Tax Tips & News

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01/11/2022

November Tax Tips & News

Welcome to the Vectis 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!

Latest news round-up

Making Tax Digital - should your business change its year-end now? Making Tax Digital for Income Tax (MTD ITSA) is due to start on 6 April 2024 with the first year being 2024/25. In preparation, the rules that determine which profits of a non-company busi Read More...

Entertaining - allowable for tax?

The tax rules for entertaining businesses are clear. Whether payment for lunch with a customer or tickets for a sporting event -- whatever the reason, with few exceptions, any cost incurred for entertaining is not an allowable expense for tax purposes. Read More...

Renting out a 'spare' room

The children are gone and there is an unoccupied 'spare' room. Apart from using the room as extra storage, renting it out is another option that can enable use of the space as well as bringing in some extra cash. Read More...

A company closes - how to withdraw any remaining cash tax efficiently.

When the time comes to close a company the usual method by which this is done is via a process known as 'Striking off'. The procedure is an informal, voluntary way of closing a company which is no longer required either because the company has ceased trad Read More...

November Questions and Answers

Q. I live in a semi-detached property and am in the process of purchasing my neighbor's property with the intention of converting the two houses into one. Therefore, the new property will be our main residence alongside our existing property as they will Read More...

November Key Tax Dates

1 - Corporation Tax payment 31 January 2022 year-end All VAT-registered businesses must be signed up to Making Tax Digital (MTD). 6 - The 1.25% increase in NICs rates which has applied since 6 April 2022 is reversed. 7 - Electronic VAT return a Read More...

Autumn Statement 2022

The Autumn Statement on 17 November 2022 contained several significant tax announcements, which we have summarised below. Read More...

About Us

Vectis Accountants Accountants are based in Stockbridge & Isle of Wight, 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 vectisaccountants.co.uk for more information.

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Vectis Accountants is a trading name of Vectis Accountants Ltd