New Employee Alert!
We would like to introduce Alexia, the first of two new employees here at Dalton Pardoe in the past couple of months.
Alexia has joined us on a full time basis and has fit right into the team. She is a very quick learner and we believe she has a very bright future ahead.
Welcome Alexia!
Should I be registered for VAT?
Businesses have to register for VAT if their turnover is more than £85,000. To confirm this is not profits, this is based on income received before any costs have been deducted.
They can also choose to register if their turnover is less than £85,000. - This can sometimes benefit you as a business.
For further information please visit the following:
Reading have been served a winding-up petition by His Majesty's Revenue & Customs over unpaid tax bills, as the crisis at the club deepens.
The financially troubled League One club is already facing a string of charges handed down by the English Football League. Last week the EFL added failing to pay taxes to its list of regulations the club has failed to comply with. Reading were also charged with failure to pay players on time last season.
The club's owner Dai Yongge has also been charged with causing the club to be in breach of EFL regulation. He has until Thursday, 29 June to respond to the charge.
P11D Deadline Soon
The deadline for submitting the 2022-23 forms P11D, P11D(b) and P9D is 6 July 2023.
The forms can be submitted using commercial software or via HMRC's PAYE online service.
Employees must also be provided with a copy of the information relating to them on these forms by the same date.
That time of year again is creeping up - The summer holidays!
Are you planning on putting children in holiday clubs, with childminders or nurseries?
If so then make sure you're making the most of Tax-Free Childcare available to you.
Through Tax-Free Childcare, families can receive up to £2,000 a year per child – or £4,000 if their child is disabled – to put towards the cost of childcare. The money can help towards the cost of holiday clubs, before and after-school clubs, childminders and nurseries, and other approved childcare schemes.
The government will pay 20% of childcare costs by topping up the money paid into a Tax-Free Child Care account. This means for every £8 paid into the online account, families will automatically receive an additional £2 in government top-up.
You may need to do Self Assessment if, for example, you:
- are newly self-employed and have earned over £1,000
- are a new partner in a business partnership
- have received any untaxed income
- are claiming Child Benefit and you or your partner have an income above £50,000
Taxpayers can check if they need to complete a tax return by using the free online tool on GOV.UK.
The personal taxes draining your income – how to make sure you don’t overpay
Please be vigilant, We have recently become aware of a scam HMRC letter – whereby scammers are sending letters to employers stating they have not received payment for amounts owed, and to call on 0300 200 3819.
The letter looks extremely genuine, however the PAYE reference is fake. Upon investigation, the amounts requested were not due, and the bank details provided overleaf are not HMRC.
The phone number is very similar to a HMRC number since it starts with 0300 200 – but it is not a real HMRC number.
Inheritance tax
Plan to legally save thousands on your estate - no, not the Cortina!
Inheritance tax can cost loved ones hundreds of thousands when you die. Indeed more than £7 billion worth of inheritance tax was handed over to HMRC during the last tax year. Yet it's possible to legally avoid huge swathes of it – or possibly pay none at all.
The rules around inheritance tax can be hard to understand at first, but it's important to get your head around it.