February 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 March
For accounting periods ended 31 May 2021 (where not payable by instalments)
VAT Returns and Payments Due – 7 March
For month or quarter ended 31 January 2022.
Corporation Tax Instalment Payments Due – 14 March
For large companies as follows:
- Year ended 30 November 2021 – instalment 4
- Year ended 28 February 2022 – instalment 3
- Year ended 31 May 2022 – instalment 2
- Year ended 31 August 2022 – instalment 1
For very large companies as follows:
- Year ended 31 March 2022 – instalment 4
- Year ended 30 June 2022 – instalment 3
- Year ended 30 September 2022 – instalment 2
- Year ended 31 December 2022 – instalment 1
PAYE, NICs, student loan deductions and CIS deductions due – 18 March
For month ended 5 March 2022 (paid non electronically)
CIS returns due – 19 March
Formonth ended 5 March 2022
EPS due – 19 March
Earnings per Share due for month ended 5 March 2022 so HMRC can apply a reduction on what is owed from FPS
PAYE, NICs, student loan deductions and CIS deductions due – 22 March
For month ended 5 March 2022 (paid electronically)
Corporation tax return due – 31 March
For accounting periods ended 31 March 2021
Deadline for amending corporation tax returns – 31 March
For accounting periods ended 31 March 2020
Inheritance Tax Due – 31st March
For deaths in September 2021
Deadline for amending ATED return – 31 March
Annual Tax on Enveloped Dwellings for the year ended 31 March 2021
BACA Quarterly Update
As we begin 2022, we are pleased to share with you the last is Quarterly Update of 2021 from Bikers Against child Abuse. “Despite the restrictions, difficulties and demands of these strange times, all UK Chapters continued to go the extra mile through Q4, to work our Mission and ‘be there’ for abused children. Although certain restrictions have been relaxed, the spectre of pandemic still hovers in the background, so we remain vigilant to ensure we comply with all Government directives. Whatever 2022 brings, we look forward to the challenges. We remain prepared to do whatever it takes to serve the children that need us, and to be there for our brothers and sisters.” You can read the Quarterly Update from B.A.C.A. in full here.
Remarkably Resilient Economy
Despite inflation reaching 5.5% which is above the Bank of England (BoE) target of 2% inflation. Although this increase means that the rate of Consumer Prices Index (CPI) inflation remains high, BoE predicts CPI inflation will be back to 2% by 2024. The Chancellor has said the economy has been “remarkably resilient”.
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The EU and VAT on Goods and Services Guide – 16th February 2022
We recently published an updated guide about the EU and VAT on Goods and Services. The way it applies when trading with the EU has changed since the end of the transition period. You pay VAT attached to every purchase of a product or service you make as a consumer. VAT is a consumption tax applied to goods and services that are traded either internally or overseas. Each nation’s government decides how much VAT is charged on goods and services consumed in their country. VAT is designed to apply to all stages of the supply chain from purchasing raw materials right the way through to retail sales. While this may imply that it only applies to physical goods, in fact it also applies to services. For example things like legal counsel, accounting services or any other consultancy will also charge VAT on the services that they provide to the general public. Read the guide in full
What is Capital Gains Tax? – 3rd February 2022
Capital gains tax is the tax charged on the increase in value of an asset that you sell, which you have held for more than one year. The amount of tax due, is calculated on the amount of gain made. This is the increase in value of the sale price, compared to the purchase price. This guide will help you understand capital gains tax and how it works. It’s important to understand how it applies, to avoid triggering a tax enquiry. There are also various rules to help you navigate your tax bill. Talk to Prestige Business Management for comprehensive guidance and tax planning. Read in full here.
How to Write a Cash Flow Forecast – 10th January 2022
Knowing how to write a cashflow forecast is an important part of running any business. Whether you are a start-up, or a sole trader, a good cash flow forecast can help you plan for the year ahead and make good business decisions along the way. The knowledge for how to write a cashflow forecast may not be something you have had an opportunity to learn, especially if you are an entrepreneur, or just starting out as a freelancer. Fortunately Prestige Business Management can help. Here we look at how to write a basic cash flow forecast. Remember we are always available to help you answer any of your business cash flow questions. 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
February Top Tips
Recent reports state the average UK family needlessly wastes up to £730 of food every year. Here we look at you can cut costs, avoid unnecessary waste and help protect the environment, with these top food-storage tips for the home:
Store in a bowl like fruit, which of course we know they are really. Keep on the worktop instead of the fridge as refrigeration affects their taste and texture.
Store in a fruit bowl as expected. The trick is not to overstock and check for bruised apples and remove any you fid straight away. It’s true that “one bad apple spoils the bunch”.
Hanging the bunch helps. Slow down over-ripening bananas even further by putting a beeswax or aluminium foil wrap over the stalks to give them a couple of days extra shelf life. Keep bananas away from other fruit. Bananas release ethylene gas, as do some other fruits, which interact and this ages all the fruits in your bowl faster than you can eat them.
Whole loaves stay fresh for longer than sliced. Wrap them in reusable cotton bags or plastic and store in an airtight container on the worktop. Alternatively sliced bread can be frozen. However don’t refrigerate your bread as this affects the texture and taste.
Even though few of us have enough cake left over to think about storage, but otherwise, a great tip is to store cake with a slice of bread on top to keep them moist. This will dry out the bread – which can then be used as breadcrumbs in another recipe.
Once sliced an avocado doesn’t last long. Slow down browning by putting the avocado half in a Tupperware with some sliced onion. Alternatively you can rub the open side of the avocado with lemon juice. Keep guacamole fresher for longer by spraying it with a light layer of lukewarm water to prevent the air making contact.
Treat fresh herbs like flowers, in a jar of water on your worktop. Alternatively keep fresh herbs hydrated stored in Tupperware with a damp cloth or piece of kitchen towel in the fridge. To preserve for even longer, chop and freeze fresh herbs along with either oil or water, in an ice-cube tray – depending on how you will use them, either for a stir fry or a stew.
Store dairy at the back of the fridge which is the coldest, for maximum shelf life, not the door. Milk and cream can both be frozen, although make sure to freeze the bottles three-quarters full to allow for expansion.
Keep celery crisp wrapped in aluminium foil and stored in the fridge.
Lemons can last for up to four weeks in the fridge in a sealed plastic bag or container in the fridge.
Honey can last forever stored in a sealed glass jar in a cool, dark place. If it crystallises, put the jar in some warm water and it will liquefy again.
Have a spot in your fridge for anything with a short shelf life. This way anything that needs to be eaten quickly doesn’t get lost.
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.