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January 2023 - Tax & Accounting Update!

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Are you ready for January 2023, Budget date 2023 announced, Digitisation of tax postponed, HMRC interest rate changes, PAYE payment dates, Companies House scams, Don't forget those trivial benefits, Super-deductions finish March 2023, New VAT penalty regime from 2023, and our Tax Diary dates for January/February 2023.

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The capital gains tax (CGT) bill has broken the £15bn barrier up 27% year on year.  The latest figures show that £15.3bn in CGT was collected in the year to 31 October 2022, up from £12bn in the previous 12 months.

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There are now less than 50 days to file your 2021-22 Self-Assessment tax return.  Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return but over 2.3 million taxpayers missed the 31 January deadline. 

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The Chancellor of the Exchequer, Jeremy Hunt has confirmed, in a written statement, that the next UK Budget will take place on Wednesday, 15 March 2023.

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A statement was made by the Financial Secretary to the Treasury on 19 December 2022.  It confirmed that the roll-out of Making Tax Digital for Income Tax, due to commence April 2024, is being delayed.

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The Bank of England’s Monetary Policy Committee (MPC) met on 15 December 2022 and voted 6-3 in favour of raising interest rates by 50 basis points to 3.5% in a move to try and continue to tackle upward pressures on inflation.

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The due date for electronic PAYE payments falls on the 22nd of the month and when a payment is made electronically, a payment on the day usually suffices.  

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Companies House published guidance titled ‘Reporting scams pretending to be from Companies House’, has been updated.  The list is intended to help check if contacts purporting to be from Companies House are actually a scam. 

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Don’t forget to take advantage of tax-free trivial benefits before Christmas. If you are an employer and looking to give your employees a small token of appreciation for Christmas, then your best option is probably to give them a gift.  In order to ensure that this is not a taxable gift, it is important to ensure that the trivial benefits in kind (BiK) rules apply.

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Time is running out to claim the super-deduction offering 130% first-year tax relief.  The deduction is available to companies until March 2023.  The super-deduction was designed to help incorporated businesses finance expansion after the coronavirus pandemic and to help drive growth. 

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A new VAT penalty regime will affect all VAT registered businesses from 1 January 2023.  The changes will apply to the late submission and / or late payments of VAT returns for VAT return periods beginning on or after 1 January 2023. 

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Important Dates: 

19 January 2023 - PAYE and NIC deductions due for month ended 5 January 2023. (If you pay your tax electronically the due date is 22 January 2023).

19 January 2023 - Filing deadline for the CIS300 monthly return for the month ended 5 January 2023. 

19 January 2023 - CIS tax deducted for the month ended 5 January 2023 is payable by today.

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Beever and Struthers, Chartered Accountants and Business Advisors

Beever and Struthers, Chartered Accountants and Business Advisors

Lions Drive, Blackburn with Darwen, Blackburn, Blackburn with Darwen, BB1 2QS

03330 910411

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