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Claim for your company’s losses Companies can take advantage of an extended carry back period for trading losses arising in accounting periods that end between 1 April 2020 and 31 March 2022. The trading losses from these periods can be carried back to set against ...

Accelerate tax relief! The end of the accounting period for your business is a key point for tax planning. You can save or delay tax by advancing the acquisition of assets to before the end of your accounting period. This permits you to claim the ...

Don’t miss tax deadlines If you miss the deadline for filing your self-assessment tax return (31 January for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged and, ...

Capital expenditure Capital expenditure (CAPEX) is depreciated in the accounts, but this depreciation is not allowable for tax purposes. Instead, businesses can claim specific tax allowances, but these differ considerably for ‘Plant and Machinery’ (P&M) and ‘structures and buildings’, the latter writing off the asset ...

Is your PSC still needed? If all or most of a contractor’s work is going to be subject to payroll taxes under the off-payroll working rules, they may prefer to become a normal employee of that client. Although this may sometimes be an option, many ...

Off-payroll working: other issues Where a client decides to deduct the worker’s payroll taxes when paying the invoices issued by the PSC, it has an impact in several other areas too, including: • Tax relief for expenses incurred by the PSC • The reported turnover ...

Travel and subsistence The rules on tax relief for travel and subsistence are completely different depending on whether you are Selfemployed or are an employee (or director) of a company. It is easy to misunderstand them, as has been shown in two recent cases at ...

How to carry back corporate losses Did your company have a bad pandemic? Don’t panic, you may be able to turn a loss into a useful tax repayment by carrying it back to set against profits made in earlier years. If the loss is so ...

How to carry back income tax losses Many unincorporated businesses made a loss in the tax year 2020/21, due to the pandemic. Now it’s important to make the most of such losses. By carrying back the trading losses to an earlier tax year in which ...

National Minimum Wage: Common traps The top three mistakes made by employers concerning the National Minimum Wage (NMW) rates are: Making deductions from wages (such as uniform or expenses) which take the pay below the NMW rate; Failing to pay workers for all the time ...

Greater Manchester is introducing a clean air zone from 30th May 2022. This is being brought into force in order to improve air quality across GM and is targeting vehicles which are the biggest polluters. At this stage private cars are not being included but ...

Valid VAT invoices It is important to include enough information on your VAT invoices to allow your VAT-registered customers to reclaim the VAT charged. HMRC will block recovery of VAT charged on invoices that don’t clearly state what goods or services were supplied. HMRC officers ...