NEWSLETTER ARTICLES

 

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18-01-2018
A reminder of ways you can pay tax due

A reminder of ways you can pay tax due

Last week we confirmed that as from 13 January 2018, HMRC will not accept personal credit cards for payment of tax or penalties. We have listed below the payment options you still have available to ... read more

18-01-2018
Buying a rental property?

Buying a rental property?

The removal of the 10% wear and tear allowance that allowed landlords to reduce the tax they paid on furnished property lets (after the end of the 2015-16 tax year) was a significant loss for many ... read more

18-01-2018
Projects that count as R & D for tax purposes

Projects that count as R & D for tax purposes

Research and Development (R&D) tax credits were introduced for small and medium sized enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a Corporation Tax relief to ... read more

18-01-2018
Salary sacrifice examples of tax consequences

Salary sacrifice examples of tax consequences

The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The new rules effectively remove the Income Tax and employer NIC ... read more

18-01-2018
What to consider when employing family, young people and volunteers

What to consider when employing family, young people and volunteers

When a new employee is added to the payroll it is the employers’ responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any ... read more

18-01-2018
What is the herd basis?

What is the herd basis?

There are special rules which can apply to farmers and market gardeners that prepare their accounts on an accruals basis. This includes special rules for farmers’ averaging relief, dealing with losses ... read more

10-01-2018
Holiday let property – reminder to check your occupancy stats

Holiday let property – reminder to check your occupancy stats

The Furnished Holiday Let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade and therefore qualify for additional tax benefits. In order to ... read more

10-01-2018
Who is entitled to claim statutory maternity pay?

Who is entitled to claim statutory maternity pay?

Employees that are pregnant are eligible to take up to 26 weeks of maternity leave (known as ordinary maternity leave) plus an additional 26 weeks (known as additional maternity leave). This means ... read more

10-01-2018
The end of credit card payment surcharges?

The end of credit card payment surcharges?

From 13 January 2018, it will become illegal for any business to charge a fee in addition to the advertised price of a transaction to consumers (widely known as surcharging). For example, a travel ... read more

10-01-2018
Basic monthly tasks if you run your own payroll

Basic monthly tasks if you run your own payroll

One of the most time-consuming admin tasks associated with the running a small business can be dealing with the payroll. Generally speaking, you can: Run your own in-house payroll, or Hire your ... read more

10-01-2018
Can we claim for marketing, entertainment and subscription costs?

Can we claim for marketing, entertainment and subscription costs?

The self-employed are often concerned if an expense is allowable or not for tax purposes. In this article, we will briefly look at the rules for claiming marketing, entertainment and subscription ... read more

08-01-2018
Changes to approved English apprenticeships

Changes to approved English apprenticeships

The Apprenticeships (Miscellaneous Provisions) Regulations 2017, which only apply in relation to England, will come into force on 15 January 2018. The new Regulations: make it a requirement that ... read more

03-01-2018
Beware iTunes gift card scam

Beware iTunes gift card scam

HMRC is warning members of the public of a worrying iTunes gift card scam. The fraudsters are cold calling victims purporting to work for HMRC and warning them that they owe HMRC large amounts of tax ... read more

03-01-2018
Staircase tax to be reversed

Staircase tax to be reversed

The Government has announced that the business rates anomaly known as the ‘staircase tax’ is to be axed. The 'staircase tax' affects businesses that operate in adjoining units or rooms, but are ... read more

03-01-2018
Relief if you let and then sell your home

Relief if you let and then sell your home

One of the most often used and valuable of the capital gains tax (CGT) exemptions concerns the sale of the family home. As a general rule there is no CGT on a property which has been used as the main ... read more

03-01-2018
Fair payment practices for small businesses

Fair payment practices for small businesses

In October 2017, Paul Uppal (a former Conservative MP and entrepreneur) was appointed to the newly-established post of Small Business Commissioner (SBC) based in Birmingham. At the time, it was ... read more

03-01-2018
VAT when business transferred as a going concern

VAT when business transferred as a going concern

The transfer of a business as a going concern (TOGC) rules concern the possible VAT liability resulting from the sale of a business. Normally the sale of the assets of a VAT registered or VAT ... read more

03-01-2018
Pre-owned assets income tax charge

Pre-owned assets income tax charge

The pre-owned assets (POA) income tax charge was introduced in the Finance Act 2004 and the first year in which a POA charge could arise was back in 2005-6. The POA charge is effectively a tax on ... read more

02-01-2018
Tax Diary January/February 2018

Tax Diary January/February 2018

1 January 2018 - Due date for Corporation Tax due for the year ended 31 March 2017. 19 January 2018 - PAYE and NIC deductions due for month ended 5 January 2018. (If you pay your tax electronically ... read more

20-12-2017
Benefits of letting furnished holiday property

Benefits of letting furnished holiday property

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. The FHL rules currently apply to ... read more

20-12-2017
What are VAT special schemes?

What are VAT special schemes?

There are three main VAT schemes available to small businesses: The flat rate scheme The annual accounting scheme The cash accounting scheme The Flat Rate Scheme The purpose of this VAT scheme ... read more

20-12-2017
Longer or shorter company accounting periods

Longer or shorter company accounting periods

Companies often have to contend with having two different company accounting periods. This is because there are different rules for Companies House filings and submissions to HMRC, for corporation tax ... read more

20-12-2017
Simplified cash basis for unincorporated landlords

Simplified cash basis for unincorporated landlords

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April this year ... read more

20-12-2017
Salary sacrifice changes from April 2018

Salary sacrifice changes from April 2018

The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The new rules effectively remove the Income Tax and employer NIC ... read more

20-12-2017
Are you paying tax at 60%?

Are you paying tax at 60%?

For high earning taxpayers, their Income Tax personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This creates an effective marginal ... read more

20-12-2017
VAT rules for retailers using online marketplaces

Under new rules that came into force last year, HMRC has the power to force overseas retailers to appoint a UK-based VAT representative or to provide a financial guarantee. These rules currently apply ... read more

20-12-2017
Auto-enrolment earnings trigger again frozen at £10,000 for 2018/19

Auto-enrolment earnings trigger again frozen at £10,000 for 2018/19

Following its annual review of the pension automatic enrolment earnings trigger and qualifying earnings band, the government has decided that the earnings trigger will again remain at £10,000 for ... read more

20-12-2017
Changes to the basic disclosure process

Changes to the basic disclosure process

From January 2018, the Disclosure and Barring Service (DBS) is making some important changes to the basic disclosure process relating to criminal record checks. From next month, individuals who need ... read more

13-12-2017
Tax is changing in Wales next year

Tax is changing in Wales next year

From next April, Wales will join Scotland in becoming responsible for some of the taxes paid locally. This will begin with the introduction of the new Welsh land transaction tax (LTT) which will ... read more

13-12-2017
What is reasonable care from a tax point of view?

What is reasonable care from a tax point of view?

The tax penalty system is intended to make penalties simpler to understand and more consistent across many taxes. The penalties can range from 0% where reasonable care is taken, but nonetheless an ... read more

13-12-2017
Selling your business – 10% tax may apply to sale

Selling your business – 10% tax may apply to sale

Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where entrepreneurs' relief is available CGT of 10% is ... read more

13-12-2017
Coventry named UK City of Culture for 2021

Coventry named UK City of Culture for 2021

In a boost for the Midlands economy, Coventry has been named UK City of Culture 2021. The announcement was made by the Minister for Arts, Heritage and Tourism, John Glen after Coventry beat four other ... read more

13-12-2017
When you can’t claim employment allowance

When you can’t claim employment allowance

The employment allowance of £3,000 per year is available to most businesses and charities and can be used to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of ... read more

07-12-2017
Spring Statement 2018

Spring Statement 2018

The Chancellor, Philip Hammond has announced that he will deliver his Spring Statement to the House of Commons on Tuesday, 13 March 2018. This will be the first Spring Statement to take place ... read more

06-12-2017
Finance Bill 2017-18 is published

Finance Bill 2017-18 is published

The Finance Bill 2017-18 was published on 1 December 2017 and runs to relatively modest 192 pages. The Bill contains the legislation for many of the tax measures that have been announced by the ... read more

06-12-2017
What happens to the 5p for a plastic bag?

What happens to the 5p for a plastic bag?

HM Treasury has published an interesting response to a Freedom of Information enquiry that wanted to know what happens to the money raised from the sale of 5p plastic bags by retailers. HM Treasury ... read more

06-12-2017
Tax incentives to invest in qualifying assets

Tax incentives to invest in qualifying assets

The annual investment allowance (AIA) limit is a generous capital allowance that will more than cover the annual capital expenditure spend of many small and medium sized businesses. The AIA is a 100% ... read more

06-12-2017
Reminder of current tax relief for pension contributions

Reminder of current tax relief for pension contributions

Many commentators had predicted that the Chancellor would further reduce the annual amount that can be saved into a pension as part of the Budget measures. However, these fears appear to have been ... read more

06-12-2017
Why don’t we still pay Class 2 NIC monthly?

Why don’t we still pay Class 2 NIC monthly?

Class 2 national Insurance contributions (NICs) are paid by self-employed taxpayers and members of partnerships if their annual profits are over £6,025. Class 2 NICs are payable at a flat weekly rate ... read more

06-12-2017
Tax win for Spurs

Tax win for Spurs

HMRC’s appeal to the Upper Tribunal over termination payments made to two football players employed by Tottenham Hotspur has been rejected. The case related to the tax position of termination payments ... read more

04-12-2017
Fit for Work referral and assessment service to be abolished

Fit for Work referral and assessment service to be abolished

The government has confirmed that, as a result of “low referral rates”, its national Fit for Work referral and assessment service will come to an end in England and Wales on 31 March 2018 and on 31 ... read more

30-11-2017
Statutory pay to rise from April 2018

Statutory pay to rise from April 2018

In a written ministerial statement, the government has announced the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared ... read more

30-11-2017
Sexual harassment and pregnancy and maternity discrimination

Sexual harassment and pregnancy and maternity discrimination

Acas has published new guidance for employers and employees that outlines what kind of workplace behaviours could be considered sexual harassment and how to report and handle it. The guidance ... read more

29-11-2017
Company capital gains tax increase

Company capital gains tax increase

As part of the Budget measures, the Chancellor announced that the indexation allowance for companies that make capital gains is to be scrapped. The indexation allowance currently allows companies or ... read more

29-11-2017
First-time buyer bonanza

First-time buyer bonanza

The biggest prize from the recent Budget went to first-time home buyers after the Chancellor announced changes to the stamp duty land tax (SDLT) rules. With immediate effect from Budget day, SDLT has ... read more

29-11-2017
Low-emission vehicles plug-in grant

Low-emission vehicles plug-in grant

The low-emission vehicles plug-in grant can help you save up to £4,500 on the purchase price of a new electric or hybrid car. The scheme was first launched in 2011 and is available across the UK and ... read more

29-11-2017
Born before 6 April 1935?

Born before 6 April 1935?

The married couple's allowance (MCA) is available to elderly married couples or those in a civil partnership where at least one member of the couple were born before 6 April 1935. The allowance ... read more

29-11-2017
Paying National Insurance at State Pension Age?

Paying National Insurance at State Pension Age?

The State Pension age has been increasing since April 2010. The changes will see the State pension age gradually rise to 65 for women between 2010 and 2018, and then to 66, 67 and 68 for both men and ... read more

29-11-2017
Tax on property, money and shares you inherit

Tax on property, money and shares you inherit

As a general rule, someone who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased's estate ... read more

29-11-2017
Advisory fuel rates for company cars

Advisory fuel rates for company cars

The latest advisory fuel rates became effective on 1 December 2017. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December. You can use the ... read more