Newsletter - Giving you more time to file your Self Assessment & more
SELF ASSESSMENT
Due to Covid, Late filing and payment penalties have been postponed for one month on filing, 28th Feb and two months for payment 31 March instead of 31Jan. However, late payment interest will be charged by the day on any balances paid post 31 Jan, the interest rate is 2.5% p.a. If you are unable to pay all or some call to the HMRC helpline on 0300 200 3822 and ask for a Time to Payplan. Only you can do this, have your Unique Tax Reference (UTR) number andcall at 8.00am to minimize waiting time.
BUSINESS PLANNING
Fail to prepare, prepare to fail. A simple truism but it works. We have rising inflation, 5% out to 2023, short supply of manpower and resources, rising interest rates. Finding yourself short of cash is going to be expensive and time consuming to rectify. A simple budget based on last year plus some context can become a cash flow forecast, giving insight into the next 3/6/9 months.Enabling you to manage events and your finances efficiently and with less stress.
GOLDEN NUGGETS
Purchasing an electric vehicle as a company car gives a 100% write off against Corporation tax in year 1 and has the lowest benefit in kind rate, 1% of any company car. That is 1% of the On the Road price, if you were to reduce your minimum salary to near zero that would make it tax free to you. Also claim the costs of fitting a home charger point for the vehicle if the company pays for it.
MAKING THE MOST OF XERO
We appreciate that you may not be as addicted to xero as we are but there are some simple tricks that will save you time effort and money. Using the mobile expenses app is a real benefit. A brilliant feature is the “send to” feature. Simply take a photograph of the receipt or, highlight the pdf and click on the send icon on your phone, the three sided box with an arrow. Scroll right and the xero expenses app icon appears, tap it and submit the item for analysis. Within a few minutes you will be notified the expense is ready for review.
Important Date
31st January 2022: SA filing & payment of tax due.
28th February 2022: SA Filing extension
31st March 2022: SA payment extension
5th April 2022: Tax year end – rememberpension & ISA contributionsmust be paid by then