Want to pay-off your student loan in full?
Student Loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, ... read more
Tax on a private pension you inherit
Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have ... read more
CGT and chattels
A charge to Capital Gains Tax (CGT) usually arises after an asset is sold. However, there are special rules concerning the sale of certain personal assets that are worth considering. That is because ... read more
Entrepreneurs’ relief minimum period increased from April 2019
Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax ... read more
The scope of CGT incorporation relief
Where a taxpayer owns a business as a sole trader or in partnership, a Capital Gain will be deemed to arise if the business is converted into a company by reference to the market value of the business ... read more
Employee Car Ownership Scheme (ECOS)
An Employee Car Ownership Scheme (ECOS) is a set of arrangements whereby employees acquire cars from a specified, often single source and within a specified financing framework. The use of an ECOS can ... read more
HMRC phishing emails warning
HMRC continues to warn of the ever-present problem of fraudulent phishing emails. The emails typically look to obtain taxpayers personal and or financial information such as passwords, credit card or ... read more
Using the Help to Save scheme
The Help to Save scheme for people on low incomes was launched in September 2018. The scheme allows those in work entitled to Working Tax Credit and in receipt of Working Tax Credits or Child Tax ... read more
Be Data Aware campaign
The Information Commissioner's Office (ICO) has launched a new "Be Data Aware" campaign to help people understand how organisations might be using their personal data to target them ... read more
Landlords, time to consider your options?
Two changes to the way Private Residence Relief works are due to come into effect from April 2020. These changes could reduce the amount of CGT relief available on the sale of a private residence. The ... read more
Submitting P11Ds is just the start of your obligations
We would like to remind employers that the deadline for submitting the 2018-19 forms P11D, P11D(b) and P9D is 6 July 2019. P11D forms are used to provide information to HMRC on all Benefits in Kind ... read more
Last call, are you ready for revised digital filing of your VAT returns?
Most VAT registered businesses with a turnover above the VAT threshold need to be ready to keep digital records for VAT purposes, and to file their VAT returns, as required by the new Making Tax ... read more
Chargeable benefits from cheap loans
An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial ... read more
How to treat post-cessation items if property business ceases
There are special rules for the taxation of post-cessation receipts after a trade has ceased. The legislation clearly states that the person who receives or is entitled to the post-cessation receipt ... read more
What is a Close Company?
A Close Company is broadly defined as a company that is controlled by:
five or fewer participators or
any number of participators who are also directors or
where more than half the assets would ... read more
Child benefit payments
The weekly rates of child benefit for the only or eldest child in a family is currently £20.70 and the weekly rate for all other children is £13.70. These rates have remained unchanged for ... read more
NICs and termination payments
The National Insurance Contributions (NICs) Bill was introduced into Parliament on 25 April 2019. The Bill will see the introduction of a new 13.8% Employer Class 1A NIC charge on termination payments ... read more
What is business relief for Inheritance Tax purposes?
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. Currently, no tax is payable when a ... read more
Will your gift aid donations create a tax bill?
The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and provided all the qualifying conditions are ... read more
Beware Limited Cost Test if you use the VAT Flat Rate Scheme
The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in so doing, reduce the administration costs of complying with the VAT legislation. The scheme is ... read more
Renewing your tax credit claim
Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2019. Claimants who do not renew on-time may have their payments stopped.
HMRC has ... read more
Dealing with builders retentions
It is common practise in the building industry for a final percentage of an amount due to a builder to be withheld as a retention. This payment allows the customer to retain part of the total payment ... read more
Treatment of capital expenditure if using the cash basis
The cash basis scheme helps many sole traders and other unincorporated businesses to manage their financial affairs. The scheme is not open to limited companies and limited liability partnerships. ... read more
Search launched for new Bank of England governor
The current Governor of the Bank of England, Mark Carney, will step down from his role on 31 January 2020. Mr Carney had been due to step down earlier but agreed to stay in his role to help support a ... read more
Minimum wage underpayment is on the rise
A new report from the Low Pay Commission (LPC) has found that the number of workers paid less than the statutory minimum wage in the UK increased in 2018. In April 2018, 439,000 workers were paid less ... read more
Tax Diary May/June 2019
1 May 2019 - Due date for Corporation Tax due for the year ended 30 July 2018.
19 May 2019 - PAYE and NIC deductions due for month ended 5 May 2019. (If you pay your tax electronically the due date ... read more
Debt Relief Orders
It is over 10 years since Debt Relief Orders (DROs) were first introduced in April 2009. We have fleshed out the details of who can claim and some of the restrictions that apply.
What is a DRO?
A ... read more
Maternity pay explained
How much maternity leave can you take?
If you work as an employee and become pregnant you are eligible to take up to 52 weeks of statutory maternity leave. This is made up of 26 weeks of ordinary ... read more
How to register as self-employed
Are you self-employed?
HMRC’s guidance says that you are probably self-employed if you:
run your business for yourself and take responsibility for its success or failure;
have several ... read more
Dealing with property income losses
Where a property business makes a loss, the loss can usually be carried forward and set against future rental business profits.
HMRC’s guidance is clear that any losses made in one rental ... read more
VAT and transfer of business as a going concern
The transfer of a business as a going concern (TOGC) rules concern 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
Corporation Tax for non-resident companies
Non-resident companies with a trading business in the UK are liable to pay UK Corporation Tax on their profits made through a permanent establishment/branch or agency.
If the non-resident company is ... read more
VAT registration thresholds
HMRC’s VAT Notice 700/1: should I be registered for VAT? has recently been updated. The update reflects the fact that the taxable turnover threshold, that determines whether businesses should be ... read more
Making an EU VAT refund claim
The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The exact rules of what VAT is refundable depends on the ... read more
Tenth anniversary of first Debt Relief Order
Debt Relief Orders (DROs) were first introduced in April 2009. The DROs assist people who have small levels of assets and insufficient surplus income to deal with debts under £20,000. In a news ... read more
Estate Agents targeted
HMRC has launched an unannounced crackdown on money laundering regulation non-compliance by estate agents. This clampdown resulted in over 50 visits by HMRC staff to estate agents across England that ... read more
Job related expenses you can claim against your tax
If you are an employee and use your own money to buy things that you need for your job, you may be able to claim tax relief for the associated costs. It is usually only possible to claim tax relief ... read more
Welsh Income Tax takes effect
The start of the 2019-20 tax year marked a fundamental change to the way Income Tax is calculated for people who live in Wales. The new Welsh rates of Income Tax (WRIT) are payable on the non-savings ... read more
Let Property Disclosure Campaign
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any ... read more
Outline of special rules for use of vouchers and credit tokens
HMRC’s Employment Income Manual is clear that there are special rules when an employee receives goods or services by reason of their employment, that the employee does not pay for in full. The ... read more
What is domicile?
Domicile is a general legal concept which in basic terms is taken to mean the country where you permanently belong. However, determining domicile status can be complex. In fact, HMRC guidance states ... read more
The VAT concept of business
The VAT system is policed by HMRC and there can be heavy penalties for breaches of the legislation.
There are four conditions that must be satisfied in order for an activity to be within the scope of ... read more
New guidance on the impact of Brexit on workplaces
Acas has published new general guidance to assist employers and employees in understanding the impact that Brexit may have in their workplace and it gives advice regarding the steps they may want to ... read more
Right to work checks for EU nationals after Brexit
The government has published new guidance which confirms that, once the UK leaves the EU and whether this is with a deal or not, there will be no change to the way EU, EEA and Swiss citizens prove ... read more
Capital expenditure for property businesses
There are different rules which apply to different types of capital expenditure for a property business. One of the main areas to consider in deciding whether a repair is a deductible expense is ... read more
Corporation Tax loss relief for losses carried forward
Corporation Tax relief may be available where your company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or ... read more
The meaning of trade for tax purposes
Interestingly, there is no statutory definition of ‘trade’. The only statutory reference to the term states that ‘trade’ includes a ‘venture in the nature of trade’. This absence of statutory clarity ... read more
VAT Fuel Scale Charges
The new VAT road fuel scale charges have been published. The changes amend the VAT scale charges for taxing private use of road fuel to reflect changes in fuel prices.
The new fuel scale charges must ... read more
Dormant assets scheme expanded
Under the current scheme, banks and building societies transfer the money held in dormant accounts to a central reclaim fund. The reclaim fund is responsible for managing dormant account money, ... read more
Latest advice from government if we leave the EU
Although the EU have now extended the deadline to agree the withdrawal agreement - to 31 October 2019 - there is still a chance we will exit with a no-deal outcome.
In a pamphlet recently published ... read more