Pre-April tax planning reminder
The new tax year starts 6 April 2023, so you have a couple of months to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before the 6 April.
Do you fall into any of these categories?
- You have or are thinking about a change in your personal status (single, married, separating, joining or dissolving a civil partnership).
- You are thinking about selling a capital asset, such as shares or a property. From 6 April 2023 the Capital Gains Tax annual exempt amount reduces from £12,300 to £6,000.
- You or your child’s other parent claims Child Benefit and the income of either parent is likely to exceed £50,000 for the first time during tax year 2022-23;
- Your annual income is approaching or above £100,000;
- You have not yet topped up your pension contributions for tax year 2022-23;
- You are self-employed with a 31 March 2023 year-end;
- You are self-employed and are thinking about the purchase of equipment or vehicles; or
- You are the director and/or shareholder of a limited company and have not yet considered voting final dividends or bonuses for 2022-23.
If you do we can help you discuss your options ahead of the 6 April deadline!
The above list is not comprehensive, and we specialise in helping clients with all taxes including PAYE, NIC, VAT, Corporation, Capital Gains, Income and Inheritance tax. Please contact us now!
Last chance to pay your self-assessment tax bill
The deadlines for paying your tax bill are usually:
- 31 January – for any tax you owe for the previous tax year (known as a balancing payment) and your first payment on account · 31 July for your second payment on account
Make sure you pay HM Revenue and Customs (HMRC) by the deadline. You will be charged interest and may have to pay a penalty if your payment is late. The time you need to allow depends on how you pay. See: Pay your Self Assessment tax bill: Overview – GOV.UK (www.gov.uk)
Business rates list closes soon
The 2017 non domestic rating list is closing. This means that you have up until 31 March 2023 to check that the factual information the Valuations Office Agency (VOA) holds about your property on this list is correct, and to let them know if it isn’t (this is known as making a Check case).
You will then be able to challenge the 2017 assessment if you are not happy with the outcome.
You will need to have an account set up on the Government Gateway and claim your property before you can make a Check case. There is a helpful video on YouTube on how to claim a property.
It can take some time to claim a property. VOA advise doing this as soon as possible if you want to make a Check case on the information they hold about your property on the 2017 list.
What is the non-domestic rating list?
The rating list sets out all rateable values for non-domestic properties in England and Wales. It is used by local authorities to help determine business rates. Your rateable value isn’t the same as your business rates bill.
The 2023 non domestic list
A new non domestic rating list comes into effect on 1 April 2023. You can still let VOA know if the information about your property on this list isn’t correct. But the closure of the 2017 list means that there are only limited circumstances in which further amendments may be made to it. These are when:
- changes need to be made to the list following Checks submitted before 1 April 2023 (and any subsequent challenges and appeals).
- the VOA is correcting inaccuracies on the list (this can be done up to 31 March 2024). If the list is changed then customers for those properties have the right to make a Check within six months of the change.
- a customer wants to challenge the 2017 list on the grounds of a tribunal or court decision. They can do this so long as a Check has been made by 30 September 2023. See: Business rates list closes soon – GOV.UK (www.gov.uk)
Cost of Living Payments from Spring 2023 – Low income households
The Department for Work and Pensions (DWP) has announced more detail on the payment schedule for the next round of cost of living support.
The cash for means-tested benefits claimants, including those on Universal Credit, Pension Credit and tax credits, starts in Spring and will go direct to bank accounts in three payments over the course of the financial year.
Exact payment windows will be announced closer to the time but are spread across a longer period to ensure a consistent support offering throughout the year. They will be broadly as follows:
- £301 – First Cost of Living Payment – during Spring 2023
- £150 – Disability Payment – during Summer 2023
- £300 – Second Cost of Living Payment – during Autumn 2023
- £300 – Pensioner Payment – during Winter 2023/4
- £299 – Third Cost of Living Payment – during Spring 2024 See: Millions of low-income households to get new Cost of Living Payments from Spring 2023 – GOV.UK (www.gov.uk)
The Wales Business Awards 2023
Chambers Wales has opened entries for its Wales Business Awards 2023, providing SME businesses across the country with the opportunity to compete for Wales’ most prestigious accolades.
All Welsh businesses, charities and other organisations have to do is answer four questions about what they do and why they deserve to win as they enter in the way that works best for their business.
You can enter by submitting a short video or completing the online form. You can enter multiple award categories, so please ensure you answer the questions relevant to each category. You can use multiple forms if you’re submitting for more than one category.
Deadline for entries is 5pm on 17 February 2023. See: Wales Business Awards 2023 – Entry Form (cw-seswm.com)
