As we come to the end of 2021 and move forward to the end of the 2021/22 tax year, we are coming up to the P11D reporting period for employee benefits. While P11Ds may be something you have completed for a number of years, it may be worthwhile moving to the Payrolling Benefits scheme from April 2022. This could help streamline and simplify your employee benefit reporting.
A number of temporary measures and restrictions on creditors were implemented by the UK government at the outset of the Covid-19 pandemic in order to prevent businesses being forced into insolvency due to the impact of various lockdowns and social distancing measures on the economy.
The pandemic has ushered in a new model of working, with many businesses considering adopting more flexibility in the longer term. With a longer-term shift to hybrid working seemingly on the cards, having the right foundations for productive team working has never been more important. Recent survey data has acknowledged that there is a shift from employees wanting to work remotely at least half the time. One of the most cited barriers to hybrid working and the blended work approach of having staff and outsourced functions is the dip is productivity.
HMRC are sending letters to individuals who are named as a Person of Significant Control (PSC) of a company registered at Companies House. These letters have been issued to a large number of taxpayers and are being sent directly to individuals and/or separate letters to their agent, where the taxpayer is represented.
Indirect Tax changes can help revitalise the tourism and hospitality sector
Sound good...? There may be a way for you to have tax collected via your tax code instead of paying your total bill in January. You can pay your Self-Assessment bill through your PAYE tax code if you submit your Self-Assessment Tax Return online by 30 December.
The tax bill must be less than £3,000 and you must already pay tax through PAYE, for example via employment or pension income.
The Revenue will automatically collect what you owe through your tax code if you meet the above conditions, unless you’ve specifically asked them not to on your Tax Return.
The 2020/21 Tax Return is due 31 January 2022 via online submission, however, as mentioned above, for this election to apply the Tax Return must instead be submitted online by 30 December 2021. The adjustment will then be made to your 2022/23 tax code.
The tax you owe will then be taken from your salary or pension in equal instalments over 12 months, along with your usual tax deductions, beginning April 2022.
For further information or assistance, please contact Lynn Gracie or your usual Anderson Anderson & Brown contact.