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01/06/2023

June 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!

How to spread your PAYE payments

Your business may well be stretched right now, the NMW rates rose by over 10% from 1 April and other input costs have increased by even more, particularly food and energy. It is tempting to use the amounts deducted from your payroll to pay pressing bills, Read More...

HMRC warn of BAD relief claims

Entrepreneurs‘ Relief (ER) was renamed Business Asset Disposal (BAD) relief on 11 March 2020, and at the same time the value of gains which can be covered by this relief was reduced from £10m to £1m on 11 March 2020. Where gains qualify for ei Read More...

VAT margin scheme for car dealers

Brexit has introduced a VAT border between Great Britain and Northern Ireland, the implications of which are still being worked through. From 1 May 2023, second-hand vehicles which are purchased in Great Britain then sold in Northern Ireland have to carry Read More...

Excess mileage payments

Petrol and diesel pump prices are high, but the tax-free mileage rates (see table) payable to employees who use their own vehicles on business haven‘t been adjusted for over a decade. Read More...

June Questions and Answers

Q. I have just received a bonus payment of £100 from the Nationwide Building Society. Do I need to pay tax on this? Read More...

June key tax dates

15 June - US expatriates must file their 2022 US federal tax returns by this date if they have not obtained a filing extension. If more time is needed an extension can be obtained to 15 October 2023. Interest will accrue from 15 April 2023 on any tax due, Read More...

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