Welcome to the June 2023 News Update from Prestige Business Management
June 2023 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
Due date for payment of Corporation Tax – 1 July 2023
for period ended 30 September 2022
VAT return submission and payment – 7 July 2023
(online) month-end or quarter 31 May 2023
PAYE, NIC and CIS payment due – 19 July 2023
(postal) for month end or quarter end 5 July 2023
CIS return due – 19 July 2023
Payments made to subcontractors in month to 5 July 2023
PAYE, NIC and CIS payment due – 21 July 2023
(electronic) for month end or quarter end 5 July 2023
Corporation Tax return – 31 July 2023
For year ended 31 July 2022
Energy Price Cap Drop in July
The energy price cap is due to drop on 1 July. The energy price cap is the maximum amount suppliers can charge per unit of energy. This is dropping from £3,280 per year to £2,074 for the average household, until October, when rates are due to be reviewed. This doesn’t cap the total bill, only the amount charged per kWh of energy, so it is still worth looking into energy save measures. But a drop in the energy price cap will come as welcome news for many, for the time being.
Record Savings Draw Downs in June
According to the Bank of England UK households have withdrawn a record amount from their savings during the last month and were more cautious with credit card spending. Despite the hot weather, it seems that the metaphorical rainy day we have all been saving for has arrived, during the cost of living crisis.
Strike Dates in July
Three more days of rail strikes have been announced for July, taking place on Thursday 20, Saturday 22 and Saturday 29 July. 20,000 workers are expected to walk ou affecting leading operators:
- Avanti West Coast
- East Midlands Railway
- Great Western Railway
- TransPennine Express
London serves most likely to be affected:
- Greater Anglia
- GTR (Gatwick Express, Great Northern, Southern, Thameslink)
- South Western Railway
School staff have announced further walk outs on Wednesday 5 and Friday 7 July, with lots of schools due to fully or partially close. GCSEs, AS levels and A-levels will be finished by 27 June at the latest and so will be unaffected.
Junior doctors in England have announced they will go on a five-day strike in July. The longest period of industrial action ever, is expected to affect hundreds of thousands of appointments and operations. Strikes will take place between 7am on Thursday 13 July and 7am on Tuesday 18 July.
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There are certain circumstances when building work is subject to the lower VAT rate of 5%. Here we explain how and when and how to apply the 5% vat rate on building services. The lower rate applies in these cases – renovating residential property which has remained empty for over two years. Where a change in the number of dwellings within a property; dividing a property up into flats for example. Converting a commercial property into residential use, this would apply to a barn conversion. Or converting a single household residence into a house of multiple occupation, this means a residential property which has common areas that are shared by more than one household, for example bedsits with a shared entrance hall. Conversions to relevant residential buildings such as care homes. Where any of these cases is true the 5% VAT rate applies to building services and related materials, but not to building materials purchased separately. Find out more.
Changes to Self Assessment Tax Threshold – 20 June
The self assessment (SA) threshold for taxpayers taxed through PAYE only, is rising to £150,000, from the 2023/24 tax year onwards. This increase in the Self Assessment (SA) threshold was first announced in May 2023. The threshold for the 2022/23 tax year, which many taxpayers and accountants are currently preparing, remains unchanged at £100,000. Which means that people who are taxed through PAYE only, who earn over £100,000 annually will still need to submit an SA return for 2022/23. The increase in the threshold to £150,000 will take effect from the 2023/24 tax year. Read in full here.
July Top Tips
It can be unsettling when you have to rely on savings to help you pay your day to day expenses. But is it possible to smarten up your savings plan and pay it back in. Here are our top tips for saving.
Record your spending
Create a spreadsheet where you can record your regular outgoings. Input regular bills, rent or mortgage payments, credit card repayments and your spending on food and other essentials. This shows you how much you need to have in your account each month. In theory what is left over is your disposable income. It’s important to allow yourself spending-money to avoid going over budget, which is a classic mistake. You can either break it down into categories like hobbies and meals out etc. Or you can transfer your spending money into a separate account to help you stick to a limit.
Check your spending for any underused subscriptions and cancel anything you are not using like gym memberships. Most subscriptions renew automatically, even if you are not using those services any longer.
Look at ways to replace treats like coffee to go with a coffee machine at home, which could significantly reduce your cost per cup. Try limiting takeaways and save your quota for when you really need it. Small tweaks in your spending can truly add up.
Achievable plans do not need to be grand. Cutting out avocados and coffee will not acquire you a mansion. But a realistic plan can add up over time. A great recommendation is to set one short term and one long term goal. Possibly setting up an emergency fund in the short term, for car breakdowns or other unexpected costs. Saving for a house deposit or retirement would be longer term goals.
Shopping around for a better price can save lots of money, usually because we let our policies renew without taking the time to compare. However if we do, most companies offer introductory offers and some will match this if you approach them with the competitive rate you have been offered. Comparison websites can help you with this.
Tax credits and allowances
Make sure you are using all of the tax allowances you are entitled to including the marriage allowance, tax-free childcare, rent-a-room relief and many others.
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