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Use HMRC’s tax app to save time

01/12/2022

A free HMRC tax app is available and offers some useful functionality. In fact, in the 12 months up to October 2022, HMRC received almost 3 million calls from people asking for information that is now readily available on the app. This included: 354,499 calls from people who forgot/lost their National Insurance number; 444,301 calls...

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Low-cost broadband and phone tariffs

01/12/2022

The Department for Digital, Culture, Media & Sport (DCMS) has published a new press release to confirm that they have been working together with internet service providers to deliver low-cost broadband and phone packages called social tariffs. These new social tariffs offer discounted broadband and mobile deals for people on...

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Filing abridged company accounts

01/12/2022

Companies that are dormant or qualify as a small company or ‘micro-entity’ can choose to send a simpler set of accounts known as abridged accounts to Companies House and do not need to be audited. These abridged accounts contain a simpler balance sheet and mean that less information about the company will be available in the public...

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Who is a Scottish taxpayer?

01/12/2022

The Scottish rate of income (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. This means that Scottish taxpayers who also have savings and dividend income need to consider the UK rates as well as the Scottish rates when calculating their income tax bill. Scottish taxpayer status applies...

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Self-assessment payments on account

01/12/2022

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on: 31 January during the tax year e.g. for 2022-23 the first payment on account is due on 31 January 2023. 31 July following the tax year e.g. for 2022-23 the second payment on account is...

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Autumn Finance Bill published

01/12/2022

The government published the Autumn Finance Bill 2022 on 22 November 2022. The Bill is officially known as Finance Bill 2022-23. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Statement. The Autumn Finance Bill will be followed by the main Spring Finance Bill 2023 which will be published...

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CGT tax-free allowance reducing

24/11/2022

In the Autumn Statement, the Chancellor announced that the annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved next year. This rate had previously been fixed at £12,300 from April 2021 to April 2026 for individuals, personal representatives, and certain trusts for disabled people. The exempt amount will...

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Personal tax allowances frozen to April 2028

24/11/2022

Chancellor Jeremy Hunt announced as part of the Autumn Statement measures that the Income Tax thresholds will be maintained at their current levels for a further two years until April 2028. This will see the personal tax allowance frozen at £12,570 through to April 2028. The existing thresholds for the basic rate and higher rates of tax...

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Corporation Tax increases from April 2023

24/11/2022

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 ensuring these companies pay Corporation Tax at the same rate as currently. Where a company has profits...

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CGT – share exchange

24/11/2022

One of the more ‘niche’ measures introduced as part of the Autumn Statement measures related to Capital Gains Tax: Share for Share Exchange. This is intended to stop UK tax being avoided by non-UK domiciled individuals on chargeable gains made on the disposal of a UK business, or income received in respect of shares or securities held...

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MTD for ITSA

24/11/2022

The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is set to commence from April 2024. This means that clients who have not yet prepared for the change have less than 18 months to choose and begin using approved software. MTD for ITSA will fundamentally change the way businesses, the self-employed and...

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Reminder of working from home allowances

24/11/2022

Employees who work from home may be able to claim tax relief for bills they pay that are related to their work. Employers may reimburse employees for the additional household expenses incurred through regularly working at home. The relief covers expenses such as business telephone calls or heating and lighting costs. Expenses that cover...

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Fiscal drag

21/11/2022

You may have encountered this phrase, fiscal drag, in recent weeks, particularly if following the Autumn Statement announcements last week. A large part of Chancellor Hunt’s announcements confirmed that rates and allowances for Income Tax are to be frozen at current levels until April 2028. Your immediate response to this news may have...

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Tax Diary December 2022/January 2023

21/11/2022

1 December 2022 - Due date for Corporation Tax payable for the year ended 28 February 2022. 19 December 2022 - PAYE and NIC deductions due for month ended 5 December 2022. (If you pay your tax electronically the due date is 22 December 2022). 19 December 2022 - Filing deadline for the CIS300 monthly return for the month ended 5 December...

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Autumn Statement Summary

17/11/2022

The new Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons against a backdrop of a worsening cost of living crisis and with confirmation from the Office for Budget Responsibility OBR that the UK has now entered into a recession. The OBR has stated that the economy is still forecast to...

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Basis of assessment changing

17/11/2022

Forthcoming 'basis of assessment' reforms will change the way trading income is allocated to tax years for the self-employed. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30 March. There is no change to the rule for companies. The reforms will change the basis period from a...

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More on HMRC payment plans

17/11/2022

Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. An online payment plan for Self-Assessment tax bills can be used to set up instalment arrangements for paying tax liabilities up to £30,000....

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Declare COVID support payments received

17/11/2022

HMRC is reminding Self-Assessment taxpayers that they must declare COVID-19 grant and support payments in their tax return for the 2021-22 tax year. Most COVID support scheme grants are treated as taxable income in the same way as other taxable receipts and need to be reported to HMRC. This means that if you received a taxable support...

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