Welcome to Tax Dispatch: the latest roundup from BKL’s tax experts. In each issue we cover a different specialist area of tax, while highlighting some things you may have missed.
We also share our team’s good news and successes, such as…
Taxation Awards 2023: three shortlistings and a win!
We were at the Tolley’s Taxation Awards night at Royal Lancaster London. We went there as finalists in three categories:
- Best Employer in Tax celebrated our people’s experiences and achievements at BKL
- Best Single Office Tax Practice recognised our team’s expertise and client services across tax consultancy, personal tax, trusts and VAT
- Best VAT/Indirect Tax Team demonstrated our excellence in VAT, a highly specialist and complex area
We won Best Employer in Tax!
We were thrilled to win in this category, which had more entries than any other category. Not only that, but our entry was commended as the best across all categories. Congratulations to our brilliant team on this huge success.
We were also proud to sponsor the Tolley’s Award for Outstanding Contribution to Taxation in 2022-23 by an Individual. Well done to Dan Neidle, a very worthy winner.
Thank you to all the clients and contacts who help us make BKL a great place to be a tax adviser. We look forward to bringing you more news as our team goes from strength to strength.
Tax Dispatch focus: Employment related securities reporting
This edition’s feature article is by Stephen Deutsch, one of our senior tax advisers. Stephen, who joined BKL in 1999, has a broad knowledge of personal and corporate taxes. This includes vast experience in the impact of UK taxes on family-owned businesses.
Among Stephen’s specialisms are enterprise investment schemes, seed enterprise investment schemes (EIS and SEIS) and employee share incentives including the Enterprise Management Incentive and the Company Share Option Plan (EMI and CSOP).
In this article, Stephen focuses on the tax implications and reporting requirements for employment related securities (ERS): the awarding of shares under typical employee share incentive schemes and some other more bespoke arrangements.
Guest article: director’s loan account – repaid or not?
In addition to insights from our tax experts, we’re pleased to bring you articles from Mark McLaughlin. Mark is highly experienced as a tax author, editor and consultant.
In our previous Tax Dispatch, Mark looked at the timing of loan account repayments for tax purposes. It seems appropriate to follow that up with his article looking at whether an overdrawn loan account has actually been repaid at all.
Tax Administration and Maintenance Day
27 April saw the Government’s announcement of a package of tax policy proposals on the second Tax Administration and Maintenance Day. The main targets of the proposals were the simplification and modernisation of the tax system and tackling the tax gap, together with a number of more general proposals.
Announcements and proposals included:
Simplification and modernisation of the tax system
- Consultation on the treatment of post and parcel exports
- Further consultation on the potential amendment to the tax treatment of cryptoasset decentralised Finance (DeFi) lending and staking. This is a specialist area for our Tax Senior Manager Sam Inkersole, whose latest article on HMRC’s current crypto and DeFi guidance is available here
- Consultation on the modernisation of the stamp taxes on Shares framework
- Consultations to be published this month in relation to diverted profits tax, transfer pricing and the taxing of UK permanent establishments
Tackling the tax gap
- Consultation on the possible introduction of a new criminal offence for non-compliant promoters of tax avoidance
- Guidance on the registration of repayment agents in a three-month window from 2 May
- Consultation on Construction Industry Scheme (CIS) reform
- Consultation on employee ownership trusts
Other matters
- Consultation on a potential change to the off-payroll working legislation to counter over-collection of tax
- Consultation to be published later this year in relation to the plastic packaging tax (PPT). If you missed the first-anniversary article on PPT by our Tax Director Helena Kanczula, you can read it here
Our tax articles
Thank you to everyone who follows our tax articles. We’re glad to have you along as we explore the complexities and surprises of the tax landscape.
Recent topics have included:
- IR35’, Gary Lineker and the BBC
- Stamp duty land tax and communal gardens
- Losses arising from the disposal of shares
- VAT rate changes and contracted services
- A fresh look at agency rules
BKL in the professional press
Thank you to Tax Journal and ICAEW TAXline for republishing several of our recent articles – including all of those mentioned above. In March, Tax Journal also published two specially written articles by Tax Consultant David Whiscombe: Partnership tax disputes: referral to the FTT and Spring Budget 2023: Impact on SMEs.
Terry Jordan, another of our Tax Consultants, is a regular contributor to Taxation magazine’s Readers’ Forum, where tax professionals seek each other’s advice. His most recent topics are IHT and the residence nil rate band, and the UK tax treatment of a gift of German shares.
Key dates coming up
1 June: Corporation tax liabilities for accounting periods ended 31 August 2022 become due for payment
14 June: Quarterly instalment payments (large company)
1st payment for 30 November 2023 accounting period due
(also, 2nd payment for 31 August 2023 period, 3rd payment for 31 May 2023 period and 4th payment for 28 February 2023 period)
14 June: Quarterly instalment payments (very large company)
1st payment for 31 March 2024 accounting period due
(also, 2nd payment for 31 December 2023 period, 3rd payment for 30 September 2023 period and 4th payment for 30 June 2023 period)
30 June: Filing deadline for 30 June 2022 corporation tax returns (and for amendments to 30 June 2021 returns)
1 July: Corporation tax liabilities for accounting periods ended 30 September 2022 become due for payment
6 July: Filing deadline for forms P11D and P11D(b) for 2022/23
6 July: Filing deadline for 2022/23 Employment-Related Securities Annual Return
22 July: Due date for payment of 2022/23 Class 1A National Insurance Contributions, if paid by bank transfer (19 July for payment by cheque)
14 July and 14 August: Quarterly instalment payments (large company) potentially
1st payments for 31 December 2023 & 31 January 2024 accounting periods
2nd payments for 30 September 2023 & 31 October 2023 periods
3rd payments for 30 June 2023 & 31 July 2023 periods
4th payments for 31 March 2023 & 30 April 2023 periods
14 July and 14 August: Quarterly instalment payments (very large company) potentially
1st payments for 30 April 2024 & 31 May 2024 accounting periods
2nd payments for 31 January 2024 & 29 February 2024 periods
3rd payments for 31 October 2023 & 30 November 2023 periods
4th payments for 31 July 2023 & 31 August 2023 periods
31 July: Filing deadline for 31 July 2022 corporation tax returns (and for amendments to 31 July 2021 returns)
1 August and 1 September: Corporation tax liabilities for accounting periods ended 31 October 2022 and 30 November 2022 become due for payment
Are there any particular topics you’d like us to cover in a future edition of Tax Dispatch? Let us know by getting in touch with your usual BKL contact or by using our enquiry form.