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Things to consider, May ’22

by Ian Kelly, Tax Partner

INFLATIONARY PRESSURES

This is my first article of the new tax year and unfortunately needs to address the higher living and business costs and inflationary pressures that are affecting every one of us – it is little comfort that these are worldwide issues and aren’t restricted to the UK.

We have had the Spring Budget and the increase in National Insurance Contributions is now in place adding to the cost of living crisis.

For those in business, higher costs create the dilemma as to how much of those costs can be passed on to customers and what might be able to be absorbed.

With the rate of inflation increasing, consumers are also feeling the strain and there is undoubtedly pressure to come on pay settlements over the summer months.

COVID ASSISTANCE

For those in business, there is every chance that the next accounts to be completed will reflect the final elements of Covid assistance received and possibly also a time to pay arrangement with HM Revenue and Customs.

OVERSEAS EMPLOYMENT

Despite the problems in Ukraine, the overseas employment market seems to be continuing to pick up with individual and company contracts being referred to us for our thoughts, advice and consideration.

I am taking this opportunity, therefore, to remind you of our international offering, DT Connect, and which gives us access to 795 sister offices in 158 countries to not only help us best advise clients on foreign business and employment aspects but to also provide clients with direct person to person access at location should this be required.

TAX RETURNS – EARLY COMPLETION

We are now into tax return season in respect of the return year ended 5 April 2022 with that year’s filing deadline being 31 January 2023 and, having already submitted a number of returns to HMRC, are currently briefing clients as to the information that we will need to give attention to their forms.

Given the current climate, there are more reasons than ever for the early completion of trading accounts and tax returns to provide the opportunity for these to be discussed and if you have any questions surrounding your accounting and taxation compliance obligations, please do not hesitate to get in touch with your usual Davies Tracey contact, available on 01642 606003.

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