HMRC published a report last month that acknowledges it was only able to recover 95% of the taxes assessed for 2020-21. In monetary terms, the tax gap for the 2020-21 tax year is £32 billion. At 5.1%, there has been no change in the percentage…
Month: July 2022
Tax Diary July/August 2022
1 July 2022 - Due date for corporation tax due for the year ended 30 September 2021. 6 July 2022 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2022 - Pay Class 1A…
Loss of personal allowance
If your taxable income exceeds £100,000 you will suffer a reduction in your personal tax allowance. For every £2 that your income exceeds £100,000, £1 will be knocked off your allowance. The reduction is progressive and means that once your income exceeds £125,140 your personal…
New protection for tenants
The government has announced their intention to radically overhaul the rights of tenants. The changes announced include: For tenants Helping the most vulnerable by outlawing blanket bans on renting to families with children or those in receipt of benefits. For the first time, ending the…