Key tax deadline approaching
The first week of July brings another key tax deadline for employers. What needs to be submitted, and when is the due date?
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HMRC clarifies treatment of averaging relief under MTD IT
HMRC has updated its guidance to explain how averaging relief claims will operate under Making Tax Digital for Income Tax (MTD IT). The clarification addresses concerns about how farmers and creators will claim relief once quarterly reporting becomes mandatory. What has changed?
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Double up on the employment allowance
You’re the sole shareholder of a limited company which employs several members of staff. You’re working on plans to start another business with an ex-colleague. Can both businesses benefit from the full employment allowance (EA)?
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VAT cut for children's holiday activities over summer
The government has announced a temporary reduction in the rate of VAT applying to certain children's holiday activity programmes during the summer holidays. The measure is intended to help families with childcare costs during the school break. What has changed?
As an employer, if in the year ended 5 April 2023 you provided taxable benefits in kind or expenses to one or more of your employees or directors, details must be reported on Forms P11D no later than 5 July 2022. Forms P11D are not required for benefits and expenses that you have taxed through your payroll.
You must also complete a declaration Form P11D(b). This must reach HMRC on or before 5 July. The declaration is confirmation that you have reported all taxable benefits and expenses and shows the corresponding amount of Class1A NI you’re liable to pay. The Form P11D(b) is required for benefits and expenses reported on Forms P11D and those which have been taxed through your payroll.
You’re required to provide HMRC with details of all lump sum payments made in 2022/23 to employees or former employees in connection with the termination or variation of their employment.
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