The 2021/22 tax year is coming to a close:
From April 6 2022, we will be able to start submitting your tax returns to HMRC and would encourage early submission*
- HMRC’s online filing deadline is 31 January 2023. Blue Roof’s internal deadline for the delivery of tax return information is 31 October 2022 to ensure that we can meet the filing date.
To assist with the collation of information and documents, please download and use this checklist.
Now is a good time to take stock of your finances before April 5th.
- Personal pension contributions for the tax year 21/22
- Have you made all the contributions you wish to make for the tax year? These cannot be backdated.
For those operating through limited companies:
- Dividends* – dividends in respect of profits to 31 March should be declared prior to 5 April
- Director Loan Accounts* – have you checked your loan account balances recently?
- Any loan balances over £10,000 will attract a benefit in kind at HMRC’s current rate of interest and a P11D will need to be prepared.
- Any loan balances still unpaid 9 months after your company’s year end will attract an additional S455 Company Tax charge at 32.5%
* Dividend declarations should not exceed distributable profits and can help to regulate overdrawn director loan accounts and cash ‘drawings’ so you avoid unexpected taxable benefits and S455 tax charges.
As part of our preparation service this year we will be advising whether you are likely to be caught by the new ‘making tax digital for income tax’ regime due to come into effect by 2024. We can then help you to review your options. Again, if you have any questions, please do not hesitate to contact us.
Blue Roof Accountants: A Bespoke Service Tailored to Your Specific Needs
At Blue Roof Accountants, we give small business owners proactive, pragmatic advice on how to manage their company finances and reduce their tax burden. From accounts preparation and corporation tax calculation, to personal tax planning and management consultancy, we work with company directors, sole traders, and entrepreneurs throughout Dorset to help them achieve maximum financial benefit from their business.
If you need straightforward advice from our experienced, friendly team, contact us today on 01202 532288.