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01/08/2022

August Tax Tips & News

Welcome to the Boon and Worth 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

In exactly two years' time the most fundamental change to the administration of the UK tax system for at least 20 years will have commenced. Making Tax Digital for income Tax (MTD for ITSA) will apply to all self employed businesses and landlords with bus Read More...

Where does HMRC get its information from?

With tax revenues down and a significant budget deficit arising from the Covid-19 pandemic, it will not come as a surprise to learn that HMRC are looking to undertake more enquiries into taxpayer's affairs than ever before. For example, HMRC has a special Read More...

Are directors liable for their dissolved company's unpaid bills?

On 15 December 2021 the government passed an Act which at the time was effectively 'under the radar' for many company directors but could have far reaching implications should their company be dissolved with outstanding tax liabilities. Read More...

Reporting residential property gains - the timing is tight

A chargeable gain may arise on the sale, disposal or transfer of a residential property if that property has not been the seller's only or main home throughout the period of ownership. Here we are looking at investment property, such as a buy-to-let, a ho Read More...

August Questions and Answers

Q. I have prepared my 2022 tax return for submission but on reviewing previous returns I found that I made an error when completing the 2018/19 tax return, resulting in an overpayment of tax. Can I get my money back? Read More...

August Key tax dates

1 - Individual taxpayers who have not paid their remaining tax liabilities for 2020/21 face a further 5% penalty, in addition to the 5% penalty suffered on amounts outstanding at 1 March 2022. Corporation tax payment 31 Oct 2021 year end 2 - Employe Read More...

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