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01/02/2022

February Tax Tips & News

Welcome to the MacMahon Leggate Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

Latest news round-up

On 7 January, HMRC announced that there would be no automatic late filing penalties provided that tax returns are filed by midnight on 28 February 2022. Anyone seeking to take advantage of the extra month should keep in mind that it is the penalty trigger Read More...

VAT - charged too much?

Suppose that a business has been paying its suppliers' invoices for many years without really giving too much thought to the VAT being applied. The business engages an accountant to assist with its VAT returns due to an increase in business activity. Read More...

Does an employee loan always need reporting to HMRC?

Employee loans are an area where businesses often get confused. The first thing many owners will think of is the temporary corporation tax charge under s. 455. However, that only applies if the loanee is a participator of a close company. Read More...

Holdover relief tax trap

Some small company owners bring in adult children to take over the day to day running of the business as they approach retirement. There are many strategies used in practice. One may be to appoint the children as directors, while maintaining overall contr Read More...

February Questions and Answers

We have just purchased a second property, which we intent to occupy at weekends to escape the hectic city life. We're both in our 50s and want to start slowing down a bit! I've heard that there is planning that can save tax on second homes - I believe MPs Read More...

February Key tax dates

1 - Due date for payment of Corporation Tax for accounting periods ending 30 April 2021 7 - Electronic VAT return and payment due for quarter ended 31 December 2021 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/2/2022 28 – Deadl Read More...

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