As we find ourselves at the beginning of another new year, doing our best to pick up where we left off before the festivities, we thought a round-up of the most important tax and business news for January 2023 was fitting.
Tax News #1: Self-Assessment: file or fine?
It wouldn’t be a January round-up without a reminder of the 2021/22 Self-Assessment deadline.
Online filings must be complete by midnight on 31 January 2023, and the balancing payment for 2021/22 made. The first payment on account for 2022/23 must also be paid.
Submissions up to 3 months late will attract a fine of £100, with penalties increasing once this threshold is breached. Fines will also be issued for, and interest charged on, late payments.
Tax News #2: VAT penalties – points-based system
For VAT periods starting on or after 1 January 2023, a new penalty regime applies to late submission of VAT returns. The same approach will also apply to late payment of VAT.
The new regime will see HMRC issue ‘points’ for late submission or payment. HMRC will issue points up to a threshold, dependent on submission frequency. You can read about the changes in more detail here.
Business News #1: Budget 2023 date confirmed
Those busy tying up loose ends in the fortnight before Christmas would be forgiven for missing news about the upcoming Budget.
Prime Minister, Jeremy Hunt, confirmed that the next Budget, to set out the Governments spending plans and tax policy, would take place on 15 March 2023 and be accompanied by a forecast from the Office for Budget Responsibility (OBR).
Business News #2: Register of Overseas Entities
The Register of Overseas Entities (ROE) came into effect on 1 August 2022. This requires overseas entities who already own, or who intend to buy, sell or transfer UK property or land, to register with and declare beneficial owners/managing officers to Companies House.
The new requirements apply to entities who have purchased UK property or land on or after 1 January 1999, in England and Wales. In addition, those disposing of UK property or land after 28 February 2022 must also comply.
Those affected must register with, and supply appropriately verified details to, Companies House by 31 January 2023.
We are an approved UK-regulated agent and we have an agent assurance code. This enables us to carry out the necessary verification checks, and to file the necessary returns with Companies House.
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Whether it’s deciphering Budget announcements, meeting statutory filing deadlines, or compliance with unfamiliar requirements, our advisers are here for you.
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