Welcome to the August 2022 News Update from Prestige Business Management
August 2022 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs.
Key Dates Coming Up
Corporation tax due – 1 October
for accounting periods ended 31 December 2021 where not payable by instalments
Deadline for registering for self assessment – 5 October
for 2021–22 to notify HMRC of chargeability to income tax and/or capital gains tax
VAT returns and payments due – 7 October
for month or quarter ended 31 August 2022
Corporation tax instalment payments due – 14 October
for large companies as follows:
- Year ended 30 June 2022 – instalment 4
- Year ended 30 September 2022 – instalment 3
- Year ended 31 December 2022 – instalment 2
- Year ended 31 March 2023 – instalment 1
Corporation tax instalment payments due – 14 October
for very large companies as follows:
- Year ended 31 October 2022 – instalment 4
- Year ended 31 January 2023 – instalment 3
- Year ended 30 April 2023 – instalment 2
- Year ended 31 July 2023 – instalment 1
CT61 forms, return of income tax on company payments due – 14 October
for quarter ended 30 September 2022
Tax and Class 1B NICs on PAYE settlement agreements (PSA) due – 19 October
for 2021–22 paid non electronically
CIS returns due – 19 October
for month ended 5 October 2022
Electronic payment submissions (EPS) due – 19 October
for month ended 5 October 2022 so HMRC can apply a reduction on what is owed from full payment submission (FPS)
PAYE, NICs, student loan deductions and CIS deductions due – 19 October
for month ended 5 October 2022 paid non electronically
Tax and Class 1B NICs on PAYE settlement agreements (PSA) due – 22 October
for 2021-22 paid electronically
Returns and payments due – 30 October
by tenants and agents for rents to non-resident landlords for quarter ended 30 September 2022
Paper personal, trustee and partnership tax returns due – 31 October
Corporation tax return due – 31 October
for accounting periods ended 31 October 2021
Deadline for amending corporation tax returns – 31 October
for accounting periods ended 31 October 2020
Inheritance tax due – 31 October
for deaths in April 2022
Landlord Fines for Missing Alarms
From 1 October it will be law for rented properties to be provided with carbon monoxide alarms in all rooms where there is a ‘fixed combustion appliance’ except for a cooker. Landlords could be fined £5000 per breach, meaning it is possible to be issued with unlimited £5,000 fines, over multiple properties. Whilst landlords are responsible for providing the alarms, once installed tenants will be expected to replace the batteries whenever required, Local authorities will be responsible for enforcing the regulations.
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Client Relationship Management – 22nd August 2022
It can be tempting to put a lot of energy into acquiring new business and recruiting new clients. However strengthening your business is also about retaining your clients with excellent client relationship management. Client relationship management refers to the processes that relate to how you work with your clients. In part this includes customer service. However client relationship management refers to the whole process including identifying segmentation in your client base and providing the right service to the right client, at the right price and managing expectations, so you are always delivering an above and beyond service. Happy clients are committed clients, and will often lead to client referrals. However, did you know that an unsatisfied client is unlikely to feed back, but will leave and potentially complain to others about poor service. Read the guide in full.
How to Create an Inclusive Workplace – 15th August 2022
Everyone deserves a place of work where they have the capacity to achieve their best. An inclusive workplace is where every team member feels safe being their authentic self. Your workforce will be more productive when they feel valued and respected. Creating and maintaining an inclusive workplace is a business-wide responsibility. Access to resources including support from managers and diversity groups help employees know that their inclusive workplace is committed to their wellbeing and growth. Here we look at some of the best ways to support inclusion at your place of work. Find out more here.
Second Cost of Living Grant Roll Out – 9th August 2022
The government has pledged to assist households with the cost of living crisis. Those eligible are due to receive a payment of £650 paid in 2 lump sums of £326 and £324. The initial payment was due in accounts by 31st July, despite some delays, with the next instalment due this Autumn. You may be eligible for a payment if you receive Universal Credit, income-based, Jobseeker’s Allowance (JSA), income-related Employment and Support Allowance (ESA), Income Support, Pension Credit, Child Tax. To be eligible for the first payment you must have been entitled to a payment of Universal Credit for an assessment period that ended in the period of April 26th to May 25th 2022. Or if you receive tax credits, either working tax credits or child tax credits you will receive the Cost of Living Payment providing you have received a payment of tax credits and an annual award of at least £26 of tax credits for any day in the period of April 26 2022 to May 25 2022. The payment is automatic and you do not need to apply. Here is what you need to know.
What is a Credit Score? – 4th August 2022
Banks and other lenders check your credit score to help them decide whether to agree to your application to borrow money. It’s a system whereby they can make a judgement about how suitable the product is for your budget, and how reliably you will make payments. Credit reference agencies in the UK hold data about your financial history. Typically any debts you already have, which is known as your credit report. This includes any bank accounts and credit cards you hold and mobile phone contracts. This report is used to generate your credit score, which places a value on your creditworthiness. A good credit score is vital when you apply for any financial product. This may be a credit card, loans, a mortgage or interest free credit, even a mobile phone contract. There are a number of factors that determine your credit score. So how do you improve your credit score? Find out more here.
Client Referral Programme
We pride ourselves in treating our loyal clients with top notch perks and services. Our client referral programme is one way that we like to give back and reward you for doing business with us. You can recommend a friend to receive, up to £100 cash reward, per referral! All you have to do is recommend us – and make sure they tell us you sent them. We’ll do the rest
August Top Tips
With the heat of summer now behind us, the parents among us will be preparing the next generation to go back to school and looking forward to getting back to business as usual. Here are our tops tips for helping kids back to school.
A good night’s sleep
It’s normal to let routines slip over the summer holidays. Start rolling bed times back to a more normal schedule ahead of the last day of the holidays to help kids get ready for the return to a school routine.
Plan for a smooth first morning back by preparing uniforms and packed lunches the night before, so children know exactly what to expect.
Talk to them
Start talking to your kids ahead of time, so they are mentally prepared for the return to school. Ask them what they are looking forward to; seeing their friends, meeting their new teacher, sports or art? Is there anything the are apprehensive about that you can support them with?
Talk to other parents
Get yourself ready by reconnecting with other parents on WhatsApp groups and message boards. Even if it’s a simple “Hi, I’m looking forward to seeing you on the school run”. You are all in the same boat, so it can be helpful to reach out to some friendly faces.
Prestige Business Management Works for You
At Prestige Business Management we can help your business understand the best solutions for the success of your business. Find out what we can do for you. Call us today on 0203 773 2927.