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October 2022

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To October’s Mini Budget Business Companion News.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We're here to help!

October 2022
· Mini Budget Summary
· Are you too late to claim a tax repayment?
· Landlords – make sure you claim all the expenses you can
· Which VAT scheme to use?
· October Questions and Answers
· October Key tax dates
Mini Budget Summary top

We knew that the new Prime Minister wanted to cut income tax rates at some time in her tenure because we had been told so repeatedly. What we did not expect was the measure to be enacted so soon after the new Chancellor had been installed and we certainly did not expect the scrapping of the 45% 'additional rate' tax band for those earning over £150,000. In what has been termed a 'mini budget' the new Chancellor, Kwasi Kwarteng, delivered a package of more than 30 measures intended to tackle high energy bills, drive down inflation and cut taxes to drive growth.
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Are you too late to claim a tax repayment? top
Landlords – make sure you claim all the expenses you can top

Claims for repayment of tax are usually made via submission of a tax return, e.g. a self-assessment repayment claim is by completion of the section on page TR7. Whether as an individual or a company the time limit for amending a tax return is usually one year from the deadline for submitting the return.
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Whatever the reason for becoming a landlord, expenses will be incurred relating to that property at some time or another. Unfortunately, just because a payment has been made does not necessarily mean it is allowable for tax. Even if the payment is allowable, when tax relief can be claimed depends on the nature of the expense and the method by which the accounts are prepared.
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Which VAT scheme to use? top

Most businesses know that once the tax turnover for a business exceeds the VAT registration threshold (currently £85,000 a year), or it is expected to do so within the next 30 days, VAT registration is compulsory. Some businesses are not required to register (e.g. those offering education and training and some medical treatments) but if registration is required there are several schemes to choose from
Read More

October Questions and Answers top
October Key tax dates top

Q. My company does not have a credit card and therefore I use my own personal credit card to pay for some expenses – particularly any purchases made online as a credit card gives an extra layer of protection. I also use the card for some personal expenses. Every month I pay the full balance owing on the statement for the previous month from the business bank account. How is this to be treated in the accounts? Answer

Q. The company for which I am a director has been approached by a local charity to make a donation. The charity is a school attended by a fellow director's grandchildren. Is that allowed? What are the tax implications? Answer

Q.I am the sole director of a company and my office is based at home. For historical reasons many of my clients are based in the South of England whereas I live in the North. Therefore I spend most of the week on the road, staying in hotels, returning to my home office on Fridays to undertake administrative work. What can I claim for subsistence? Am I only allowed the daily allowance of £5/£10 per day, or can I claim the actual cost of meals that are likely to cost more than the set allowances? Answer

1 – Corporation Tax payment 31 December 2021 year-end

5 – Deadline to notify HMRC of 2021/22 tax liability where returns are not currently submitted.

A penalty can be avoided if the tax owed is paid no later than 31?January 2023.

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

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

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

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

All paper-based Self-Assessment 2021/22 Tax Returns must be received by HMRC.

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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