Tax deadlines and penalties for limited companies

Managing a limited company requires meticulous attention to regulatory obligations, particularly with regard to tax and accounting. Financial compliance is punctuated by a series of key deadlines and potential penalties for non-compliance, demanding a proactive and informed approach from company directors.

This guide delves into the intricacies of these obligations, offering a comprehensive overview to help ensure your company remains in good standing.
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Personal tax planning in 2024/25

As we step into the 2024/25 tax year, it’s now more important than ever to take a proactive approach to managing your
personal finances.

Whether you’re navigating the complexities of income tax, considering investment opportunities or planning for your future, understanding the nuances of the UK tax system can help you make informed decisions.

This guide is crafted with you in mind, offering clarity and actionable advice to help you optimise your tax position and secure your financial wellbeing.
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YEAR-END TAX GUIDE 2023/24

The conclusion of the 2023/24 tax year prompts us to reflect on some of the notable developments in the fiscal landscape.

This past year has been marked by ongoing efforts to recover from the economic impact of the global pandemic. Inflation has emerged as a significant concern, influenced by persistent disruptions in the supply chain and geopolitical tensions.

To address these economic challenges, the Government has adjusted tax policies to balance revenue generation with support for businesses and individuals.
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NEWS ROUND-UP: DECEMBER 2023

Included in this month’s article:
– UK ACCOUNTANTS DEMAND HMRC SERVICE IMPROVEMENTS
– BANK OF ENGLAND HOLDS INTEREST RATES STEADY
– SMALL BUSINESS CONFIDENCE IMPROVES IN Q3 2023
– CORPORATE INSOLVENCIES HIT A TWO-DECADE HIGH

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SPOTLIGHT ON: Tax and your work Christmas party

As 2023 draws to a close, many employers will be looking for ways to reward their teams’ hard work. But how can you do that in a tax-efficient way that benefits both you
and your employees?

Thankfully, showing your appreciation doesn’t need to cost the earth. In most cases, work Christmas parties and gifts for staff members are tax-deductible.
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SPOTLIGHT ON: Self-assessment

The UK self-assessment system has its quirks and nuances, and understanding how to stay compliant is crucial to a smooth and stress-free income tax process.

From early paper deadlines to penalties for late-filers, self-assessment holds a few surprises. As always, a professional accountant can help you navigate the process successfully, make the most of available tax reliefs, and avoid potential pitfalls along the way.

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Tax Insider October 2023

Included in this month’s article:
– HMRC REOPENS SELF-ASSESSMENT HELPLINE
– EMPLOYERS RAMP UP COUNTER-OFFERS TO RETAIN STAFF
– ONS REVISES ITS FINDINGS AND SAYS ECONOMY ACTUALLY GREW IN 2021
– CHANCELLOR ANNOUNCES DATE FOR AUTUMN STATEMENT 2023
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AN INTRODUCTION TO TRUSTS

What you need to know about trusts, including how they are taxed.

Trusts are legal arrangements where assets are placed into the care of an individual or organisation that manages them for the benefit of someone else.

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A GUIDE TO REGISTERING FOR SELF-ASSESSMENT

If you’ve never had to complete a self-assessment tax return, the first time can be daunting. But don’t worry: we’ll demystify the process in this article. And if you have completed one before, this guide might still teach you a thing or two about doing your self-assessment better.
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Tax Insider September 2023

INCLUDED IN THIS MONTHS ARTICLE:
– GEOPOLITICS PROMPT IMPORTERS TO ALTER SUPPLY CHAINS
– UK GROWS BUT REMAINS IN ‘PRECARIOUS PLACE’
– PAY GROWTH ENDS 18-MONTH WAGE SQUEEZE
– ONE MILLION MORE PULLED INTO TAX ON SAVINGS
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Tax Insider August 2023

INCLUDED IN THIS MONTHS ARTICLE:

  • R&D TAX RELIEF CRACKDOWN ‘DETERRING GENUINE CLAIMS’
  • UK ECONOMY REMAINS ON SHAKY GROUND
  • CALL WAIT TIMES TO BE INCLUDED ON HMRC HELPLINES
  • HMRC HAS ‘ENORMOUS AMOUNT OF WORK’ TO DELIVER MTD ON TIME

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Tax Insider June 2023

Included in this month’s article:

  • Government launches cryptoassets consultation.
  • Tax take soars by almost 10%
  • ICAEW calls MTD quarterly reporting “disproportionate”
  • Government extends VAT exemption for pharmacists

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Tax Insider May 2023

Included in this months article:

  • HMRC releases guidance on LTA abolition
  • Digital service tax could become permanent
  • New business rates bill aims to “Let communities thrive”
  • HMRC U-turns on paper only self assessments
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Tax Insider April 2023

Included in this month’s article:

  • Finance sector increases female representation
  • Government extends voluntary NI deadline
  • Chancellor removes lifetime pension limit
  • Super-deduction replaced by “full expensing”
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TAX RELIEF ON PENSIONS

Tax relief is one of the best features of using a pension to save for retirement.

When you pay into your pension, some of the money that would have gone to the Government as tax goes instead into your pension pot, which can help reduce the amount of tax you pay and boost your savings.

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Tax Insider March 2023

Included in this month’s article:

  • Bank of England raises interest rate to 4%
  • Over 300,000 taxpayers miss self-assessment deadline
  • Chancellor outlines four ‘Es’ for economic growth
  • Calls for R&D reforms to be paused
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Year-End Tax Guide 2022/23

2022/23 has been the third of extraordinary tax years in the modern era. While 2020 and 2021 saw the heights of the pandemic, 2022 saw a surge in inflation mainly due to the continued supply chain issues after Covid, Russia’s war on Ukraine and rising energy prices.

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CORPORATION TAX IN 2023

After multiple policy U-turns and much uncertainty, the main rate of corporation tax will rise from 19% to 25% from 1 April 2023, affecting companies with profits of £250,000 and over.
The legislation provides that small companies with profits up to £50,000 will continue to pay corporation tax at 19%, with profits between the two limits being subject to a tapered rate.

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Tax insider February 2023

Included in this month’s article:

  • Chancellor reveals new energy discount for businesses
  • Inflation remains a key concern for business
  • MPs call fro urgent improvements to HMRC’s performance
  • Research and development relief guidance under review

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Tax Insider January 2023

Included in this month’s article:
– Treasury delays MTD for ITSA until 2026
– Economic outlook remains bleak despite rise in GDP
– SMEs owed £23.4BN in late payments
– Energy price cap removes risk for one in four businesses

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INCOME TAX: WHAT’S CHANGING?

A number of changes are coming to income tax in April 2023 that will affect taxpayers across the UK.
Many of these measures were announced by Chancellor of the Exchequer Jeremy Hunt in his Autumn Statement on 17 November. According to Hunt, these decisions will see everyone pay “a bit more tax” from the 2023/24 tax year onwards.
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IR35: THE RULES NOW

Late September into mid-October has been a turbulent time for the Government and a confusing time (at best) for taxpayers, after former chancellor Kwasi Kwarteng’s fiscal statement.

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Tax Insider October 2022

Included in this month’s article:

  • Chancellor announces biggest tax cuts in 50 years
  • Bank of England predicts the UK to enter recession this year
  • COVID loans scheme hit by over £1BN in suspected fraud
  • MTD for VAT penalties begin from November
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Insider September 2022

Included in this month’s article:

  • Band of England raises interest rates to 1.75%
  • Energy bill support to be split over six payments
  • Help to grow scheme extends to smallest businesses
  • Capital gains tax rules for divorced couples ease
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Tax Insider August 2022

Included in this months article:

  • Lack of awareness of tax liability among crypto investors
  • HMRC: Businesses don’t think MTD applies to them
  • Self employed struggling with tax obligations
  • Bank of England focusses on returning inflation to 2% target
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THE TAX BENEFIT FOR INNOVATIVE COMPANIES

Research and development (R&D) tax credits were once a little known tax incentive for companies which invested in innovation. But after rule changes in recent years, and a push by many tax advisers, they are now much more widely understood and used.

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Tax Insider June 2022

Included in this month’s article:

  • HMRC raises interest rates on late tax payments
  • Work from home tax relief may not be available in 2022/23
  • Bank of England raises interest rate to 1%
  • SMEs unprepared for MTD rollout
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Tax Insider May 2022

Included in this Month’s article:

  • IR35 Reform Landing Period Ends
  • New Law to Resolve Covid Rent Debt
  • National Insurance and Dividend 1.25% Uplift Underway
  • MTD for VAT rolls out to all VAT-Registered Businesses
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Tax Insider April 2022

Included in this month’s article:

  • Over one million individuals use extra time to file tax returns.
  • Economic forecasts dampen for 2022
  • House of lords raises concerns over IR35
  • Government launches onlines sales tax public consultation
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PERSONAL TAX CHANGES FOR 2022/23

By the time you’re reading this, the new tax year is either just about to start or has already started. Some of the changes have been public knowledge for months now and some of the rises have been anxiously awaited as the country continues to face a cost-of-living squeeze.

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Tax Insider March 2022

Included in this months article:

  • Two million people missed self-assessment deadline
  • £50m shot in the arm for the UK’s creative businesses
  • HMRC eyes reform of stamp taxes and multiple dwellings
  • ‘Ditch NICE increase to free up funds for apprentices’
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Year-End Tax Guide 2021/22

Throughout 2021/22, COVID-19 has continued to dominate. Millions of employees and directors on payroll were furloughed, and the self-employed continued to rely on grants available via the income support schemes.

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Tax Insider February 2022

Included in this month’s article:

  • HMRC waives penalties again for late self-assessment
  • Omicron-hit employers can reclaim statutory sick pay
  • Treasury’s pensions tax relief bill soars past £42BN
  • Deadline looms for new hospitality and leisure grants
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Tax Insider January 2022

Included in this months issue:

  • HMRC issues last reminder for 2020/21 personal tax returns
  • One if four buy-to-let landlords ‘plan to sell up in 2022’
  • More red tape for importers as new EU checks kick in
  • Report sheds more light on changes to R&D regime
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MAKING TAX DIGITAL FOR INCOME TAX

Making Tax Digital for income tax (MTD for ITSA) looks certain to affect sole traders and landlords from April 2024, following the recent news of a one-year delay.

This was the latest in a long line of delays and deferrals in the rollout of MTD, which was first proposed by then-Chancellor George Osborne in late 2015.

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