Moore Accountancy Update

The Moore Accountancy team wish you a Merry Christmas and a Happy New Year!

Welcome to our last update for 2022. 
It's been another busy year at Moore Accountancy, and plans are for that to continue next year with the MTD for Income Tax project and potential changes to the various software we use within the business.

We are looking forward to spending the Christmas break with our families, and hope that you are able to do something similar too.


CHRISTMAS HOURS
We will be closing the office from Thursday 22/12/22 and reopening on Wednesday 04/01/23 so that the team can spend quality time with their families.
If we provide your business with Payroll or VAT services, you will receive emails from Poonam confirming deadlines and cut off dates.

OTHER
Moore Accountancy continue with hybrid working, as it works with the team dynamics and their welfare, both mentally and physically. 

Emails will continue to be passed to the relevant team member and dealt with as if they were in the office.

If you have missed any of our previous newsletters, then our website has a backlog of them here.

Our gut feeling was right and the Government have tightened financial measures in order to not worsen the deficit.
Please read our blog here for the hightlights; and get in touch if there is anything which concerns you.
 

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Christmas Parties:

• A tax exemption is available for annual functions, up to £150 per head
• This is an exemption, not an allowance , so if you spend £151 per head, the whole thing becomes taxable on the employee
• The value is per head, and not limited to employees only, so can include partners,  children, etc.  
• If you have used the exemption in a different event (eg Summer Party) then you can not claim for the Christmas party
• Note shareholders are not included in the exemption if they are neither directors or employees.
• See HMRC guidance here for further information

Gifts - Trivial benefit tax exemption can be used as long as:

• The benefit isn’t cash or a cash voucher  
• The cost of the benefit doesn’t exceed £50  
• The benefit isn’t provided as part of any contractual obligation (including under salary  sacrifice arrangements)  
• The benefit isn’t provided in recognition of services performed, or anticipated to be performed, by the employee - so is truly a gift
• Note directors of close companies are limited to benefits of £300 each tax year.
• See further information about trivial benefits here

Unfortunately neither of these apply to a sole trader (unless you have employees on the payroll) - as you are not an employee, anything you spend on a seasonal event is part of your drawings.

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19/12/22 - PAYE & NIC deductions for month ended 05/12/22 (November payroll)

20/12/22 - Deadline for returning signed 2021/22 SATRs, in order to request that HMRC collect outstanding tax via the 2023/24 PAYE code

31/12/22 - Corporation tax due for year to 31/03/22

19/01/23 - PAYE & NIC deductions for month ended 05/01/23 (December payroll) 

31/01/23 - Corporation tax due for year to 30/04/22

31/01/23 - Self Assessment balancing payment for 2021/22 and first Payment on Account for 2022/23