END OF THE TAX YEARJun 09 2022
As the 2021/22 tax year has now ended, employers need to carry out the following end of year procedures:
- Provide employees with their P60 annual summaries by 31 May 2022
- Prepare forms P11D for employees’ expenses and benefits by 5 July 2022
- Update employees’ payroll data for 2022/23, in particular, their new tax codes
- Update their payroll software for 2022/23 if they haven’t already done so.
CHANGES TO VAT RATES FROM 1 APRIL 2022
Many in the hospitality sector were hoping that the Chancellor would extend the 12.5% reduced rate that has applied since 1 October 2021 but, as scheduled, the rate reverted to 20% from 1 April 2022.
The increase applies to hospitality, visitor attractions, and catering services including restaurants and takeaways.
This has a consequential effect on the VAT Flat Rate Scheme percentages from 1 April 2022 onwards as set out below:
|Type of Business||From 1 April 2022|
|Catering services including restaurants and takeaways||12.5%|
|Hotel or accommodation||10.5%|