Year End Tax Review 2021-22
April 5th is of course New Year’s Eve in the tax calendar and now is the time to see if there are any changes to your tax affairs that you can make before the bright new dawn that 6th April will bring. Can you believe it will be tax year 2022-23? I’m sure it wasn’t that long ago that we were all worried about the ‘millennium bug’.
Our handy year end tax review can be down loaded by clicking on the link below.
YEAR END TAX REVIEW
It contains information on:
Changes to NIC rates and dividend tax rates
The tax advantages of electric vehicles
Working from Home allowances
Making the most of your family’s tax allowances
EIS and other investment tax breaks
And much more!
We hope you find it interesting and if any of the items raise questions, do please get in touch.
Tax Blog
Quite recently I managed to persuade HMRC that they were out of time to open an enquiry into a client’s earlier year’s tax return. The arguments were very technical so I won’t bore you with them but it is a reminder that HMRC must operate within the tax law just as much as you. If you get any correspondence, indeed any contact at all from HMRC, check with us first before doing anything. We’re here to help!
Mentioned above is the fact that dividend tax rates are to go up (by 1.25%) on 6th April. But don’t (necessarily) rush to pay a dividend on 5th April to avoid this because if you do, paying the dividend one day early will result in the tax being due one YEAR earlier. It might be the case that you can take advantage of the extra time by putting the tax amount to good use. Something to think about!
If you have any questions, on anything, don’t hesitate to contact us below: