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01/05/2022

May 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

New Class 2 NIC rules - make sure you don't miss out on your state pension. One of the more welcome measures in the Chancellor's Spring Budget was the alignment of the National Insurance Contributions (NIC) thresholds for individuals with the personal inc Read More...

PAYE Tax Coding - is your Code right?

Many employed taxpayers receive their wage slips at the end of every week/month and assume that the figures are correct - that the Code being used is correct. As a result, taxpayers may not realize that the amount of tax deducted by the end of the tax yea Read More...

'Higher earner'- should you claim child benefit?

The 'High Income Child Benefit Charge' applies to an individual with income over £50,000 where either they or their partner received child benefit in the tax year or someone else received the benefit for a child living with them and they contributed at le Read More...

Let property - Claiming the full amount of mortgage interest tax relief

Personal landlords with mortgages or loans on residential lets will be aware of the restriction on the amount of tax credit relief that can be claimed on interest paid. Usually, this amount is 20% of the interest paid in any one year. However, there are c Read More...

May Questions and Answers

Q. I am the director of my own company incorporated 15 months ago. The business has expanded such that I have taken on a bookkeeper. Whilst preparing the information required to give to my accountant at the year-end, my new bookkeeper has found a batch of Read More...

May Key tax dates

1 - Submission of Annual accounts to Companies House and payment of Corporation Tax for accounting periods ending 31 July 2021 1 - VAT fuel scale charge: new rates apply from the next VAT period beginning on or after 1 May 2022 6 - Electronic VAT r Read More...

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