July 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 August
for accounting periods ended 31 October 2021 where not payable by instalments
P46 (car) forms due – 2 August
for the quarter ended 5 July 2022 (where benefits not payrolled)
VAT payment due – 7 August
for month or quarter ended 30 June 2022 if not paid by Faster Payments
VAT returns and payments due – 7 August 2022
(if paid by Faster Payments) for month or quarter ended 30 June 2022
Corporation tax instalment payments due – 14 August
For large companies as follows
- Year ended 30 April 2022 – instalment 4
- Year ended 31 July 2022 – instalment 3
- Year ended 31 October 2022 – instalment 2
- Year ended 31 January 2023 – instalment 1
For very large companies as follows
- Year ended 31 August 2022 – instalment 4
- Year ended 30 November 2022 – instalment 3
- Year ended 28 February 2023 – instalment 2
- Year ended 31 May 2023 – instalment 1
CIS returns due – 19 August
for month ended 5 August 2022
PAYE, NICs, student loan deductions and CIS deductions due – 19 August
for month ended 5 August 2022 (paid non electronically)
PAYE, NICs, student loan deductions and CIS deductions due – 22 August
for month ended 5 August 2022 paid electronically
Corporation tax return due – 31 August
for accounting periods ended 31 August 2021
Deadline for amending corporation tax returns – 31 August
for accounting periods ended 31 August 2020
Date for Initial Cost of Living Payment Delayed
The government has pledged support for low income households to assist with the cost of living crisis. Those eligible will receive a payment of £650 paid in 2 lump sums of £326 and £324. 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 Credit or Working Tax Credit. The payment is automatic and you do not need to apply. The first payment was due on 14th July, however delays have been reported. The second instalment is due to be paid into accounts in the Autumn. To be eligible 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 first Cost of Living Payment in the Autumn, providing you have received a payment of tax credits and an annual award of at least £26 of tax credits annually, for any day in the period of April 26 2022 to May 25 2022. The second payment will be due in Winter 2022. Further support available are a Disability Cost of Living Payment, if you get a qualifying disability benefit and a Pensioner Cost of Living Payment, if you’re entitled to a Winter Fuel Payment for winter 2022 to 2023. These payments are not taxable and do not affect the benefits or tax credits you get.
Amazon Prime Price Rise
Due to increased inflation and operating costs, the subscription fee for Amazon Prime customers will rise by 20% from £79 to £95 annually and a monthly subscription will rise from £7.99 to £8.99 per month. These prices go into effect from September 15th for new customers. Existing customers will be subject to the new prices from their next renewal after that date. If you currently pay monthly you could lock in one further year at the lower rate by switching to an annual subscription at £79 before the rise. If you already subscribe annually and your renewal is coming up in the Autumn you could cancel your subscription earlier and apply for a new subscription before the price rises. Another Amazon hack if you are not already using it is selecting your chosen charity to support with Amazon Smile. Participating charities receive a small donation when you buy qualifying products from the online shopping platform at no cost to you. It’s a small amount per customer, but it can quickly add up to support a good cause of your choice.
BACA Quarterly Update
Our charity partner is Bikers Against Child Abuse. We believe passionately that good business philanthropy can help change our communities for the better. We are pleased to share with you the quarterly update from B.A.C.A. During the past quarter B.A.C.A. have held successful meetings with a number of important Agencies, such as SARCs, Social Services, Children’s Protection Agencies, Victim Support and Witness Protection Services, to ensure they know what we do, and let them know how to refer abused children to B.A.C.A. As you will read further in this Update, we have also attended a wide range of events, brought children into the B.A.C.A. family and been ‘on the road’ … which is where we like to be! You can read the Quarterly Update from B.A.C.A. in full here.
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How to Make a Green Workplace Strategy – 28th July 2022
The recent extreme heat and the ongoing disruptions to the energy market are tough events to manage for every business. One thing we can do is take control of energy efficiency in the workplace with a green workplace strategy. Hopefully cutting costs and protecting the environment at the same time. There are a number of small ways to improve your business’s energy efficiency with a green workplace strategy. Updating materials and equipment to more energy efficient models can make a lot of improvements. This is where a free energy audit can help you, which is offered regionally. Other ways to improve your energy efficiency may be making green workplace habits a company wide practice. Read the guide in full.
How to Manage Business Energy Costs – 26th July 2022
The recent rises in energy costs are no doubt worrying for households and businesses alike. There is little wiggle room in the energy market to seek cheaper suppliers. However there are some other ways to strengthen your business and manage business energy costs. There are a number of factors that have led to the rise in energy costs. An unusually cold European winter in 2020-2021 plus a hot summer in Asia in 2021 caused a greater demand upon the global supply of energy. Additionally limits on Russian exports of gas, delays to the Nord Stream 2 pipeline and the conflict in Ukraine have all contributed to complications within the global energy market, causing a significant rise in wholesale energy prices, which is now unavoidably being passed onto business and domestic consumers worldwide. Find out more here.
How Does Gift Aid Work? – 15th July 2022
If you have ever given a donation to charity, you’ve probably been asked if you want to add Gift Aid to it. But it’s not always clear at the point of sale what this means, who is eligible and how exactly does this type of giving work? There are a few available ways to claim tax relief which we cover here. In this article we examine Gift Aid and how it applies in more detail, including who should not select Gift Aid.Gift Aid is a type of tax incentive to encourage people to donate to charity in a tax efficient way. Gift Aid adds a percentage to your donation from HM Revenue and Customs (HMRC) which obviously benefits the charity itself, but this allows you to claim back tax relief on your donation. Which is great news for both yourself and your chosen charity. This scheme is managed by the government and it enables charities to increase the value of donations made by reclaiming the basic rate tax that has been paid on the gift. Find out more here.
New No Fault Divorce Triggers Tax Issues – 6th July
Changes to divorce law mean it’s crucial that complex tax rules are followed carefully to avoid a heavy tax bill. The new ‘no fault’ divorce which came into effect for separating couples from April 2022 has seen the number of divorce applications nearly double compared to the same period last year. From April 2022, the Divorce, Dissolution and Separation Act 2020 was reformed. Couples are now able to apply for divorce without the need to prove fault. This allows couples to separate on their own grounds. This allows divorcing couples to focus on key practical decisions, regarding children, finances and the future. Despite this, it is absolutely key to consider the implications of tax liability to minimise what you owe, as you should with any financial partnership. Here is what you need to know.
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
July Top Tips
Train travel is subject to disruption this summer. Industrial action is taking place due to a long-running dispute over salary, job security and redundancies. The latest strike days announced will be 18th and 20th August. London’s transport authority warns against travel in the capital on strike days. However if this is unavoidable, here are our top tips for London train travel.
Travel on another day
If possible reschedule your trip. If you have pre booked tickets some providers are offering an exchange or a refund for most journeys affected. Remember that a strike will also affect travel on the morning after trains. Some morning services won’t be running as usual. Check the revised train times for your entire journey, before deciding to travel.
Check liftshare groups online for possible alternatives. There will be lots of other travellers also being affected, there may be an opportunity to share or work together to find alternative routes.
Alternative public transport
Most bus services in London are also very effective and you will get to see the sights as you travel. Many of the underground stations are actually close together, so if you are not travelling far you may be able to find a walking route.
If you are travelling around London on strike days, make sure you stay hydrated. Take water and if you are left waiting for a long time try to stay in the shade.
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.