Valhalla Private Client Services LLP @ValhallaPCS

Did you know, you can carry back Gift Aid donations to the previous tax year if the donation is made before you submit the tax return for that year. Donations made now can be treated as if they were made in the tax year 2020-21 if that tax return has not yet been submitted.

Giving to charity instead of giving Xmas gifts is a worthy tradition in some families. The giver & the charity can both claim tax relief - Gift Aid. This can be a very useful tax planning idea, pls let us know if you have made any donations before we finalise your tax return.

Please be advised that our office will be closed from midday Wednesday 22nd December 2021 and will reopen again at 8:00am Tuesday 4th January 2022

Not seen our Autumn Budget Tax Briefing yet? Take a look here: valhallapcs.com/tax-briefing-a…

3/3 A/c period doesn't end on 5 Apr? We should talk about profits/losses to report for transition yr 2023-24. Some profits may be reported earlier leading to a larger tax bill in 2023/24. It may be poss to spread extra tax over 5 years. Let’s get planning: valhallapcs.com

1/3 Making tax digital for income tax #selfassessment will replace the self assessment tax return for unincorporated businesses from April 2024 for sole traders and from April 2025 for most partnerships.

2/3 Unincorporated businesses will report profits/losses for periods that align with the tax year. Those that currently draw up accounts to a different date may have to submit estimated figures. Accounting periods ending between 31 Mar & 5 Apr will be treated as ending on 5 Apr.

Child benefit is not taxable but may need to be declared on #selfassessment tax returns where the highest earner in the family's total income is £50k or more. If you do not currently complete a tax return you should ask for one. We can help you with that - valhallapcs.com

Self Assessment deadline is 31 Jan 2022 & customers may expect to hear from HMRC, emails & SMS will be issued this week to #SelfAssessment customers. If in any doubt whether the contact is genuine, check ‘HMRC scams’ advice on GOV.UK & find out how to report them

Every business should have good financial reporting to ensure the business is on track, to save money & to ensure compliance with HMRC regs. We will work closely with you to tailor the perfect package & deliver the most tax efficient service possible. valhallapcs.com/contact-us/

These were paid pre tax so you will have to declare grants rcvd pre 6 Apr 2021 on your 2020/21 #selfassessment tax return (any of the first 3). Grants rcvd after 6 Apr will be declared on 2021/22 tax returns (grants 4 & 5). Avoid a costly mistake, call valhallapcs.com

The self-employed income support scheme (SEISS) launched by the Govt in Mar 2020 was made up of 5 grants, covering lost income between Mar 2020 & Sept 2021.

Deadline for filing paper #selfassessment tax returns has passed, deadline for filing online will come round quickly. Its time to get organised. Did you diversify your income during lockdown with a "side hustle"? Speak to us for hassle free filing: valhallapcs.com

Common errors in completing #selfassessment tax returns include poor arithmetic, using the wrong tax code, National Insurance or UTR numbers. At Valhalla we can prepare your tax return accurately and get it filed on time. Contact us for a chat: valhallapcs.com

As a sole trader, its very important to keep a record of all your expenses. Did you know you can claim for small expenses such as stamps? Not sure what else you can claim for? We can make sure you claim for everything you're entitled to. Contact us: valhallapcs.com

HMRC reminded #SelfAssessment customers that on Sun 24 October, they had 1 week left to submit paper tax returns & 100 days for online tax returns. Not going to have time to file a paper return before the deadline? Contact us, we can file online for you: valhallapcs.com

Are you a sole trader and not sure if and how you can claim the cost of utilities as an allowable expense? We can make sure you claim everything you are entitled to, give us a call for a chat: valhallapcs.com

If your company suffered badly under the pandemic you can claim a tax repayment where accounts show a loss & the company made profits in earlier years. HMRC has opened an online portal to claim those corporate losses & we can help you make that claim: valhallapcs.com/contact-us/

HMRC is encouraging customers to register early for #selfassessment. This year, you also have to declare if you received any grants or payments from COVID-19 support schemes up to 5 April 2021 as these are taxable. No need to feel daunted, contact us: valhallapcs.com

You can make a standalone claim to carry back losses once your accounting year has finished, you do not have to wait until you have all the other details required for your 2020-21 tax return to claim the loss. We can help with that, contact us for a chat: valhallapcs.com/contact-us/

Many businesses made large losses in tax year 2020 -21 which eclipsed profits made in the previous year & even the year before that. Those pandemic trading losses can be used to generate a tax refund by setting them against profits made from the same trade up to 3 years earlier.