Income tax cuts next year
In last week’s Budget the Chancellor stunned his audience by announcing that both the basic rate of tax and the highest ‘additional’ rate would be reduced from 6 April 2023.
Why you should get a head start on your self-assessment now
We believe that getting ahead of your taxes is a perfect way to reduce avoidable stress. Here’s why you should get a head start on your self-assessment now.
VAT portal to close
All VAT registered businesses are now required to file VAT returns using MTD-compatible software and keep VAT records in a digital format. This applies from the start of the first VAT period for newly registered businesses.
Paying your income tax bill
Many self-employed people will find January 2023 a tough month as it is predicted that domestic fuel bills will increase again and income tax payments will be due.
Loans to employees
Many employers will advance modest loans to employees to meet upfront costs which they necessarily incur to enable them to work. The loan needs to be properly documented with clear repayment terms but there is no obligation on the employer to charge interest on the outstanding capital.
Working at home deductions
There are now almost 10 million people who work from home and can benefit from the tax-free allowance of £6 per week (£26 per month) which their employer may choose to pay.