Notifying cessation of self-employment
Any taxpayers that have ceased to be self-employed must notify HMRC of their change in status. There are a number of steps that must be followed if a taxpayer ceases trading as a sole trader or if they are ending or leaving a business partnership.
Taxpayers must send in a Self-Assessment return by the relevant deadline and will need to work out their trading income, allowable expenses and any capital allowances. Taxpayers must also determine if they have any Capital Gains Tax (CGT) to
Submitting CIS nil monthly returns
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 CIS, 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
Check employment status for tax
The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector.
The service provides HMRC’s view if IR35 legislation applies to a particular engagement and whether a worker should pay tax through PAYE. The service also helps determine if the off-payroll working in the public sector rules apply to a public sector engagement.
The software can be used to check the
Class 1A payment deadline
Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. There is no employee contribution payable. If you provided taxable benefits to staff or directors your business is likely to have a Class 1A employers’ NIC liability. The deadline for paying class 1A NICs is 22 July 2022 if payment is made electronically (or 19 July 2022 if paying by cheque).
The deadline for submitting the 2021-22 forms P11D, P11D(b) and P9D is 6 July 2022. The
Reform of Consumer Credit Act
The government has announced new plans to modernise consumer credit laws to cut costs for businesses and simplify rules for consumers. This will see major reforms to the Consumer Credit Act that regulates credit card purchases and personal loans. A consultation on the direction of reform is expected to be published by the end of the year.
As part of the reform measures, the government intends to move much of the Act from statute to sit under the Financial Conduct Authority – enabling the
New deal for private renters
The government has announced their intention to fundamentally reform the private rented sector marking the biggest shake up of the private rented sector in 30 years. These measures are set to include a ban on section 21 ‘no-fault’ evictions and placing a legislative duty for landlords in the private sector to meet the Decent Homes Standard to the private sector by 2030.
Other measures announced to help tenants include:
Helping the most vulnerable by outlawing blanket bans on renting to