May 2023 Update

Hello everyone, welcome to our latest news update during May - the month of many Bank holidays! With another long weekend approaching the weather seems to have got the message and warmed up a little!

It is the time of year to prepare information on any benefits in kind as these need to be reported to HMRC via P11d forms by 6th July - so if your company employees or directors have had benefits in kind you'll need to gather information now.

For us, May is also about starting to ask for personal tax information to be gathered. It might be tempting to leave any thoughts of tax returns until much later in the year, however getting things together now whilst documents are fresh into your inbox or post tray will save having to hunt around for them later on! 

If you need any business support and advice please pick up the phone and contact us - we are here to help and have lots of experience of assisting clients. You might benefit from a business review meeting to boost development of your business over the next few months.

Keep in touch and as ever let us know how we can help!

Steve Martin Anna and all at Team Chartwell

What are the main changes to R&D tax relief?

The tax relief scheme for research and development (R&D) is an important way to cut the costs of investing in R&D, development projects and innovation across your business. However, the Spring Budget 2023 has brought in several changes to the R&D tax relief scheme that will affect small and medium enterprises.

XERO basics overview

Let's take a step back - If anyone is looking for bookkeeping software here is a very quick summary of Xero - See how it brings your cash flow to life with realtime financial data available in the cloud - anywhere, any time on any device.

Why your accountant is the mentor you need

A business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner. They can also help you move forward in your career by providing advice and feedback on what steps to take to reach success.

The top tax-effective benefits to offer employees

Offering tax-effective benefits to your employees goes a long way to creating a more satisfied, happy and productive workforce. Talk to us about the available benefits and the tax implications.

What is rent-a-room relief?

Thinking of renting out a room in your house? We can explain the benefits of claiming rent-a-room relief to simplify the tax and admin implications.

HMRC's Income Record Viewer

Thank you to all those who have signed up to the new HMRC feature - the Income Record Viewer which enables tax agents like us to access records online. We've have been sending out emails to our personal tax clients to ask for authorisation for us to use this service. Find out more in this short video, or call us on 01283 741400

HMRC late payment interest rates revised

The Bank of England announced on 11th May that the base rate would rise from 4.25% to 4.5%. HMRC interest rates are linked to the Bank of England base rates, so as a consequence HMRC interest rates for late payment and repayment will increase.

Contact us

Get in touch with us here at Chartwell House - If you are a client please look out for any tax or accounting information requests from team Chartwell - if you need clarification or have any questions then you can email info@chartwellpractice.com or phone

01283 741400

Chartwell House, 4 St Paul's Square, Burton on Trent, Staffordshire, DE14 2EF

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