May 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 May
for accounting periods ended 31 July 2021 where not payable by instalments
Corporation tax due – 1 June
for accounting periods ended 31 August 2021 where not payable by instalments
HMRC review advisory fuel rates for company cars – 7 June
VAT returns and payments due – 14 June
for month or quarter ended 30 April 2022
Corporation tax instalment payments due
for large companies as follows:
- Year ended 29 February 2022 – instalment 4
- Year ended 31 May 2022 – instalment 3
- Year ended 31 August 2022 – instalment 2
- Year ended 30 November 2022 – instalment 1
Corporation tax instalment payments due
for very 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
PAYE, NICs, student loan deductions and CIS deductions due – 17 June
for month ended 5 June 2022 (non electronically)
CIS returns due – 19 June
for month ended 5 June 2022
EPS due – 19 June
for month ended 5 June 2022 so HMRC can apply a reduction on what is owed from FPS
PAYE, NICs, student loan deductions and CIS deductions due – 22 June
for month ended 5 June 2022 (paid electronically
Corporation tax return due – 30 June
for accounting periods ended 30 June 2021
Deadline for amending corporation tax returns – 30 June
for accounting periods ended 30 June 2020
VAT partial exemption annual adjustments – 30 June
for year ended 31 March 2022 to be included in this quarter’s returns (if not included in return for quarter ended 31 March 2022)
VAT returns and balancing payments due – 30 June
for those using VAT annual accounting with a VAT accounting period ending on 30 April 2022
Inheritance tax due – 30 June
for deaths in December 2021
Energy Discount Due for All Households
The chancellor has announced a range of support measures to help people cope with rising energy bills this winter. Depending on your circumstances there are specific payments eligible for households on lower incomes. However all UK households are due to receive a £400 grant to reduce energy bills, from October. This discount will be applied by your energy supplier automatically. Meaning you do not need to apply for the grant. Starting in October customers who pay by credit or direct debit will have the money credited to their account in instalments over 6 months. Customers who pay with prepayment metres will either have the money applied to the metre or paid via a voucher.
What is Driving Rising Energy Costs?
The energy price cap protects consumers from short-term fluctuations in energy prices and it is adjusted every six months. However Ofgem is keen to reduce this to three months to help benefit consumers. The energy price cap is based on how much energy suppliers pay their sources for the electricity and gas. The costs have rapidly risen in recent months. This is partially because the national demand for gas increased sharply following the Covid pandemic. Additionally the war in Ukraine has affected energy supply from Russia. Fuel costs are one of the factors which have pushed the rate of inflation up to its current level of 9%.
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What is a UTR Number? – 23rd May 2022
UTR stands for Unique Taxpayer Reference. A UTR number is a ten-digit code issued by HMRC which uniquely identifies you, or your company, for tax purposes. HMRC (HM Revenue & Customs) uses this unique identity number to track your tax obligations. You need a UTR number to pay tax. Your UTR number helps HMRC match records to payments related to your tax and monitor for any suspicious activity. Self-employed workers need a UTR number to complete and file self-assessment tax returns, engage an accountant or to pre-pay your tax in installments. Read the guide in full.
What Makes Good Bookkeeping So Essential? – 19th May 2022
Bookkeeping is the most basic foundation of accounting. This is a record of every business transaction. Bookkeeping is the pulse of the business. You want it to be clear to read and completely reliable. This is necessary for your cash flow but furthermore these figures provide the data which informs crucial business decisions at every level. Depending on the size and scope of your business you may want to hire a full time bookkeeper. Your business will require an accountant to some extent over the course of the financial year. This may be to take on the entirety of your accounting including bookkeeping or simply signing off your annual accounts for you. Choosing the right accounting services will depend on the scale and ability of your staff and the time and budget you have available. 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
May Top Tips
This weekend will be the Queen’s Platinum Jubilee and we will be enjoying a special four day weekend. Whether you are hoping to catch a glimpse of her majesty celebrating her 70th year on the throne, or you are just looking forward to some well earned time off, here are our top tips for making the most of the jubilee on a budget.
Royal events stir up national pride and as such every street, village and town will be in on the action and hosting an array of free events. Check your pack press to find out what’s on near you.
You might be lucky enough to live near a green space where you can head with your picnic blanket and a few friends to soak up the atmosphere. Ask your family or friends to bring their own snacks and enjoy the day.
If you fancy staying at home this long bank holiday weekend, why not host Bring Your Own BBQ? Simply ask your guests to bring what they would expect to find and all you need to provide is the hot coals, and maybe some drinks cooling.
A royal jubilee is the perfect occasion to throw a street party. These are exempt from specialist event insurance as long as your gathering is for residents only. Ask your neighbours to bring their own refreshments, remember you can’t sell alcohol.
Have a Bake Off
Invite the baking enthusiasts in your circle of friends to take part in a friendly bake-off event. You can judge one another’s effort and enjoy the tasty treats together.
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.