Key dates for your tax diary in November 2023.

Key dates for your tax diary in November 2023.

Key dates for your tax diary in October 2023.

Key dates for your tax diary in October 2023.

There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs.

Key dates for your tax diary in September 2023.

Key dates for your tax diary in June and July 2022.

Shareholder directors of owner-managed businesses normally take a minimum salary and any balance of remuneration as dividends (distribution of company profits). Historically, dividend have been taxed as unearned income and this tends to reduce National Insurance Contributions (NIC), and in some cases income tax. 

The Employment Allowance has risen from £4,000 to £5,000. This means that businesses and charities whose NIC liabilities were under £100,000 will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs) bill.

Key dates for your tax diary in May and June 2022.

Key dates for your diary in January and February 2022.

Key dates for your diary in December 2021 and January 2022

Tax Diary for the months of October and November 2021

Boris Johnson has announced a rise in National Insurance contributions and dividend tax to raise £36bn over the next three years for health and social care reform.

There are many expenses and benefits in kind which will need to be reported, however there are some exemptions for expenses associated with working from home. 

Employers that provide any form of taxable benefit to clients will need to prepare and file P11D returns to HMRC. The deadline to file your returns is the 6 July 2021.

Important dates for your tax diary in June and July 2021.

Important dates for your tax diary in May and June 2021.

Important dates for your tax diary in April and May 2021.

Important dates for your tax diary throughout the tax year.

Important dates for your tax diary in February and March 2021.

Important dates for your tax diary in December 2020 and January 2021.

1 October 2020 - Due date for Corporation Tax due for the year ended 31 December 2019.
 

November is a very busy time for returns and tax payments. Below are the important dates coming up over the next month. 

November is a very busy time for returns and tax payments. Below are the important dates coming up over the next month. 

October is a very busy time in the tax calendar, with critical filing dates.

October is a very busy time in the tax calendar, with critical filing dates.

A scheme using Employee Benefit Trusts (EBTs) as a means of remunerating directors and staff has been defeated by HMRC in a recent Supreme Court case.

A scheme using Employee Benefit Trusts (EBTs) as a means of remunerating directors and staff has been defeated by HMRC in a recent Supreme Court case.

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce NIC, and, in some cases, Income Tax.

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce NIC, and, in some cases, Income Tax.

July & August are very busy times in the tax calendar, with critical filing dates.

Please check out the link below for dates that may be relevant to your business throughout the year.
July & August are very busy times in the tax calendar, with critical filing dates.
 

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July & August are very busy times in the tax calendar, with critical filing dates.

Please check out the link below for dates that may be relevant to your business throughout the year.
July & August are very busy times in the tax calendar, with critical filing dates.
 

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July is a very busy time in the tax calendar, with critical filing dates.

July is a very busy time in the tax calendar, with critical filing dates.

Until 2015-16, it was possible to apply for a dispensation to exclude certain expenses and benefits provided to employees from the year end returns to HMRC: primarily the submission of forms P11D. These dispensations ceased to be effective from 6 April 2016. From this date many of the expenses covered by dispensations were exempted from the benefits legislation. The sorts of expenses covered include:

 

Until 2015-16, it was possible to apply for a dispensation to exclude certain expenses and benefits provided to employees from the year end returns to HMRC: primarily the submission of forms P11D. These dispensations ceased to be effective from 6 April 2016. From this date many of the expenses covered by dispensations were exempted from the benefits legislation. The sorts of expenses covered include:

 

In many cases, making loans to your employees or their relatives can create an obligation to report a beneficial loan to HMRC. The deemed benefit would be a taxable benefit in kind for the relevant employee, and would increase the employer’s Class 1A NIC bill at the end of the tax year.

In many cases, making loans to your employees or their relatives can create an obligation to report a beneficial loan to HMRC. The deemed benefit would be a taxable benefit in kind for the relevant employee, and would increase the employer’s Class 1A NIC bill at the end of the tax year.