The summer holidays have arrived and a few of us will be taking some well-earned time off. That being said, it will be business as usual and there will always be someone here who can assist with your query. This month we also welcome our new Office Manager, Hristina, who will no doubt keep those of us who remain ship-shape and Bristol fashion.
The second self-assessment payment on account was due on 31 July. For those of you that missed it we would suggest you contact HMRC if you are unable to make payment. In most cases HMRC are still willing to easily agree payments plans for those struggling financially. Alternatively, if your 2021/22 income was lower than expected and as such your final tax liability is lower than the sum of the payments on account we would suggest submitting your tax return as soon as possible. If you would like to discuss how we can assist, please contact us.
We’ve received a raft of enquiries from businesses looking to incentivise their key employees recently. Perhaps it’s a way to thank them for their hard work during the pandemic, or maybe to keep them in professions where there seems to have been a max exodus. Either way, share schemes can be a tax efficient way in which to not only retain staff but also to help drive them to achieve more for the business.
There are many share scheme in existence, which one is suitable for your employees and your business will be specific to you although the tax-advantaged schemes are Save As You Earn, Company Share Option Plans, Employee Management Incentives, and Share Incentive Plans. Obviously there are conditions which must be met by the company, the employee, and the shares for each of the tax-advantaged schemes to be effective and expert advice is essential to avoid the pitfalls.
The property market has obviously boomed in the past year, due in no small part to the SDLT relief the Government introduced last year. With the increase in property transactions HMRC seem to have got wind of property owners who were not occupying the property as their main residence and may have been letting the property whilst not declaring the income. HMRC’s Let Property Campaign is a disclosure service under which landlords can notify HMRC of the income, tax, interest and penalties. As with any disclosure the penalty position needs careful consideration and a suitably experienced advisor should be consulted.