Tax Diary February/March 2022
1 February 2022 – Due date for Corporation Tax payable for the year ended 30 April 2021.
19 February 2022 – PAYE and NIC deductions due for month ended 5 February 2022 (If you pay your tax electronically the due date is 22 February 2022).
19 February 2022 – Filing deadline for the CIS300 monthly return for the month ended 5 February 2022.
19 February 2022 – CIS tax deducted for the month ended 5 February 2022 is payable by today.
1 March 2022 – Due date for Corporation Tax due for the year
VAT Flat Rate Scheme exclusions
The VAT Flat Rate scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with VAT legislation. Using the Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business.
The scheme is open to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000, excluding VAT.
However, there are a
Who should register for Plastic Packaging Tax
The new Plastic Packaging Tax will come into effect from 1 April 2022. The tax will not apply to any plastic packaging which contains at least 30% recycled plastic, or any packaging which is not predominantly plastic by weight. The tax will be charged at a rate of £200 per metric tonne and will apply to packaging with less than 30% recycled plastic.
The online service to register and pay will be made available on 1 April 2022 when the tax takes effect. Businesses that have manufactured or
How CIS off-set works in practice
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’ and should be aware of the tax implications of the scheme.
Under the scheme, contractors are required to deduct money from a subcontractor’s payments and pass it to HMRC. The deductions count as advance payments towards the subcontractor’s tax and National
Tax and customs duties for goods sent from abroad
There are special rules to help ensure that goods sent from abroad are taxed appropriately and to ensure that UK businesses supplying goods in the UK, for example by having to compete with VAT free imports, are not disadvantaged. This includes goods that are new or used and bought online, bought abroad, and shipped to the UK and goods received as gifts.
This means that in order to receive your goods you may have to pay VAT, Customs Duty or Excise Duty if they were sent to:
Great Britain
Filing obligations for private limited companies
It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations.
After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. The deadline for filing the first set of accounts with Companies House is 21 months after the date the company was registered with Companies House. Further annual accounts must be submitted 9 months after the company’s financial year
Government nudges local authorities
The Secretary of State for Business, Energy & Industrial Strategy has written a letter to local authorities in England urging them to help support businesses in the hospitality and leisure sectors as efficiently as possible.
Just before Christmas, the Chancellor, Rishi Sunak announced a support package for businesses most impacted by the Omicron variant. The biggest single measure was the re-introduction of one-off grants of up to £6,000 for businesses in the hospitality and leisure