April felt like a short month at Harbour Key HQ with the Easter break, or it may have been because we were still very busy dealing with the end of the tax year planning and filing the first 2022 self-assessment returns for our well-trained clients! Some further returns have been filed in the early part of May, a flying start, and the team will be chasing our personal tax clients for their 2022 tax return information shortly. We also had a bout of covid infection (nothing serious), for those who had previously escaped to date in our office.

Speaking with our clients, which we try to do on a regular basis, they all are feeling the pinch which is being reported in the news. Energy and material supplier costs are on the increase, in addition to which all businesses whichever sector are finding it very difficult, if not impossible, to recruit new employees, impacting delivery of existing business, and also growth. Over the coming months, we will focus our main article in our newsletter on ideas/support which may help, this month starting with business grants

In addition to the usual work, we continue with our engagement letter update as reported in the April newsletter.  If you have not been contacted yet, your new engagement pack will be coming via our new client portal, Onvio. You will soon receive a link on how to use and access Onvio, which we will use going forward for secure  delivery of client information.  To make sure we set up the system correctly for everyone, you may receive a call from Megan requesting/checking email addresses.


We cannot thank everyone enough for their generosity and helping us to reach our target! The £4,000 raised will be of great benefit to Hope For Tomorrow, so they can continue their great work helping patients fit their cancer treatment into everyday life, rather than the other way around.

Emma has best described the Wing Walk experience for you here - “Wow, what an experience. Once you felt the plane lift off the ground there was no turning back, so I grabbed the handles and held on tightly! Once the first turn back on ourselves was done and I started to relax and enjoy the breath taking views, we even spotted a herd of deer in the nearby field. Once I was brave enough to let go and put my arms in the air it suddenly dawned on me that we had got a lot higher and I knew exactly what was going to happen next…the death drop!! Quickly grabbing hold of the handles, I felt the plane nosedive and left my tummy up in the air, the pilot must have thought I was having a great time and decided just for good measure we should do another! After the most perfect landing (better than any commercial flights) it was great to get my feet back on solid ground, it was a very memorable experience that I will always remember but I think that’s enough adrenaline for this year, now to think about the next challenge!“



April is generally the start of the financial year for most things, including business grants, as new rounds of funding become available.  With the costs of running a business continually increasing, some free money would be great, but as ever with grants it is about meeting the qualifying conditions and filing a successful application in time.

Please click here to see our tips on a making a successful application. The biggest tip is to employ an expert who charges a reasonable (not an excessive) fee for their services.  The linkalso provides details of some local and national grant opportunities that we have become aware of.   

In addition, the Government is trialling an online tool to give users easier access to information about grants and how to access funding schemes.   At this site you will be able to search for further grant opportunities which may be available to your business.

Please note that in successful claiming a grant, using the funds for research and development is highly likely to impact your R&D tax credit claim.


With the Bank of England putting up interest rates (closely followed by HMRC, see below), mortgage and loan interest rates are increasing.  With the prediction that rates are only going to continue to increase, best advice is to look for a fixed rate deal.  For most of our clients, as business owners, that means Harbour Key getting involved in the application process, having to provide information, complete accountants certificates etc.

We flagged previously back in late 2020 that we were noting that it was becoming tougher for the business owner and self-employed to get value borrowing, with it taking a lot of work.  A lot of mortgage deals have short application windows and therefore if considering a change you need to be prepared, including having up to date financial information.  A set of accounts for the year-end 31 March 2021 will not cut it.  We will try and service all requests in the timelines required, however we have to take other client’s requirements into account whose request is in advance of your own, for example those with lending we are seeing the banks wishing to stress test the business earlier than usual, so please don’t leave to the last minute for your own request.

Apart from our concerns regarding borrowing for business owners, mortgage brokers have warned that the 1.25% increase in NIC and dividends, introduced in April, together with the increase in corporation tax coming in April 2023 will force a “sea change” in affordability for business owners/self-employed borrowers, with high-earning buyers possibly unable to re-mortgage or face being barred from borrowing what they previously could.


  • HMRC has confirmed it will raise interest rates on late tax bills to 3.50% from 24 May 2022.  This is the fourth increase this year and in line with Bank of England increases.  If individuals or businesses are using HMRC as a lender by holding onto tax payments to help fund working capital or projects, the continued increase in the late payment interest means a review of the position. 
  • Tax credit claimants will shortly be receiving their annual renewal pack from HMRC asking them to check their details to renew claims.  You must tell HMRC about any changes to your circumstances or if anything in your pack is incorrect.   You must renew your tax credits by the date shown on your renewal pack. For most people, the date is 31 July 2022.
  • Please note that since HMRC withdrew from the Government’s Verify service last month thousands of people have been locked out of filing their tax returns, and accessing other services.  People must now use the Government Gateway, requiring two forms of ID. Those who can’t provide the documents have been told by HMRC to submit their tax returns on paper (this means the return has to be filed by 31 October).  Please note, we have already experienced with one client, who was looking to set up a Government Gateway account to seek a state pension forecast, if you don’t have the correct forms of ID, this can also be a challenge.


  • 31 May –Last day for giving any employees who were employed on the final day of the previous tax year (05 April) their form P60 for the year.
  • 5 July– Last day for agreeing the operation of a PAYE Settlement Agreement (PSA) for the previous tax year with HMRC.
  • 6 July:
    • Deadline for submitting forms 42, Forms EMI40 and other relevant forms to HMRC to report share-related benefits provided to employees in the previous tax year. Return can only be submitted via HMRC’s online system, see our blog 
    • Last day for giving any relevant employees their copy of form P11D for the previous tax year.
  • 31 July – Tax credit renewal deadline.
  • 1 September - Trustees of trusts without a tax liability are required to register their trusts with HMRC.

Should you wish to speak with us about a specific matter, or just to be a sounding board or for a chat, please do not hesitate to give us a call.

Please do not hesitate to give us a call us on 01452 713277