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01/03/2022

March 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

TV presenter Adrian Chiles has cleared the first hurdle in his battle against HMRC’s insistence that his working arrangements with ITV and the BBC amounted to an employer-employee relationship in all but name. Read More...

VAT - the annual accounting scheme

There are a number of VAT schemes aimed at smaller businesses that help to simplify reporting, and in turn reduce the amount of administration time spent on compliance. One is the annual accounting scheme (AAS). But what is this, and when might it be bene Read More...

Claiming relief for an old tax return error

Generally, the time limit for amending a tax return is one year from the due date. But sometimes, it transpires that the tax calculation is excessive later on. For example, the individual may have mistakenly over declared income. Read More...

Trading losses and CGT

In most cases, it is beneficial to offset trading losses against income - whether that means sideways loss relief against general income or carrying forward to offset future profits of the same trade. However, sometimes the trader's circumstances mean tha Read More...

March Questions and Answers

After several years of successive growth, my wife and I have decided to incorporate our partnership. We have a number of assets used in the trade for which we have claimed relief using the annual investment allowance. As the trade is being effectively dis Read More...

March Key Tax Dates

1 - Due date for payment of Corporation Tax for accounting periods ending 31 May 2021 7 - Electronic VAT return and payment due for quarter ended 31 January 2022 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/3/2022 31 – Deadline Read More...

Spring Statement 2022

When the Chancellor stood up in the Houses of Parliament to deliver his Spring Statement it was against the backdrop of what the Office of Budget Responsibility has called 'the biggest hit to household finances since comparable records began in 1956-57'. Read More...

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