New cashback scheme proposed
The government has announced plans to allow customers to get cashback from shops without needing to make a purchase. At the moment, cashback is only available to those who buy goods. The new proposals ... read more
Closing a limited company
There are a number of reasons why you may decide to close your limited company. This could be because a limited company structure no longer suits your needs, your business is no longer active, or the ... read more
Brexit countdown importers
As we have reported previously, the UK government has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has ... read more
Brexit countdown exporters
The Brexit transition period is due to end on 31 December 2020 and this means that the process for exporting goods to the EU will change from 1 January 2021.
Current guidance published by HMRC states ... read more
Clock ticking on the Annual Investment Allowance
The Annual Investment Allowance (AIA) allows for a 100% tax deduction on qualifying expenditure on plant and machinery to be deducted from your profits before tax. The relief is normally capped at ... read more
Distributions in anticipation of striking off rules
The Extra Statutory Concession (ESC) - C16 was a well-used extra-statutory concession that allowed company directors to treat final distributions as a capital disposal and close down their business in ... read more
Starting rate of Income Tax for savings
In the current tax year, anyone with taxable income of less than £17,500 will have no tax to pay on their savings income - interest received. This figure is calculated by adding the £5,000 starting ... read more
When you can or can’t use the VAT Cash Accounting Scheme
Under standard VAT accounting, VAT is payable on sales whether or not the customer has paid and can lead to a claim for Bad Debt Relief. Under the Cash Accounting Scheme, VAT does not need to be paid ... read more
New financial support measures announced
The Chancellor, Rishi Sunak, has delivered his third major statement to the House of Commons in less than a month. This followed the Winter Economy Plan on 24 September and further announcements on 9 ... read more
Gaming behind the wheel?
Unbelievably, it has been illegal to make phone calls or text while driving a car, but not illegal to play games or take photos.
Clearly, this loophole is begging to be closed and new legislation ... read more
Last orders please…
From 1 January 2021, UK businesses that export, import or transport goods to and from the EU will need to comply with a number of new regulations.
Inevitably, some will fall short and these will ... read more
New Freeports to cope with Brexit
The government is moving ahead with plans to build free trade zones - known as Freeports - across Britain after Brexit. Freeports are a special kind of port where normal tax and customs rules do not ... read more
Students warned of tax scams
HMRC is warning new students starting university that they could be targeted by scammers trying to steal their money and personal details.
As new students start the academic year they can be ... read more
Applying for Green Homes Grants
Home owners and landlords in England can apply for a grant to make their home more energy efficient. The Green Homes Grant will cover at least two-thirds of the cost up to £5,000 per household. For ... read more
New three-tier COVID-19 alert levels
On 12 October, the Prime Minister announced the introduction of a new three-tier system of local COVID-19 alert levels across England. The new system sets the levels at medium, high and very high ... read more
Are your construction clients ready for reverse charge changes?
New VAT rules for building contractors and sub-contractors come into effect from 1 March 2021. The new rules will make the supply of construction services between construction or building businesses ... read more
Companies House warn of delays in postal submissions
Company filing deadlines were extended for companies with filing deadlines between 27 June 2020 and 5 April 2021.
Companies House is warning of delays in postal submissions and have said it is ... read more
Donating land, property or shares to a charity
There are special rules in place for taxpayers who gift land, property or certain shares to charity. This can include Income Tax and Capital Gains Tax (CGT) relief provided all the necessary ... read more
Time To Pay limits increased
One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help tax payers affected by COVID-19 to use the Time To Pay ... read more
Levelling up or levelling down?
Our government has introduced a three-tier system for determining the local state of COVID infection and how restrictions in each area of England are to be applied. The grades are instructive.
The ... read more
The don’ts of the new 3-tier system
The new 3-tier system for classifying local COVID alert status sets out what you should not do depending on the classification of your local area. At present they only apply to England. In summary ... read more
Job Support Scheme Expansion
On Friday 9 October, the Chancellor, Rishi Sunak announced an extension to the Job Support Scheme (JSS). The expanded scheme will include additional support for employees of businesses that are forced ... read more
31 October paper Self-Assessment filing deadline
The 2019-20 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2020. Due to the impact of coronavirus, taxpayers were able to delay making their second payment on ... read more
Any business that has overclaimed a Coronavirus Job Retention Scheme (CJRS) grant must pay back the overpayment to HMRC. The rules outlined below for paying HMRC back an overclaim also apply to ... read more
COVID related benefits for employees
The Income Tax treatment of coronavirus tests and the provision of Personal Protective Equipment (PPE) to employees during the coronavirus pandemic is covered under specific HMRC guidance.
The ... read more
Paying or refunding transport costs
To ease the financial burden on their employees, some employers may look at paying or refunding transport costs for their employees when they return to work. There are tax implications that should be ... read more
Claiming the Job Retention Bonus
New guidance has been published on claiming the Job Retention Bonus. The Job Retention Bonus provides for a £1,000 bonus payment to employers that bring back an employee that was furloughed under the ... read more
COVID review of salary sacrifice arrangements
The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The change effectively removed the Income Tax and employer NIC ... read more
Kickstart scheme who can apply
The new £2 billion Kickstart scheme will enable employers to offer young people on Universal Credit - and at risk of long-term unemployment - state-subsidised work placements for six months. The ... read more
SEISS – claims deadline 19 October 2020
The deadline for making a claim under the second round of the Self-Employment Income Support Scheme (SEISS) is 19 October 2020. The second grant covers the quarter to 31 August 2020. This grant will ... read more
New Patent Box statistics published
HMRC has published official statistics on the number of companies claiming tax relief under the UK Patent Box. The Patent Box allows qualifying companies to apply a lower 10% Corporation Tax rate on ... read more
Prepare businesses for new immigration system
The government has launched a nationwide marketing campaign to ensure businesses are ready for the introduction of the UK’s new points-based immigration system from 1 January 2021. The campaign will ... read more
Do you send goods to Northern Ireland?
As the EU withdrawal transition period draws to an end (completes 31 December 2020) UK businesses face yet more adjustments in addition to those presented by COVID disruption.
Businesses that trade ... read more
UK beef exporters given USA boost
The first shipments of UK beef departed for the USA last week. 30th September 2020, marking an historic moment for UK farmers and food producers.
Following the USA’s longstanding ban on EU beef - ... read more
100 towns to share £80m
The Communities Secretary, Robert Jenrick, has announced that over 100 towns in England will each be given up to £1 million to kick start regeneration projects and give areas a boost.
The funding to ... read more
Employee eligibility for Job Support Scheme
The new Job Support Scheme will be introduced on 1 November 2020 as part of the government drive to help protect jobs where businesses are facing lower demand over the winter months due to ... read more
Employer eligibility for Job Support Scheme
Employers across the country have generally welcomed the announcement of the new Job Support Scheme that will be launched for 6-months from 1 November 2020.
The new Job Support Scheme has been ... read more
PAYE settlement agreement payment reminder
A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and National Insurance due on small or irregular taxable expenses or benefits for your ... read more
Extended deadline for VAT payments
The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to defer their VAT payments ... read more
Film & TV Production re-start rules
At the end of July, the government announced the introduction of a new £500 million scheme to kickstart film and television production. The Film and TV Production Restart Scheme has now been launched ... read more
The rules for MTD for Income Tax
Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The regime will require businesses and individuals to register, file, pay and ... read more
Acas, CBI and TUC on handling redundancies
Acas, the CBI and the TUC have issued a joint statement to employers on best practice for handling redundancy situations caused by the coronavirus pandemic. The statement recognises that employers may ... read more
Which way to go?
If your business has managed to negotiate the pandemic thus far without shedding staff you have probably made good use of the furlough scheme.
Unfortunately, in recent months the Government’s ... read more
New coronavirus-related measures impacting on the employment relationship
The government’s latest advice, as confirmed in the COVID-19 Secure guidelines for different types of workplaces, is that office workers who can work effectively from home should do so over the ... read more
Excuse v apology
We have all been in situations where we have received bad service.
For example, you place an order in a busy restaurant and notice that folks who had arrived after you were receiving their order ... read more
The new Winter Economy Plan - Summary of Measures
The Chancellor, Rishi Sunak, has today delivered a statement to the House of Commons outlining plans to help protect jobs across the UK whilst the country faces a resurgence of coronavirus and a ... read more
Venues required to record contact details
It has become a requirement for premises and venues across England to have a system in place to record contact details of their customers, visitors and staff. This move is intended to help trace ... read more
Changes to duty free shopping
The government has published the new rules for duty free and tax free shopping that will come into effect from 1 January 2021. The changes are wide ranging.
For anyone who smokes or drinks there will ... read more
Claiming tax relief for work related expenses
Employees who need to buy equipment to use as part of their employment may be able to claim tax relief based on the cost of the equipment acquired. In most cases you can claim tax relief on the full ... read more
Removing your home address from the public register
Company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official ... read more