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Tax Dispatch: February 2022

/ 23 February 2022

Guy Newall

Introducing Tax Dispatch: our new tax roundup

Welcome to Tax Dispatch from BKL’s tax experts. In each edition, we’ll be covering a different specialist area of tax, while highlighting some things you may have missed.

Tax Dispatch will be available here on our website and via email. If you’d like it sent to you, you can subscribe here.

Our tax team

Our tax consultants are highly qualified specialists who enjoy sharing their experience with a wide range of people, businesses and fellow tax professionals.

Our team comprises chartered tax advisers, chartered accountants and former officers of HMRC, with expertise that covers every aspect of tax.

They work closely with BKL’s other teams including audit, business services, corporate finance and wealth management. Together, we optimise clients’ tax positions for their personal and business finances, across a variety of industries.

While you’re likely to know at least one of our tax specialisms, you may not be familiar with the full breadth. It includes R&D tax relief, probate services, property tax, EIS and SEIS, trusts, VAT and much more.

Find out more on our tax services page

Tax Dispatch focus: share buybacks

There are several reasons why a shareholder may want to exit a business, including retirement, dispute, or a requirement to settle an inheritance tax (IHT) bill. When this is done via the share buyback method (also known as the company purchase of own shares route), there are points which need to be considered, and tax rules to meet.

Read our article on share buybacks

BrassTax

Throughout the year, our well-established BrassTax mailings bring you our take on the latest tax stories, such as HMRC announcements, court cases and tribunal decisions. Many are republished in tax magazines, including no less than four in this month’s ICAEW TAXline!

Recent BrassTax topics have included:

  • VAT on holiday accommodation
  • Marriage Allowance
  • Deductibility of defence costs
  • Contracts for differences

All of our BrassTax mailings are also available as articles here on our website.

Browse our insights

HMRC Cryptoassets Manual: important updates

Earlier this month, HMRC released a much anticipated and needed update to its Cryptoassets Manual, expanding its coverage of Decentralised Finance (DeFi).

Included in the update was guidance and clarity on:

Key dates coming up in 2021/22

1 March: Corporation tax liabilities for accounting periods ended 31 May 2021 become due for payment

14 March: Quarterly instalment payments (large company)
1st payment for 31 August 2022 accounting period due
(also, 2nd payment for 31 May 2022 period, 3rd payment for 28 February 2022 period and 4th payment for 30 November 2021 period)

14 March: Quarterly instalment payments (very large company)
1st payment for 31 December 2022 accounting period due
(also, 2nd payment for 30 September 2022 period, 3rd payment for 30 June 2022 period and 4th payment for 31 March 2022 period)

23 March: Chancellor’s Spring 2022 Update

31 March: Filing deadline for March 2021 corporation tax returns (and for amendments to 31 March 2020 returns)

1-30 April: Filing window for 2022/23 ATED returns

5 April: Filing deadline for the first corporation tax returns for non-resident companies in relation to rental businesses previously taxed under Self-Assessment (assuming no change in accounting period)

5 April: Tax year ends

Are there any particular topics you’d like us to cover in a future edition of Tax Dispatch? Let us know by getting in touch with your usual BKL contact or by using our enquiry form.

Guy Newall

Manager, Tax Consultancy

T +44 (0)20 8922 9145
E Guy.Newall@bkl.co.uk

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