Monthly Archives: February 2022

EMI Scheme Most share option schemes, with an eye to tax benefits, use the Enterprise Management Incentive (EMI) scheme. For qualifying arrangements, there are tax incentives for the employer and employee. The point to emphasise with EMI arrangements is that they can only be made by employers with their employees. Unapproved option scheme Unapproved share […]

The UK tax system does not allow families to spread the impact of taxation where there is one significant income earner providing for other family members. For example, if one parent was earning £100,000, they will be paying income tax at 40% rates on almost £50,000 of their income when their partner and teenage children […]

In a recent press release the Competition and Marketing Authority issued details of a poll of over 2,000 UK adults. According to the results of the poll: 7 out of 10 had experienced misleading online practices 85% believed businesses using them were being dishonest with their customers And 83% were less likely to buy from […]

Apparently, February is the month that many homeowners take issue with their council tax banding in the hope and expectation that it will result in lower – not higher – council tax bills 2022-23. Anticipating this, the Valuation Office, who oversee these reviews, have issued guidance. In their opening to a news story published 4 […]

During the pandemic, businesses affected by COVID-19 disruption will have had their attention firmly focussed on survival. Certain sectors have suffered more than others with the hospitality, entertainment and leisure industries bearing the brunt of lockdown measures. But what impact has this unprecedented period had on the value of your personal assets? One thing we […]

We are fast approaching the end of another tax year, 5 April 2022. To benefit from tax relief for 2021-22 you will need to make any top-up payment on or before this date. To help you reach a decision, we have summarised the present tax rules that set out how much you can pay into […]

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 […]

HMRC is waiving late filing and late payment penalties for Self-Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020-21 tax return and pay any tax due. HMRC is encouraging taxpayers to file and pay on time if they can, as the department reveals that, of the […]

Since Monday 17 January, people with COVID-19 in England can end their self-isolation after 5 full days, as long as they test negative on day 5 and day 6. The decision has been made after careful consideration of modelling from the UK Health Security Agency and to support essential public services and workforces over the […]

With rare exceptions, once the end of the tax year has passed, tax planning options to reduce liability are no longer possible. For Income Tax and Capital Gains Tax purposes, this means that the majority of the tax reduction options will cease unless actioned before 6 April 2022, the start of the next tax year. […]