NEWSLETTER ARTICLES

 

Keyword(s):

28-10-2021
Tax Diary November/December 2021

Tax Diary November/December 2021

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

28-10-2021
Autumn Budget 2021 - Recovery Loan Scheme

Autumn Budget 2021 - Recovery Loan Scheme

The Recovery Loan Scheme was launched on 6 April 2021. The scheme currently allows businesses of any size to access loans and other kinds of finance between £1,000 and £10 million. The scheme was ... read more

28-10-2021
Autumn Budget 2021 – Minimum Wage increases

Autumn Budget 2021 – Minimum Wage increases

The Chancellor of the Exchequer, Rishi Sunak confirmed that the government has accepted in full the proposals of the Low Pay Commission for increasing minimum wage rates from 1 April 2022. This puts ... read more

28-10-2021
Autumn Budget 2021 - £1 million Annual Investment Allowance

Autumn Budget 2021 - £1 million Annual Investment Allowance

In the Spring Budget earlier this year, the government announced that the temporary Annual Investment Allowance (AIA) cap of £1 million would be extended until 31 December 2021. The Chancellor, ... read more

28-10-2021
Autumn Budget 2021 – Dividend tax rates

Autumn Budget 2021 – Dividend tax rates

As announced on 7 September 2021, the 1.25% increase in NIC contributions from April 2022 will be mirrored by a similar increase in the tax charge on dividends. From April 2022, the dividend tax ... read more

28-10-2021
Autumn Budget 2021 - Creative industry tax reliefs

Autumn Budget 2021 - Creative industry tax reliefs

The sunset clause for the Museum and Galleries Exhibition Tax Relief (MGETR) was supposed to come into force on 31 March 2022. As part of the Autumn Budget measures, the Chancellor announced that the ... read more

28-10-2021
Autumn Budget 2021 - Alcohol and Tobacco Duty

Autumn Budget 2021 - Alcohol and Tobacco Duty

As part of the Budget measures the Chancellor announced, to a big cheer, that the planned duty rates on beers, spirits, wines and ciders expected to come into effect from midnight on Budget Day will ... read more

27-10-2021
Autumn Budget Summary 27 October 2021

Autumn Budget Summary 27 October 2021

As with the Spring Budget 2021, much of the detail for the Autumn Budget had been leaked to the press prior to the official report to parliament, 27th October 2021. But we now have all the details ... read more

21-10-2021
Self-Assessment filing deadlines

Self-Assessment filing deadlines

The 2020-21 tax return deadline for submitting your paper Self-Assessment returns was 31 October 2021. The tax deadline for submitting online returns is 31 January 2022. Late submission of a ... read more

21-10-2021
Claiming tariff quotas to reduce import duties

Claiming tariff quotas to reduce import duties

Tariff quotas are a special mechanism for importing limited supplies of specific goods at a lower rate of customs duty than would normally apply. The quotas usually apply to imports from specific ... read more

21-10-2021
Transport restrictions eased

Transport restrictions eased

The government has announced plans to introduce a temporary extension to road haulage cabotage rules to alleviate pressures with the supply chain due to lorry driver shortages and other global supply ... read more

21-10-2021
VAT Margin Scheme bad debt relief

VAT Margin Scheme bad debt relief

The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer and no payment has ... read more

21-10-2021
Haulage company charged with loan fraud

Haulage company charged with loan fraud

An interesting case has seen a haulage company based in the West Midlands have their operator licence revoked. This followed a public inquiry into the company by the traffic commissioner for the West ... read more

21-10-2021
Payments received after company is dissolved

Payments received after company is dissolved

Any assets or rights (but not liabilities) remaining in a company at the date of dissolution will pass to the Crown as ownerless property. This happens under what is known as 'bona vacantia' which ... read more

14-10-2021
Have you claimed your Child Trust Fund cash?

Have you claimed your Child Trust Fund cash?

Young persons who turned 18 on or after 1 September 2020 may have cash waiting in a dormant Child Trust Fund (CTF) account. This could be as much as or more than £1,000. The actual amount on deposit ... read more

14-10-2021
Letting agencies and the Money Laundering Regulations

Letting agencies and the Money Laundering Regulations

HMRC is responsible for the money laundering supervision of certain businesses including letting agencies. Businesses that HMRC is responsible for supervising should be aware of the requirement to ... read more

14-10-2021
Don’t miss out on this tax allowance

Don’t miss out on this tax allowance

If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,220 from HMRC. The marriage allowance is available to qualifying married couples ... read more

14-10-2021
What goods are eligible for the margin scheme?

What goods are eligible for the margin scheme?

There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to account for VAT on their profit margin i.e., on the difference between the cost of acquiring an item ... read more

14-10-2021
Valuing property for ATED

Valuing property for ATED

The Annual Tax on Enveloped Dwellings (ATED) is a tax payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect certain ... read more

14-10-2021
Getting prepared to use Freeport customs sites

Getting prepared to use Freeport customs sites

In the Spring Budget earlier this year, the chancellor announced that eight Freeport locations would be created in England. The Freeports will be in the East Midlands Airport, Felixstowe and Harwich, ... read more

07-10-2021
£500m support for vulnerable households

£500m support for vulnerable households

The government has launched a new £500 million package of support for vulnerable households. The new Household Support Fund will be used to help those most in need with essentials over the coming ... read more

07-10-2021
Hospitality trades temporary reduction in VAT has expired

Hospitality trades temporary reduction in VAT has expired

The temporary reduced rate of 5% for hospitality, holiday accommodation and attractions that came into effect in July 2020 ended on 30 September 2021. However, the government had previously decided ... read more

07-10-2021
Raising capital using the EIS

Raising capital using the EIS

The Enterprise Investment Scheme (EIS) has been designed to increase investment in the early development of high potential growth businesses. Companies seeking EIS investment are typically more ... read more

07-10-2021
Reporting grants received to HMRC

Reporting grants received to HMRC

Most COVID support grants are treated as taxable income in the same way as other taxable receipts and need to be reported to HMRC. The grants are treated as income where the business is within the ... read more

07-10-2021
Tax and termination payments

Tax and termination payments

The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by ... read more

07-10-2021
£500 million Plan for Jobs Expansion

£500 million Plan for Jobs Expansion

The Chancellor, Rishi Sunak, has announced a £500 million expansion of the Plan for Jobs as part of his speech delivered to the party faithful at the Tory annual conference in Manchester. The money ... read more

30-09-2021
Tax Diary October/November 2021

Tax Diary October/November 2021

1 October 2021 - Due date for Corporation Tax due for the year ended 31 December 2020. 19 October 2021 - PAYE and NIC deductions due for month ended 5 October 2021. (If you pay your tax ... read more

30-09-2021
MTD for Income Tax has been delayed by one year to April 2024

MTD for Income Tax has been delayed by one year to April 2024

The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) has been delayed by one year until April 2024. This change was announced in a Written Statement to Parliament. The ... read more

30-09-2021
Find customs agent to help with import/export declarations

Find customs agent to help with import/export declarations

If you are moving goods to or from the UK then you need to ensure that you have all the correct procedures in place. This is a complex area, and you may need to consider the support of a customs agent ... read more

30-09-2021
Make the most of tax-free trivial benefits

Make the most of tax-free trivial benefits

The trivial benefits in kind (BiK) exemption applies to small non-cash benefits, for example a bottle of wine or a bouquet of flowers, given occasionally to employees. Although the benefit is defined ... read more

30-09-2021
OTS releases video update

OTS releases video update

The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a recording of an online video ... read more

30-09-2021
More on possible change to tax year end date

More on possible change to tax year end date

As we mentioned in a recent post, the Office of Tax Simplification (OTS) has released a new video on a number of possible changes to the tax regime. Perhaps the most radical of these ideas relates to ... read more

30-09-2021
Completing a One Stop Shop VAT return

Completing a One Stop Shop VAT return

HMRC’s guidance on how to complete and submit a One Stop Shop (OSS) VAT Return from 1 October 2021 has been updated. The special VAT return should only be completed by businesses registered for the ... read more

28-09-2021
Government confirms plans for all tips to go to workers

Government confirms plans for all tips to go to workers

The government has published its response to its 2016 consultation on tipping, gratuities, cover and service charges and has confirmed its intention to bring forward legislative measures to ensure ... read more

23-09-2021
Student tax scam warning

Student tax scam warning

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

23-09-2021
New timetable for import controls

New timetable for import controls

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

23-09-2021
Government announces winter COVID plan

Government announces winter COVID plan

The Prime Minister, Boris Johnson has set out the government’s autumn and winter plan for managing Covid. The government is aiming to sustain the progress made and prepare the country for future ... read more

23-09-2021
SEISS claims deadline in a few days

SEISS claims deadline in a few days

The final deadline for making a claim under the 5th Self-Employment Income Support Scheme (SEISS) is 30 September 2021. The SEISS scheme is only open to those self-employed with annual profits of less ... read more

23-09-2021
VAT register inactivity

VAT register inactivity

HMRC’s published guidance titled ‘Check genuine HMRC contact that uses more than one communication method’ has been updated. The list is intended to help taxpayers check if recent contacts purporting ... read more

23-09-2021
Want to complain about HMRC?

Want to complain about HMRC?

Taxpayers may find themselves in a position where they need to make a complaint about HMRC’s service. Complaints can relate to many different issues such as unreasonable delays, mistakes and poor ... read more

20-09-2021
Outdoor measures to be made permanent

Outdoor measures to be made permanent

Temporary measures that have given a huge boost to high streets and hospitality during the pandemic could be made permanent following a public consultation launched in September 2021. From marquees ... read more

16-09-2021
Budget date announced

Budget date announced

The Chancellor of the Exchequer, Rishi Sunak has confirmed that the next UK Budget will take place on Wednesday, 27 October 2021. This will be the Chancellor’s third Budget and the first one to revert ... read more

16-09-2021
Pension triple-lock abandoned for one year

Pension triple-lock abandoned for one year

The government has confirmed that its triple-lock guarantee on pensions is to be abandoned for one year. The guarantee was first introduced in 2010 and has remained in place until now. This guarantee ... read more

16-09-2021
Capped social care costs from October 2023

Capped social care costs from October 2023

The government has announced new plans to cap social care costs in England from October 2023. This change is expected to see the introduction of a new £86,000 cap on care costs across an individual’s ... read more

16-09-2021
Dental Associates tax status update

Dental Associates tax status update

HMRC has, for many years, accepted that associate dentists are generally treated as self-employed. These agreements have been approved by the British Dental Association (BDA) and the Dental ... read more

16-09-2021
Class 1 NIC changes extend to Class 1A contributions

Class 1 NIC changes extend to Class 1A contributions

It is important to bear in mind that the 1.25% increase in National Insurance contributions (NICs) for 2022-23 will apply to National Insurance Class 1 and Class 4 contributions from April 2022. This ... read more

16-09-2021
Do tax-payers need to register for Self-Assessment

Do tax-payers need to register for Self-Assessment

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

16-09-2021
Gender pay gap reporting to commence from 5 October

Gender pay gap reporting to commence from 5 October

The Equality and Human Rights Commission (EHRC) confirmed in February 2021 that enforcement action against employers for failing to report their gender pay gap data for the last reporting year ... read more

09-09-2021
Using your Personal tax accounts

Using your Personal tax accounts

HMRC’s Personal tax accounts (PTAs) were launched in 2015. The service works as an online resource to allow taxpayers to review and update their details in real time. For many routine requests and ... read more

09-09-2021
Claiming a tax refund

Claiming a tax refund

If you think that you have paid too much tax to HMRC you can usually claim back any overpaid tax. The exact method for making a claim depends on a number of factors including whether or not you ... read more