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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CONSTRUCTION INDUSTRY SCHEME

The construction industry remains one of the UK’s key sectors, which also helps to underpin the UK economy, despite experiencing the effects of the COVID-19 pandemic.

In September 2021, construction output grew by 1.3% on the previous month – placing the sector just 1% below its pre-pandemic level – and worth a decent share of UK GDP.

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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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Tax Insider December 2021

Included in this month’s article:

  • Cladding tax to affect large property developers in 2022/23
  • Six-month extension for COVID-19 recovery loan scheme
  • Tax reporting deadline for additional property sales extends
  • Budget confirms one-year delay for basis period reform
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Business Tasks to Outsource

As a business owner, you will find that few things in your line of work are as precious as your time – time that would be better spent doing something other than accounting.

Many people come to us asking for help with tasks that usually result in time slipping through their fingers, because of their often onerous nature to the layman.

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Pension Options at the age of 55

Despite remaining complex, pensions offer you far more flexibility from the age of 55 (rising to 57 from 6 April 2028) than was once possible.

If you are approaching 55, you might be feeling a twinge of trepidation or excitement that you could soon become “a
pensioner” as this is the age at which you are allowed to access some pension savings.

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Tax Insider November 2021

Included in this months article:

  • Salary sacrifice could ‘dampen increased NICS costs’
  • Hospitality and tourism VAT rate increases to 12.5%
  • Business rates burden eases for retailers and hospitality firms
  • Extension for temporary £1M annual investment allowance
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RESIDENCE & DOMICILE AFTER BREXIT

For most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident.

Anyone domiciled and resident in the UK will need to report their worldwide income and capital gains on their return. However, what happens if you are either non-UK domiciled (non-dom) but UK resident, or UK domiciled but non-UK resident?

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2020/21 INCOME TAX RETURNS & THE SEISS

A chunk of time has passed since the self-employed income support scheme (SEISS) was launched in May 2020, following the onset of the COVID-19 pandemic.

The first taxable grant, worth up to £7,500 in total, was paid out in August 2020. That was followed by a second grant of up to a total of £6,570 and a third grant, worth up to £7,500 in total.

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