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Tax Diary April/May 2023

Tax Diary April/May 2023

1 April 2023 – Due date for Corporation Tax due for the year ended 30 June 2022. 19 April 2023 – PAYE and NIC deductions due for month ended 5 April 2023. (If you pay your tax electronically the due date is 22 April 2023). 19 April 2023 – Filing...
Changes in VAT penalties

Changes in VAT penalties

The first monthly returns and payments affected by HMRC’s new VAT penalty regime were due by 7 March 2023. The new VAT penalty rules apply to the late submission and / or late payments of VAT returns for VAT return periods beginning on or after 1 January...
Scottish Parliament approves 3% rent cap

Scottish Parliament approves 3% rent cap

The Scottish Parliament has approved a new 3% rent cap for most private renters that will come into effect from 1 April 2023 for an initial six-month period with the option to extend for another six-month period if required. These changes follow a temporarily...
Transferring nil rate band for Inheritance Tax

Transferring nil rate band for Inheritance Tax

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.  The allowance...
Do you need to file a tax return

Do you need to file a tax return

There are a number of reasons why you might need to complete a Self-Assessment return. This includes if you are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property. Taxpayers that need...