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November 2022

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November's Business Companion News.

Personal Tax Return for 2021-22?
Do you need to do a personal tax return for 2021-22? Our guideexplains who needs to complete a personal tax return. If you would like us to do yours we will need details of all your income for the 2021-22 tax year – our tax organiserwill help you compile this. Email uscopies of your P60s and any pension statements. We also need details of self-employments and rental accounts for any rented properties.

We include personal tax returns for Directors as part of our comprehensive Business Companion Service.

November 2022
· Latest news round-up
· Entertaining – allowable for tax
· Renting out a ‘spare’ room
· company closes – how to withdraw any remaining cash tax efficiently
· A November Questions and Answers
· November Key tax dates
Latest news round-up top

Making Tax Digital – should your business change its year-end now?

Making Tax Digital for Income Tax (MTD ITSA) is due to start on 6 April 2024 with the first year being 2024/25. In preparation, the rules that determine which profits of a non-company business are charged to tax for a particular tax year are also being reformed.
Read More

Entertaining – allowable for tax? top
Renting out a ‘spare’ room top

The tax rules for entertaining businesses are clear. Whether payment for lunch with a customer or tickets for a sporting event — whatever the reason, with few exceptions, any cost incurred for entertaining is not an allowable expense for tax purposes. The amount can still be paid out of the business bank account and deducted from arriving at the accounting profit but will be added back in the tax computation and taxed.
Read More

The children are gone and there is an unoccupied 'spare' room. Apart from using the room as extra storage, renting it out is another option that can enable use of the space as well as bringing in some extra cash. The trend for letting spare rooms is increasing with websites such as Easyroommate, Gumtree and Hosts International making it easy to find someone to use the spare room on a long-term basis.
Read More

A company closes – how to withdraw any remaining cash tax efficiently top

When the time comes to close a company the usual method by which this is done is via a process known as 'Striking off'. The procedure is an informal, voluntary way of closing a company which is no longer required either because the company has ceased trading, or the director wants to retire or because the directors just want to close the business. However, strike off can be undertaken compulsorily, typically by a disgruntled creditor or by Companies House for non-submission of annual accounts.
Read More

November Questions and Answers top
November Key tax dates top

Q. I live in a semi-detached property and am in the process of purchasing my neighbor's property with the intention of converting the two houses into one. Therefore, the new property will be our main residence alongside our existing property as they will become one. In this situation, are we liable for the 3% stamp duty land tax (SDLT) surcharge? Answer

Q. I am self-employed and receive a small pension. My accounts show that for the tax year 2021/22 I have a self-employment profit of £6,538 and a pension received of £9,305, giving a total income of £15,843. I have available losses brought forward from the previous year of £4,127. Do I need to utilize whole loss in this year against the profit from self-employment, or can I use only £3,273 to bring my taxable profit to nil (the rest would be covered by the personal allowance of £12,570)? Can I carry forward the remaining loss of £854 to the next year? Answer

Q. I am currently let out of a flat and the tenants have approached me with an offer of buying the flat on a monthly installment plan instead of getting a mortgage and paying at point of sale as would be the usual situation on a sale of a property. What are the tax implications? Answer

1 – Corporation Tax payment 31 January 2022 year-end
All VAT-registered businesses must be signed up to Making Tax Digital (MTD).

6 – The 1.25% increase in NICs rates which has applied since 6 April 2022 is reversed.

7 – Electronic VAT return and payment due for VAT quarter ended 30 September 2022.

19 – CIS return for payments made to subcontractors in the month to5 November 2022.

22 – PAYE, NIC and CIS payment (electronic): month-end 5 November 2022

31 – Corporation Tax returns submission: 31 November 2021 year ends

Need Help? top
New Clients Welcome top
Please contact us if we can help you with these or any other tax or accounts matters.

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See details of our Business Companion Service.
About Us top
Simple Accounting Limited offers a cost effective Business Companion service to business owners who use MYOB, Acclivity, Mamut, Xero, FreeAgent, Quickbooks or Clearbooks.

‘All clients using these software packages can benefit from our support. Visit our website for a look at the resource on offer.’

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