Tax E-News October 2023
Welcome to the October edition of Tax E-News. We hope that you find this informative.
Please contact us if you wish to discuss any matters in more detail.
Below we set out some of the main points.
ITS IMPORTANT TO HAVE UP TO DATE PROFIT FORECASTS FOR TAX
In order that we can help predict your taxable profits and tax liabilities we need up to date profit figures and projections. One of the advantages of keeping your business accounts in a computerised form, ideally on the Cloud, is that we can review your latest financial position and help you prepare more reliable profit forecasts to estimate your tax bills…
WHEN ARE COMPANIES ASSOCIATED?
“Associated companies” for corporation tax purposes are those under common control. The most obvious situation is where one of the companies has control of the other, or both of the companies are under the control of the same person or persons…
LARGER COMPANIES ARE REQUIRED TO PAY TAX QUARTERLY
Although not a new measure, where a company has profits in excess of £1,500,000 a year it is required to estimate and pay corporation tax quarterly during the year, rather than 9 months after the end of its accounting period. What has changed since 1 April 2023 is that the £1,500,000 threshold…
AUTUMN STATEMENT DATE SET FOR 22 NOVEMBER
The Treasury has announced that the Office of Budget Responsibility (OBR) will produce a report on the state of the UK Economy in time for the Chancellor Jeremy Hunt to present his Autumn Statement on Wednesday 22 November…
RUMOURS THAT INHERITANCE TAX MAY BE ABOLISHED
In the weeks before any Budget or Autumn Statement there are always leaks and rumours. Normally, in the run up to a General Election there are also tax give aways in an attempt to re-elect the incumbent political party. One rumour that has been circulating in the press concerns the possible abolition of inheritance tax (IHT)…
ARE YOU DUE A NATIOINAL INSURANCE REFUND ON CAR ALLOWANCES?
Recent Tribunal decisions in favour of employing companies and against HMRC has caused many organisations in similar circumstance to make protective claims for the recovery of National Insurance Contributions (NIC) in respect of car allowances paid to employees using their own cars or vans for business journeys…