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01/07/2023

July Tax Tips & News

Welcome to the John Andrew 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!

Corporation tax on capital gains

The main rate of corporation tax rose from 19% to 25% on 1 April 2023 for companies with profits over £250,000. The small profits rate of 19% applies where company profits don't exceed £50,000 for the year. Between those profit thresholds an effective mar Read More...

Voluntary NIC payment deadline extended again

In April 2023, we gave you the good news that the government had extended the deadline for paying voluntary national insurance contributions (NIC) to fill gaps in an NIC record which arose in the years 2006/2007 to 2016/17, from 5 April 2023 to 31 July 20 Read More...

HMRC nudges those named in Pandora Papers

The Pandora Papers consists of 11.9 million leaked documents from 14 offshore financial service companies. This information was gradually released by the International Consortium of Investigative Journalists from October 2021 onwards. Read More...

How to claim the Marriage Allowance

The marriage allowance is £1,260 of the personal allowance which is available for transfer between spouses or civil partners. But this amount can only be transferred where the recipient is taxed at the basic rate (20%) or less (starter, basic or intermedi Read More...

July Questions and Answers

Q. I quit my job in July 2022 and became self-employed from September 2022. I started to pay class 2 NIC for my self-employed trade with effect from 1 September. Will the 2022/23 count as a qualifying year towards my state pension? Read More...

July key tax dates

5 - Employers need to agree any PAYE Settlement Agreement (PSA) for 2022/23 with HMRC. This can now be achieved with an online application. Read More...

About Us

John Andrew Accountants are based in Cumbria, 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 johnandrew.co.uk for more information.

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John Andrew is a trading name of John Andrew Chartered Accountant