FWD Tax Tips and News

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01/02/2022
Latest news round-up
On 7 January, HMRC announced that there would be no automatic late filing penalties provided that tax returns are filed by midnight on 28 February 2022. Anyone seeking to take advantage of the extra month should keep in mind that it is the penalty trigger Read More...
 
VAT - charged too much?
Suppose that a business has been paying its suppliers' invoices for many years without really giving too much thought to the VAT being applied. The business engages an accountant to assist with its VAT returns due to an increase in business activity. Read More...
 
Does an employee loan always need reporting to HMRC?
Employee loans are an area where businesses often get confused. The first thing many owners will think of is the temporary corporation tax charge under s. 455. However, that only applies if the loanee is a participator of a close company. Read More...
 
Holdover relief tax trap
Some small company owners bring in adult children to take over the day to day running of the business as they approach retirement. There are many strategies used in practice. One may be to appoint the children as directors, while maintaining overall contr Read More...
 
February Questions and Answers
We have just purchased a second property, which we intent to occupy at weekends to escape the hectic city life. We're both in our 50s and want to start slowing down a bit! I've heard that there is planning that can save tax on second homes - I believe MPs Read More...
 
February Key tax dates
1 - Due date for payment of Corporation Tax for accounting periods ending 30 April 2021 7 - Electronic VAT return and payment due for quarter ended 31 December 2021 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/2/2022 28 – Deadl Read More...
 
About Us

FWD Accounts Suffolk, offering local business owners and individuals a wide range of services.

We help our clients by producing regular management accounts for their business and then talk through those numbers and what they mean.  Email Jason at jnf@fwdaccounts.co.uk if this is of interest, and he will provide you a quote for doing this and he can explain how it would work.  Waiting for this financial information until your year end is often too long, and it does not allow the business to make corrective action at an early stage, if it was necessary. It also allows us time to make tax planning decisions as the year develops, to minimize the final tax payable.

All clients are entitled to fixed fees, work delivered on time and phone support. Visit our website fwdaccounts.co.uk for more information.

 

 

 
 

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