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01/11/2022

November Tax Tips & News

Welcome to the Andrews & Brown Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

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

We’re 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!

Latest news round-up
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 busi Read More...
 
Entertaining - allowable for tax?Renting out a 'spare' room
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...
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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...
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A company closes - how to withdraw any remaining cash tax efficiently.November Questions and Answers
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 trad..
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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 ..
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November Key Tax Dates Autumn Statement 2022

Newsletter issue – November 2022

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 to 5 November 2022.

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

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

The Autumn Statement on 17 November 2022 contained several significant tax announcements, which we have summarised below.
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