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01/03/2023 |
March Tax Tips & News
Welcome to the Melwoods Chartered Certified Accountants 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!
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| Relief for mortgage interest on let properties |
| As an individual landlord you can‘t deduct finance costs, including interest, from your residential property rents for tax purposes. Instead, you get tax relief for those costs as a basic rate tax credit calculated as 20% of the lower of: Read More... |
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| HMRC homes in on Airbnb landlords |
| Online platforms such as Airbnb are now obliged to provide HMRC with data about the payments it makes to individuals who let rooms on a short-term basis. HMRC is matching that data to tax returns and writing to taxpayers who have apparently not declared t Read More... |
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| Planning your profit extraction |
| In his Autumn statement in November 2022 Chancellor Hunt announced cuts to the dividend allowance and the additional tax rate threshold, where individuals start to pay tax at 45%. You need to take these changes into account when planning how and when to e Read More... |
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| Plugging NIC gaps |
| Many people don‘t realise that they have significant gaps in their National Insurance Contribution (NIC) record, and as a result they won‘t be entitled to the full state retirement pension. This can come as a shock when you start to receive your state pen Read More... |
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| March Questions and Answers |
| My company is buying an electric car for me to use for business and private journeys. In truth there will be very few business journeys. Can the company still claim the 100% first year allowance, although the business use will be small? Read More... |
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| March Key tax dates |
| 2 - Where income tax, CGT, class 2 NIC or class 4 NIC remains unpaid for 2021/22 a 5% penalty is imposed. This penalty can be avoided if a time to pay arrangement is agreed in advance with HMRC. Read More... |
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| Spring Budget - 2023 |
| Chancellor Hunt billed his Budget as a Budget for growth with emphasis on fixing problems in the labour market alongside improving business investment and innovation Read More... |
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| About Us |
Melwoods Chartered Certified Accountants Accountants are based in Hemel Hempstead, offering local business owners and individuals a wide range of services.
All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website melwoods.co.uk for more information.
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3rd Floor, The Imex Building, 575-599 Maxted Road, Hemel Hempstead, Hertfordshire, HP2 7DX
Melwoods Chartered Certified Accountants is a trading name of Melwoods Accountancy Services Limited
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