Month: February 2022

HomeFebruary 2022

Company share schemes

EMI Scheme Most share option schemes, with an eye to tax benefits, use the Enterprise Management Incentive (EMI) scheme. For qualifying arrangements, there are tax incentives for the employer and employee. The point to emphasise with EMI arrangements is that...

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Sharing income with your family

The UK tax system does not allow families to spread the impact of taxation where there is one significant income earner providing for other family members. For example, if one parent was earning £100,000, they will be paying income tax...

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On-line rip-offs exposed

In a recent press release the Competition and Marketing Authority issued details of a poll of over 2,000 UK adults. According to the results of the poll: 7 out of 10 had experienced misleading online practices 85% believed businesses using...

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Challenging your council tax band

Apparently, February is the month that many homeowners take issue with their council tax banding in the hope and expectation that it will result in lower – not higher – council tax bills 2022-23. Anticipating this, the Valuation Office, who...

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When did you last estimate your personal wealth?

During the pandemic, businesses affected by COVID-19 disruption will have had their attention firmly focussed on survival. Certain sectors have suffered more than others with the hospitality, entertainment and leisure industries bearing the brunt of lockdown measures. But what impact...

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Time to top-up your pension pot

We are fast approaching the end of another tax year, 5 April 2022. To benefit from tax relief for 2021-22 you will need to make any top-up payment on or before this date. To help you reach a decision, we...

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Tax return filing and payments update

HMRC is waiving late filing and late payment penalties for Self-Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020-21 tax return and pay any tax due. HMRC is encouraging taxpayers to...

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Self-isolation for those with COVID-19

Since Monday 17 January, people with COVID-19 in England can end their self-isolation after 5 full days, as long as they test negative on day 5 and day 6. The decision has been made after careful consideration of modelling from...

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Still time to consider tax planning options for 2021-22

With rare exceptions, once the end of the tax year has passed, tax planning options to reduce liability are no longer possible. For Income Tax and Capital Gains Tax purposes, this means that the majority of the tax reduction options...

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Beware overtrading

If politicians have it right, we may be approaching the end of the major disruption to economic activity of the past two years. Which is great news for those trades badly affected by continuing lockdown and other restrictions. Unfortunately, rapid...

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