NEWSLETTER ARTICLES

 

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20-01-2022
Leaving gifts to charity in your Will

Leaving gifts to charity in your Will

The government introduced new rules to encourage charitable giving on death in 2012. The rule which has remained unchanged ever since means that a reduced rate of Inheritance Tax (IHT) of 36% (reduced ... read more

20-01-2022
Tax relief for working from home

Tax relief for working from home

If you are an employee working from home, you may be able to claim tax relief for some of the bills you pay that are related to your work. Employers can reimburse employees for the additional ... read more

20-01-2022
Replacement of domestic items in let property

Replacement of domestic items in let property

The replacement of domestic items relief has been in place since April 2016. The relief allows landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and ... read more

20-01-2022
Global minimum Corporation Tax of 15%

Global minimum Corporation Tax of 15%

A new consultation has been published by the UK government seeking views for how a worldwide 15% minimum Corporation Tax should be enforced domestically. This follows more than 130 countries signing ... read more

20-01-2022
HMRC “sweetheart” deals

HMRC “sweetheart” deals

HMRC has issued an interesting press release stating that ‘Fact: HMRC does not do ‘sweetheart deals’. HMRC makes sure every taxpayer, no matter what their size, pays everything they owe.’ This denial ... read more

20-01-2022
Company reconstructions – liabilities restriction

Company reconstructions – liabilities restriction

The rules for the Corporation Tax treatment of carried forward losses changed from 1 April 2017. The changes increased flexibility to set off carried forward losses against total profits of the same ... read more

13-01-2022
HMRC agree delay in tax return deadline

HMRC agree delay in tax return deadline

HMRC has announced that late filing penalties will be waived for taxpayers that file their 2020-21 Self-Assessment returns by 28 February 2022. The due date of 31 January 2022 remains and HMRC is ... read more

13-01-2022
Delay in implementing late payment penalties

Delay in implementing late payment penalties

In tandem with the announcement that no late filing penalties will be issued for 2020-21 Self-Assessment returns submitted by 28 February 2022, HMRC has also confirmed a delay in implementing late ... read more

13-01-2022
Are you registered for Making Tax Digital for VAT?

Are you registered for Making Tax Digital for VAT?

Making Tax Digital (MTD) for VAT is to be extended to cover businesses with a turnover below the VAT threshold from April 2022. The MTD for VAT regime started in April 2019 when businesses with a ... read more

13-01-2022
HMRC fraud squad net £1bn from criminals

HMRC fraud squad net £1bn from criminals

HMRC’s Fraud Investigation Service (FIS) was launched in April 2016. The FIS is responsible for HMRC’s civil and criminal investigations into the most serious fraud and wrongdoing. It has been ... read more

13-01-2022
Omicron funding delivered to local authorities

Omicron funding delivered to local authorities

Just before the Christmas break, the Chancellor announced a new support package for some businesses most affected by the Omicron variant. The biggest single measure was the re-introduction of one-off ... read more

13-01-2022
Customs controls from 1 January 2022

Customs controls from 1 January 2022

There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 December 2020, the process for importing goods from the EU effectively mirrors the ... read more

06-01-2022
Beware online sales scams

Beware online sales scams

A new government press release has been issued reminding the public that online sales scams continue to be a major issue. In fact, 2021 saw a record number of cyber-attacks and online scams. Action ... read more

06-01-2022
Self-certified sick notes

Self-certified sick notes

The statutory sick pay rules were temporarily amended on 17 December 2021. The amendment allows employees to self-certify for a period of 28 days, in place of the normal 7 days. This measure has been ... read more

06-01-2022
Will you need to pay-back Child Benefits?

Will you need to pay-back Child Benefits?

The High Income Child Benefit charge applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving ... read more

06-01-2022
New powers for Insolvency Service

New powers for Insolvency Service

The Insolvency Service is a government agency that provides services to those affected by financial distress or failure. The Insolvency Service operates as an executive agency of the Department of ... read more

06-01-2022
Points to consider when valuing goodwill

Points to consider when valuing goodwill

Valuing goodwill is a complex process and there are many different methods which can be used and that vary from industry to industry. Goodwill is a way of placing a monetary value on the business's ... read more

06-01-2022
Reminder of Statutory Sick Pay pay-back scheme

Reminder of Statutory Sick Pay pay-back scheme

The Coronavirus Statutory Sick Pay Rebate Scheme for small and medium-sized businesses and employers, enables them to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The ... read more

23-12-2021
Plug-in grants for electric vehicles

Plug-in grants for electric vehicles

The government has announced significant changes to the low-emission vehicles plug-in grant scheme. The changes became effective on 15 December 2021. The changes have been introduced in response to ... read more

23-12-2021
Pay your tax bill by instalments

Pay your tax bill by instalments

Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. An ... read more

23-12-2021
BOE advises government on inflation hike to 5.1%

BOE advises government on inflation hike to 5.1%

The current Governor of the Bank of England, Andrew Bailey, has written to the Chancellor of the Exchequer, Rishi Sunak. The letter was dated 16 December 2021 and has been uploaded to GOV.UK. The ... read more

23-12-2021
A reminder – HMRC’s badges of trade

A reminder – HMRC’s badges of trade

The 'badges of trade' tests whilst not conclusive are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making by-product of a ... read more

23-12-2021
Further changes to customs issues from 1 July 2022

Further changes to customs issues from 1 July 2022

There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 December 2020, the process for importing goods from the EU effectively mirrors the ... read more

23-12-2021
New £1bn support package announced

New £1bn support package announced

The Chancellor, Rishi Sunak announced a new £1bn support package for businesses most impacted by the highly transmissible Omicron variant that is sweeping across the UK. The biggest single measure is ... read more

16-12-2021
Changes to customs declarations 1 January 2022

Changes to customs declarations 1 January 2022

There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 December 2020, the process for importing goods from the EU effectively mirrors the ... read more

16-12-2021
Postponed VAT accounting

Postponed VAT accounting

Since 1 January 2021, businesses registered for VAT have been able to account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most businesses, this means that ... read more

16-12-2021
Rent-a-room relief

Rent-a-room relief

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the ... read more

16-12-2021
The judgement in HMRC v Tooth

The judgement in HMRC v Tooth

A recent Supreme Court decision examined in some detail HMRC’s powers in relation to issuing a discovery assessment. HMRC generally use discovery assessments where the statutory time limit for looking ... read more

16-12-2021
Gifts to spouse or charity

Gifts to spouse or charity

In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes ... read more

16-12-2021
BADR associated disposals

BADR associated disposals

Business Asset Rollover Relief (BADR) is the renamed Entrepreneurs’ Relief. The name change does not affect the operation of the relief. BADR applies to the sale of a business, shares in a trading ... read more

16-12-2021
Tax Diary January/February 2022

Tax Diary January/February 2022

1 January 2022 - Due date for Corporation Tax due for the year ended 31 March 2021. 19 January 2022 - PAYE and NIC deductions due for month ended 5 January 2022. (If you pay your tax electronically ... read more

09-12-2021
Claiming tax relief for working from home

Claiming tax relief for working from home

Employees working from home may be able to claim tax relief for certain home-related bills they pay that are related to your work. Employers may reimburse employees for the additional household ... read more

09-12-2021
Plug-in grants for electric vehicles

Plug-in grants for electric vehicles

The low-emission vehicles plug-in grant can help you save up to £2,500 on the purchase price of new low-emission vehicles. The scheme was first launched in 2011 and is available across the UK with ... read more

09-12-2021
60 days is better than 30 days

60 days is better than 30 days

The deadline for paying any Capital Gains Tax (CGT) due on the sale of a residential property is now 60 days. The previous 30-day limit was replaced as part of the Autumn Budget measures in October ... read more

09-12-2021
Government agrees OTS recommendations

Government agrees OTS recommendations

The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor of the Exchequer on simplifying the UK tax system. The Financial Secretary to the Treasury has ... read more

09-12-2021
Steps to modernise UK tax system

Steps to modernise UK tax system

At the Autumn Budget 2021, it was announced that there would be a dedicated day this Autumn where the government would set out further plans to continue building a modern, simple and effective tax ... read more

09-12-2021
VAT group registration

VAT group registration

There are special VAT rules that allow two or more corporate bodies to be treated as a single taxable person for VAT purposes. This is known as a VAT group. Eligible persons are bodies corporate, ... read more

02-12-2021
Who needs to register for Self-Assessment

Who needs to register for Self-Assessment

There are a number of reasons why you might need to complete a Self-Assessment return. This includes if you are self-employed, a company director, have an annual income over £100,000 and / or have ... read more

02-12-2021
Carry-back charitable donations

Carry-back charitable donations

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take your donation and, providing all the qualifying conditions are met, ... read more

02-12-2021
Can you claim the Marriage Allowance?

Can you claim the Marriage Allowance?

The marriage allowance came into force in 2015 and applies to married couples and those in a civil partnership where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above the basic rate ... read more

02-12-2021
VAT – driving schools who supplies services?

VAT – driving schools who supplies services?

The VAT liability of the supply of driving lessons is an interesting issue that can be of relevance to other supply scenarios such as hairdressers and other workers in the beauty industry. In HMRC’s ... read more

02-12-2021
TOGC overview

TOGC overview

The transfer of a business as a going concern (TOGC) rules cover the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be ... read more

02-12-2021
Income excluded from a property business

Income excluded from a property business

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in ... read more

02-12-2021
SMP, SAP, SPP, ShPP, SPBP and SSP to rise from April 2022

SMP, SAP, SPP, ShPP, SPBP and SSP to rise from April 2022

According to proposals set out in a government policy paper, the revised rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental ... read more

25-11-2021
New warnings from HMRC re tax fraudsters

New warnings from HMRC re tax fraudsters

Fraudsters are continuing to target taxpayers with scam emails in advance of the 31 January 2022 deadline for submission of Self-Assessment returns. In fact, over the last year, HMRC received nearly ... read more

25-11-2021
Teesside Freeport open for business

Teesside Freeport open for business

The first of the English Freeports, Teesside, opened operations on 19 November 2021, and is expected to be followed shortly by Thames and Humber. The Teesside Freeport will be at the forefront of ... read more

25-11-2021
What is a tax calculation?

What is a tax calculation?

A tax calculation is created by HMRC if you have not paid the right amount of tax. HMRC’s annual reconciliation of PAYE for the tax year 2020-21 is now almost complete. HMRC use salary and pension ... read more

25-11-2021
Structures and Buildings Allowance qualifying expenditure

Structures and Buildings Allowance qualifying expenditure

The Structures and Buildings Allowances (SBA) facilitates tax relief for qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of ... read more

25-11-2021
CGT Roll-over Relief

CGT Roll-over Relief

Business Asset Roll-over Relief is a valuable relief that allows the deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the ... read more

25-11-2021
IHT and domicile

IHT and domicile

Domicile is a general legal concept which in basic terms is taken to mean the country where you permanently belong but actually determining domicile status can be complex. HMRC guidance states that ... read more