Money Matters - May 2022 Accounting Newsletter
Posted on May 06, 2022

We are pleased to offer you a complimentary copy of our latest newsletter.  

As we enter the new tax year, the tests for businesses and individuals keep coming. With rising energy costs, inflation and tax rises, plus the impact of the war in Ukraine, 2022/23 will require careful planning and attention to detail.

In this edition of our newsletter we look at managing some of these increased costs. For employers, the increases to national insurance contributions and the minimum wage as well as the soaring prices will mean balancing several challenges. 

The articles in this issue are:

  • Making the most of business disposal reliefs If you are a company owner planning to sell your business in the future, you can make sure that the disposal qualifies for business asset disposal relief
  • Closing tax loophole on second homes Owners of second homes in England who claim exemption from council tax by reporting them as holiday lets will in the future have to provide evidence of actual letting.
  • Understanding directors’ loan accounts The tax charge on loans between a director and their company goes up from April. Such loans are common practice, but problems can arise if these transactions are not properly accounted for.
  • Managing rising employment costs  The National Minimum Wage and Living Wage increased from April, as well as national insurance contributions (NICs).  Employers need to ensure they’ve planned for the changes.
  • Simplified probate reporting requirements Changes introduced from the start of this year have simplified the process for obtaining a grant of probate and limited the circumstances when a full inheritance tax account needs to be delivered to HMRC.

We hope you enjoy reading the newsletter. Please get in touch if you need help or advice on any of the topics covered.

Download BSR Bespoke Money Matters May 2022