CJRS guidance on who can be furloughed
HMRC’s guidance on which employees can be placed on furlough using the Coronavirus Job Retention Scheme has been updated. The scheme will continue until at least 30 April 2021.
The updated guidance ... read more
VAT Reverse charge for construction sector
A further reminder that new VAT rules for building contractors and sub-contractors will come into effect from 1 March 2021. The new rules were originally expected to commence from 1 October 2019, but ... read more
Have you paid your Data Protection Fee?
The Information Commissioner's Office (ICO) is the independent regulatory office in charge of upholding information rights in the interest of the public. Under the Data Protection Act 2018, all ... read more
Tax and duties for goods sent from abroad
Following the end of the Brexit transition period new rules regarding tax and duty apply to goods sent to the UK from the EU. These changes are to ensure that goods from EU and non-EU countries are ... read more
New IPO search facility
The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, trademarks and copyright.
The IPO has launched ... read more
IHT Main Residence Nil Rate Band
The Inheritance Tax residence nil-rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such ... read more
Tax on an inherited private pension
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 an inherited private pension. The person who died will usually have ... read more
Rogue employers named and shamed for failing to pay minimum wage
139 employers, including some of the UK’s biggest household names, have been named and shamed in a government press release for failing to pay £6.7 million to over 95,000 workers in breach of the ... read more
Testing for international arrivals
Passengers arriving from all international destinations will be required to present a negative COVID-19 test result before departing for England to help protect against new strains of coronavirus ... read more
Apply for the new Global Health Insurance Card
UK residents can now apply for the new UK Global Health Insurance Card (GHIC).
Under Britain’s new agreement with the EU, UK residents’ rights to emergency and medically necessary healthcare will ... read more
Did you file your tax return on Christmas Day?
A new press release by HMRC has highlighted that 2,700 taxpayers took the time to file their tax return online on Christmas Day with a further 8,500 taxpayers completing their tax returns on Boxing ... read more
Looking for a customs agent?
The Brexit transition period has come to an end and a new customs border has been created between the UK and EU. If you are moving goods to or from the UK then you need to ensure that you have all the ... read more
Tax returns filing deadline at the end of this month
The 31 January 2021 tax return filing deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for payment of tax due to HMRC. This includes the ... read more
Time to pay arrangements
One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help those affected by COVID-19 using the existing Time to Pay service. ... read more
No VAT on women’s sanitary products
The UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the transition period the UK is no longer bound by the EU VAT ... read more
Repaying furlough grants if overclaimed
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 applies to ... read more
Income Tax charge to recover CJRS overclaims
Employers should notify HMRC if they have received a CJRS payment to which they are not entitled and pay back any amounts of CJRS grants claimed in error. By paying back any amounts they were not ... read more
Lock-down 3 – business considerations
It’s official. We are in lock-down 3 in England, Scotland following suit and the other regions expected to enforce similar restrictions.
It is evident that any freeing impact of the vaccine roll-outs ... read more
Time to revisit solvency
If you have managed to retain profits in your business this fat-on-the-bone will help to see you through loss making periods as we endeavour to emerge from COVID disruption, hopefully, later this ... read more
£4.6 billion lockdown grants announced
Following a rapid rise in COVID infections, from today 5th January 2021, England has been placed into a new lockdown. Following this the Chancellor has announced £4.6 billion of new lockdown grants to ... read more
Help to Save bonuses
The Help to Save scheme was launched by the government in September 2018 to help those on low incomes to boost their savings. Under the scheme, those eligible could save between £1 and £50 every ... read more
Child Trust Fund court fees waived
Children born after 31 August 2002 and before 3 January 2011 were entitled to a Child Trust Fund (CTF) account provided they met the necessary conditions. These funds were long term saving accounts ... read more
Internal Market Bill becomes law
The UK Internal Market Act 2020 received Royal Assent on 17 December 2020 and came into force on 1 January 2021 following the end of the Brexit transition period. The new Act ensures that businesses ... read more
Outcome of EU trade negotiations
... read more
R&D tax relief for SMEs
There are two schemes for claiming R&D tax relief - the Small or Medium-sized Enterprise (SME) Scheme and the R&D Expenditure Credit (RDEC) Scheme for large companies.
The SME scheme offers ... read more
True to predictions, Boris Johnson and his team achieved a trade deal with the EU to operate from 1 January 2021, and although there are generally no tariffs to pay on the movement of goods back and ... read more
Happy New Year
There really hasn’t been much to feel merry about during the recent holiday period.
Lock-down and the need to socially distance has kept many of us under virtual house arrest.
Thankfully, the recent ... read more
New regulations to exempt payments made to employees for coronavirus antigen tests from NICs
The Social Security Contributions (Disregarded Payments) (Coronavirus) (No. 2) Regulations 2020 will come into force on 25 January 2021 to provide that payments made by employers to employees to cover ... read more
Tax Diary January/February 2021
1 January 2021 - Due date for Corporation Tax due for the year ended 31 March 2020.
19 January 2021 - PAYE and NIC deductions due for month ended 5 January 2021. (If you pay your tax electronically ... read more
Too good to be true?
Right now, any reference to a return to 2019 trading conditions seems to echo the title of this short article, too good to be true.
Common sense tells us that we are unlikely to emerge largely, ... read more
Independence is a cultivated concern. We all want to be self-sufficient.
In a business environment this might manifest as having a separate Wi-Fi source even though it may be possible to share Wi-Fi ... read more
Furlough extended to end April 2021
During an announcement to Parliament today, 17 December 2020, the Chancellor confirmed the following:
An extension of the furlough scheme until the end of April 2021,
The date for Budget 2021 has ... read more
SMP, SAP, SSP, ShPP, SPBP and SSP to rise from April 2021
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
Accounting for import VAT on your VAT return
From 1 January 2021, businesses will be able to account for import VAT on imports into Great Britain (England, Scotland and Wales) from EU and non-EU countries. Businesses in Northern Ireland will be ... read more
Are you ready to make customs declarations?
HMRC has written to VAT registered businesses across the country to remind them to be prepared for new trading rules with the EU from 1 January 2021 after the Brexit transition period comes to an end. ... read more
Tax-free gifts for Christmas
After a very difficult 2020, the traditional Christmas break is almost with us. If you are an employer and looking to give your employees a small token of appreciation for Christmas, then your best ... read more
Consultations to crack down on fraud announced
The government has unveiled three new consultations to help combat fraud by reforming the UK’s register of company information. This follows an announcement earlier this year that Companies House will ... read more
Export finance for smaller businesses
UK Export Finance (UKEF) is the export credit agency and a ministerial department of the UK government. The UKEF helps UK companies by providing insurance to exporters and guarantees to banks to ... read more
What is Tangible Moveable Property?
A chattel is a legal term that defines an article which is a tangible moveable property. A tangible object is one that you can touch. The asset has to be a physical asset such as household furniture, ... read more
UK VAT claims by non-EU businesses
There are special rules for businesses established outside the EU submitting a claim for VAT incurred on goods or services bought in the UK. The exact rules of what VAT is refundable can be complex. ... read more
Deadlines for paying deferred VAT
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
Do you owe CGT on the sale of a residential property?
HMRC has issued a press release to remind taxpayers that have sold a residential property, which was not their main home, during the 2019-20 tax year that the payment date for any Capital Gains Tax ... read more
VAT on delivery charges
The process for working out the VAT treatment of delivery charges can be quite complex.
We have listed below some of the main issues to bear in mind when deciding whether or not VAT needs to be ... read more
Could the Trader Support Service help your business?
The new Trader Support Service has been designed to help businesses moving goods under the Northern Ireland Protocol from 1 January 2021, after the Brexit transition period comes to an end. There will ... read more
New Christmas grant for pubs
The Prime Minister, Boris Johnson, has announced an additional one-off £1,000 Christmas grant for wet-led pubs in tiers 2 and 3 who will miss out on much needed business during the busy Christmas ... read more
HMRC crackdown on avoidance schemes
HMRC and the Advertising Standards Authority (ASA) have come together to jointly target misleading marketing by promoters of tax avoidance schemes. HMRC and the ASA can jointly issue an Enforcement ... read more
Correcting errors on VAT returns
Where an error on a past VAT return is uncovered, businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. ... read more
SDLT change for mixed use buildings
HMRC’s published guidance on the application of the 3% higher rate of Stamp Duty Land Tax (SDLT) has been updated. The higher rates of SDLT were introduced on 1 April 2016 and apply to purchases of ... read more
Employing domestic staff
When you employ someone to work in your home it is your responsibility to meet the employee's rights and deduct the correct amount of tax from their salary. This can include employees such as a nanny, ... read more
Double entry demystified
Most business owners will know the difference between a profit statement and a balance sheet.
Both are created from a process known as double-entry bookkeeping.
If asked to consider two aspects of a ... read more