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01/01/2022

January Tax Tips & News

Welcome to the Khanna & Co Limited 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!

Latest news round-up

A number of suggested reforms to the CGT have been accepted by the government. In May 2021, the Office of Tax Simplification published a report that included 14 recommendations. The government’s response was published on 30 November. While any major chan Read More...

Christmas: how does hospitality and gifts affect the VAT return?

The Omicron variant of Covid-19 saw new guidelines issued by the government in December. However, at the time of writing no lockdown, circuit breaker or otherwise, has been announced. As a result, many businesses will be going ahead with plans for hosting Read More...

Inheritance Tax (IHT) - a problem with taper relief

Making gifts of value during an individual's lifetime is a tried and trusted way of reducing the exposure to IHT. Many people are aware of the so-called "seven-year rule", which provides that a potentially exempt transfer (PET) becomes fully exempt as lon Read More...

Home working and Capital Gains Tax (CGT)

Working from home was slowly becoming more common before the Covid-19 pandemic; however, the various lockdowns restrictions meant that it increased exponentially in 2020 and 2021. Many employees have indicated that they do not wish to return to the office Read More...

January Questions and Answers

Q. I am in the process of buying a property that has been empty for a number of years. Extensive renovation is needed, and I have been speaking to a contractor who says that he will be able to charge just 5% VAT for the work. I don't want to fall foul of Read More...

January Key tax dates

1 - Due date for payment of Corporation Tax for accounting periods ending 31 March 2021 7 - Electronic VAT return and payment due for quarter ended 30 November 2021 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/1/2022 31 – Deadl Read More...

About Us

Khanna & Co Limited Accountants are based in Birmingham, 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 khanna.co.uk for more information.

6 Vicarage Road Edgbaston Birmingham West Midlands B15 3ES

Khanna & Co Limited is a trading name of Khanna & company Limited