at their current levels for a further two years until April 2028. This will see the personal tax allowance frozen at £12,570 through to April 2028. The existing thresholds for the basic rate and higher rates of tax

Corporation Tax increases from April 2023
24/11/2022 - More...
The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 ensuring these companies pay Corporation Tax at the same rate as currently. Where a company has profits

CGT – share exchange
24/11/2022 - More...
One of the more ‘niche’ measures introduced as part of the Autumn Statement measures related to Capital Gains Tax: Share for Share Exchange. This is intended to stop UK tax being avoided by non-UK domiciled individuals on chargeable gains made on the disposal of a UK business, or income received in respect of shares or securities held

MTD for ITSA
24/11/2022 - More...
The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is set to commence from April 2024. This means that clients who have not yet prepared for the change have less than 18 months to choose and begin using approved software. MTD for ITSA will fundamentally change the way businesses, the self-employed and

Reminder of working from home allowances
24/11/2022 - More...
Employees who work from home may be able to claim tax relief for bills they pay that are related to their work. Employers may reimburse employees for the additional household expenses incurred through regularly working at home. The relief covers expenses such as business telephone calls or heating and lighting costs. Expenses that cover

Fiscal drag
21/11/2022 - More...
You may have encountered this phrase, fiscal drag, in recent weeks, particularly if following the Autumn Statement announcements last week. A large part of Chancellor Hunt’s announcements confirmed that rates and allowances for Income Tax are to be frozen at current levels until April 2028. Your immediate response to this news may have

Tax Diary December 2022/January 2023
21/11/2022 - More...
1 December 2022 - Due date for Corporation Tax payable for the year ended 28 February 2022. 19 December 2022 - PAYE and NIC deductions due for month ended 5 December 2022. (If you pay your tax electronically the due date is 22 December 2022). 19 December 2022 - Filing deadline for the CIS300 monthly return for the month ended 5 December

Autumn Statement Summary
17/11/2022 - More...
The new Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons against a backdrop of a worsening cost of living crisis and with confirmation from the Office for Budget Responsibility OBR that the UK has now entered into a recession. The OBR has stated that the economy is still forecast to

Basis of assessment changing
17/11/2022 - More...
Forthcoming 'basis of assessment' reforms will change the way trading income is allocated to tax years for the self-employed. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30 March. There is no change to the rule for companies. The reforms will change the basis period from a

More on HMRC payment plans
17/11/2022 - More...
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. An online payment plan for Self-Assessment tax bills can be used to set up instalment arrangements for paying tax liabilities up to £30,000.

Declare COVID support payments received
17/11/2022 - More...
HMRC is reminding Self-Assessment taxpayers that they must declare COVID-19 grant and support payments in their tax return for the 2021-22 tax year. Most COVID support scheme grants are treated as taxable income in the same way as other taxable receipts and need to be reported to HMRC. This means that if you received a taxable support

VAT – partly exempt businesses
17/11/2022 - More...
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that the business is required to make an apportionment between the activities using a 'partial exemption method' in order to calculate how much input tax is recoverable. Businesses that make both taxable and

Private pension contributions tax relief
17/11/2022 - More...
Under current rules, you can claim tax relief for your private pension contributions within certain limitations. The current annual allowance for tax relief on pension contributions is £40,000. You can also carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those

Gifts paid out of disposable income
17/11/2022 - More...
It is possible for wealthier taxpayers to make tax exempt gifts and payments that are funded as normal expenditure out of income. This is a very flexible exemption from IHT as there are no specific requirements, for example by making fixed regular gifts to the same person. With proper planning this can be a very useful tool including

Tax on dividends
10/11/2022 - More...
The dividend tax allowance was first introduced in 2016 and replaced the old dividend tax credit with an annual £5,000 dividend allowance. Tax was payable on dividends received over this amount. The tax-free dividend allowance was reduced to £2,000 with effect from 6 April 2018 and has remain fixed at that level ever since. This means

What your tax code means
10/11/2022 - More...
The letters in your tax code signify your entitlement (or not) to the annual tax-free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to deduct from an employee’s pay packet. The basic personal allowance for the current tax year, which started on 6 April 2022, is £12,570. The

Check a UK VAT number
10/11/2022 - More...
The ability to check a UK VAT number is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK VAT registration number is valid; and the name and address of the business the number is registered to. The service also allows UK taxpayers to obtain a certificate to prove that they checked that a VAT

Latest News

Use HMRC’s tax app to save time
01/12/2022 - More...
A free HMRC tax app is available and offers some useful functionality. In fact, in the 12 months up to October 2022,

Low-cost broadband and phone tariffs
01/12/2022 - More...
The Department for Digital, Culture, Media & Sport (DCMS) has published a new press release to confirm that they

Filing abridged company accounts
01/12/2022 - More...
Companies that are dormant or qualify as a small company or ‘micro-entity’ can choose to send a simpler set of accounts