March 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
MTD for VAT – 1 April
All remaining VAT-registered businesses required to start using MTD for VAT from their first VAT period starting on or after this date
Corporation Tax Due – 1 April
For accounting periods ended 30 June 2021 where not payable by instalments
2022 Financial Year Begins – 5 April
Returns and Payments Due – 7 April
For month or quarter ended 28 February 2022
Corporation tax instalment payments due – 14 April
For large companies as follows:
- Year ended 31 December 2021 – instalment 4
- Year ended 31 March 2022 – instalment 3
- Year ended 30 June 2022 – instalment 2
- Year ended 30 September 2022 – instalment 1
Corporation tax instalment payments due – 14 April
For very 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
Corporation Tax – 19 April
Return of Income Tax on company payments (CT61) returns and payments due for quarter ended 31 March 2022
CIS Returns Due – 19 April
for month ended 5 April 2022
EPS due – 19 April
For month ended 5 April 2022
HMRC can apply a reduction on what is owed from FPS
PAYE, NICs, Student Loan Deductions and CIS Deductions Due – 22 April
For month ended 5 April 2022 and quarter ended 5 April 2022 (paid electronically)
Returns and Payments Due – 30 April
By tenants and agents for rents to non-resident landlords for quarter ended 31 March 2022
Corporation Tax Return Due – 30 April
For accounting periods ended 30 April 2021
Deadline For Amending Corporation Tax Returns – 30 April
For accounting periods ended 30 April 2020
Inheritance Tax Due – 30 April
For deaths in October 2021
Inheritance Tax Due – 30 April
On lifetime transfers between 6 April 2021 and 30 September 2021
ATED Returns and Payments
For 2022-23 due for properties held on 1 April 2022
Pleo Partners
Pleo’s spending management system helps business owners streamline team spending and recording processes, to unlock capacity within your business allowing you to focus on building your brand. Pleo removes the tedious admin from every stage of business spending management. This saves time for every team member and saves money for your business overall. Pleo offers a platform of smart spending solutions, which is customisable to your team and your way of working.
BrightPay Partners
BrightPay Cloud is the portal for your Payroll, HR and Employee Calendar, if you have employees Prestige Business Management will manage your payroll for you. With BrightPay Cloud, you can access all of your payroll reports, view your HMRC liabilities, share HR documents with your employees or even your whole workforce. Better yet your employees will have their own login so they view their payslips, request holiday and view documents you have shared with them. Your employees can even request changes to their details which are sent directly to Prestige BM without needing to go through to inform us of a change of address. Giving you more time to focus on your business and worry less about admin.
More Fresh News from our Blog
Click our blogs to read more and follow us for updates and breaking news
Understanding Tax Residency in Spain – 22nd March 2022
UK traders living and working in Spain are liable to pay tax on income and assets there. Make sure that you don’t mistakenly become liable for taxation in both countries, by understanding tax residency in Spain. In the past UK nationals could move, live, work, study, or retire freely in any EU country. But since 2021, all we are classified as non-European, making us third-country nationals. This affects not only the duration you can stay, it also dictates what activities you’re legally allowed to do. Each country has its own set of tax laws. As a business owner living and working in Spain you run the risk of dual residency tax disputes, whereby an innocent tax mistake leads to expensive legal consequences. If you qualify for tax residency in Spain, as well as the UK you may be liable to pay tax on the same income in both countries, known as ‘double taxation’. Find out more here.
A Complete Guide to Tax on Crypto – 7th March 2022
Tax on crypto is charged in the same way as any other financial asset. So it’s important to accurately calculate your tax on crypto and report on the earnings from various cryptocurrency exchanges. A recent clampdown has seen HMRC issue letters to thousands Coinbase users reminding them of their duty to report and pay tax on their crypto activities. The number of available cryptocurrencies has risen and cryptoasset transactions are becoming more commonplace due to financial innovation, accelerated further by the impact of Covid-19. However it is recognised that with a rapidly changing technological landscape, this also presents new challenges and risks. That’s why we have taken a dive into cryptocurrency taxation here, to explain everything you need to know. Read the guide in full.
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
March Top Tips
We are all aware of the pressures of inflation on our individual costs of living. Energy providers are not offering the most compelling deals for now, but shopping around for better savings on other utilities is one way to help to ease the pressure. Anyone signing up for a new contract, or up for a renewal of contract for services like broadband, telephone and TV should shop around and don’t be afraid to haggle. Most providers will negotiate a better deal if you have had a better quote elsewhere. These are our top tips.
Home Insurance Is Worth It
Unlike motor insurance, home insurance is not a legal requirement. It really only protects the policyholder. However, cutting out home insurance could be much more costly down the line if anything goes wrong. Like theft or the cost of repair works or replacing the essential items in your home if they get damaged. There are many affordable home insurance policies available that will help you out if the worst happens. So definitely keep or invest in this type of protection, to save you spending out later.
Home Energy Efficiency
There are government grants to help people improve insulation, upgrade appliances, and install solar panels or other renewable technologies.
Find out if you qualify for a Government grant : gov.uk/energy-grants-calculator
Save on Water Bills
Many water providers offer free, water-saving devices, which help regulate your water usage and potentially reduce your water bill. These could be water efficient shower heads, tap inserts, garden hose nozzles and cistern fillers. Contact your local water provider. Or visit Save Water Save Money to find out more.
Self Assessment Tax Calculation
If you are self-employed and working from home, for any proportion of time, are you calculating your working from home expenses correctly? Prestige Business Management customers benefit from our expertise in using sound methodology to calculate your allowable expenses for working from home, helping to keep you tax efficient and claim tax relief on all that you are owed.
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.
