Moore Kingston Smith has supported RC365 Holding Plc on its fundraise of £2 million and admission to the London Stock Exchange on 23 March 2022.
Tax Diary September/October 2022
The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else.
To keep your earnings in sync with increases in prices is becoming progressively difficult. Most individuals – whether employed or self-employed – would find it unrealistic to secure pay rises (if employed) or price increases (if in business) unless the demand for their goods or services was high.
There is no tax to pay on trading income or earnings from land and property as long as the income from each of these two sources does not exceed £1,000.
If you’re a sole trader running a small business, it is safe to say that you’ll be incurring business expenses.
The government has announced an extension to the Recovery Loan Scheme (RLS) from August 2022.
The 5% reduced rate of VAT is available for a wide range of residential conversion and renovation projects, but it is often overlooked. Applying 5% rather than 20% VAT can dramatically reduce the construction budget.
From mid-September, HMRC is set to introduce a recurring direct debit option for employers using the PAYE system.
From April 2023, divorcing couples will no longer need to settle their estates within a year and face Capital Gains Tax (CGT) bills.
Changes to the research and development (R&D) tax credits regime will see new requirements which mean that all future applications will need to be submitted online and applicants will need to pre-register claims regardless of the size of the business.
New legislation proposed by Companies House means all directors and PSC’s of a company will have to have their identities electronically verified.