March 2022 Update Welcome everyone to our March update newsletter - It has been an unsettling few days and weeks regarding the terrible events happening in Ukraine. Our hearts go out to those whose lives are being so badly affected in this awful situation.
The backdrop of such a sad and volatile time cannot help but have an effect on our whole lives including our work life, whether we are affected directly or indirectly! With this in mind we want to once again convey our wish to provide support for you, our clients - please do get in touch if you need our help and advice.
In circumstances such as these it's also good to remember the positives in our own lives, even if that is just small things such as the spring flowers appearing, or the daylight lasting a little longer each week. Something to cheer us despite the news, and to give us the energy to do what we can to help others.
Here at Chartwell HQ we got together last Tuesday for a whole team session - away from our desks, to discuss and reflect on the last few months at work, celebrate successes and set our path for the coming year. We are blessed with an amazing team who work together to provide excellent service for all of our valued clients. These things are not to be taken for granted and we want to take this opportunity to thank you, Team Chartwell, for your energy, ideas and commitment. It is very much appreciated, and it makes us extremely proud to run this business.
Please keep in touch and as ever let us know how we can best support you!
Steve, Martin, Kate, Anna and the team
Claiming relief for an old tax return error Generally, the time limit for amending a tax return is one year from the due date. But sometimes, it transpires later that the tax calculation is excessive e.g. if income was mistakenly over declared. Where the deadline has passed, the return cannot be amended. However, it may be possible to claim overpayment relief so that the individual isn't penalised financially. Trading losses and CGT In most cases, it is beneficial to offset trading losses against income - whether that means sideways loss relief against general income or carrying forward to offset future profits of the same trade. However, sometimes the trader's circumstances mean that the loss is effectively wasted. |