NEWSLETTER ARTICLES

 

Keyword(s):

17-10-2019
What does the Queen’s Speech mean for employment law?

What does the Queen’s Speech mean for employment law?

The Queen’s Speech 2019 outlined several Brexit-related Bills, including an Immigration and Social Security Co-ordination (EU Withdrawal) Bill, designed to end free movement within the UK after ... read more

16-10-2019
New £20 note unveiled

New £20 note unveiled

The Governor of the Bank of England, Mark Carney, has unveiled the design of the new £20 note featuring the artist JMW Turner. The new note will be launched on 20 February 2020 and will join the ... read more

16-10-2019
National Living/Minimum Wage entitlement

National Living/Minimum Wage entitlement

A reminder that the current National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2019. The NLW is the minimum hourly rate that must be paid to those aged 25 or ... read more

16-10-2019
Who is eligible for 10% tax on business sale?

Who is eligible for 10% tax on business sale?

Entrepreneurs' Relief (ER) can be valuable relief when selling your business, your shares in a trading company or your interest in a trading partnership. Where ER is available, Capital Gains Tax ... read more

16-10-2019
Tax if you return to the UK

Tax if you return to the UK

There used to be a form that had to be completed advising HMRC if you were returning to live in the UK from another country. Whilst this form was abolished some time ago, there are still various ... read more

16-10-2019
Provisional date announced for Autumn Budget 2019

Provisional date announced for Autumn Budget 2019

The Chancellor of the Exchequer, Sajid Javid, has announced that he is planning to hold his first Autumn Budget 2019 on Wednesday, 6 November 2019. However, this date is based on the UK leaving the EU ... read more

16-10-2019
Gifts in anticipation of marriage

Gifts in anticipation of marriage

There is a special exemption from Inheritance Tax for cash gifts made on or shortly before the date that the relevant wedding or civil partnership ceremony takes place. The amount of tax relief ... read more

16-10-2019
Definition of a Welsh taxpayer

Definition of a Welsh taxpayer

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) is payable on the non-savings ... read more

16-10-2019
Definition of a Scottish taxpayer

Definition of a Scottish taxpayer

The Scottish rate of Income Tax (SRIT) commenced on 6 April 2016 and is administered by HMRC on behalf of the Scottish Government. The SRIT is payable on the non-savings and non-dividend income of ... read more

16-10-2019
Simplified import procedures

Simplified import procedures

HMRC has automatically registered many businesses to use simplified import procedures should the UK leave the EU without a deal on 31 October 2019. The scheme, called the Transitional Simplified ... read more

08-10-2019
Changing your company’s year end

Changing your company’s year end

There are special rules in place which limit your options to change your company’s year-end date. A company’s year-end date is also known as its ‘accounting reference date’ and ... read more

08-10-2019
What is the Inheritance Tax residence nil rate band?

What is the Inheritance Tax residence nil rate band?

The Inheritance Tax residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB is a transferable allowance for married couples and civil partners (per person) when their main residence ... read more

08-10-2019
What is Capital Gains Tax incorporation relief?

What is Capital Gains Tax incorporation relief?

If you own a business as a sole trader or in partnership, a Capital Gain will arise if your business is transferred into a company structure. The gain will be assessed by reference to the market value ... read more

08-10-2019
Overdrawn directors’ loans

Overdrawn directors’ loans

An overdrawn Director’s Loan Account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly 'close' private ... read more

08-10-2019
When overseas companies need to register at Companies House

When overseas companies need to register at Companies House

An overseas company must register with Companies House if they want to set up a place of business or branch in the UK. Generally, this would be if the overseas company had a physical presence in the ... read more

08-10-2019
Objecting to a limited company being struck off

Objecting to a limited company being struck off

There are a limited range of circumstances when a company can request to be removed from the register (known as being struck off). For example, a voluntary strike off can be requested by a dormant or ... read more

02-10-2019
Post Brexit funding announced

Post Brexit funding announced

The Chancellor is set to announce a new package of measures to help the UK prepare for a post-Brexit future. We are told that these measures will also help to support the next generation and promote ... read more

02-10-2019
Residential landlords’ tax changes complete April 2020

Residential landlords’ tax changes complete April 2020

The tax relief on finance costs used to buy investment properties is being gradually restricted to the basic rate of tax. The full finance costs restriction will be in place from 6 April 2020. This ... read more

02-10-2019
Making a loss when you sell your home?

Making a loss when you sell your home?

One of the most often used and valuable of the Capital Gains Tax (CGT) exemptions is Private Residence Relief, which usually exempts any profit made on the sale of a family home. Consequently, there ... read more

02-10-2019
Changes to off-payroll working from April 2020

Changes to off-payroll working from April 2020

The rules for individuals providing services to the public sector via an intermediary such as a Personal Service Company (PSC), changed from April 2017. The new rules shifted the responsibility for ... read more

02-10-2019
Gifts to spouse or charity

Gifts to spouse or charity

There is usually 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 effectively at ... read more

02-10-2019
When NIC credits can be claimed

When NIC credits can be claimed

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build the amount of qualifying years of National Insurance ... read more

25-09-2019
NIC after State Pension Age

NIC after State Pension Age

If you have reached the State Pension age and continue to work in most cases, you no longer need to pay National Insurance Contributions (NICs). At State Pension age, the requirement to pay Class 1 ... read more

25-09-2019
To-do list if selling your business

To-do list if selling your business

If you are selling your business, there are some important actions you must take in order to properly finalise your affairs. We have summarised below some of the main steps you need to take if closing ... read more

25-09-2019
Tax for provision of parking spaces

Tax for provision of parking spaces

There are some important rules to be aware of if you provide parking spaces to your employees. If the parking places you provide are at, or near your employee’s workplace, then you are entitled ... read more

25-09-2019
Brexit and making an EU VAT refund claim

Brexit and 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 that govern what VAT is refundable ... read more

25-09-2019
Brexit and VAT Mini One Stop Shop

Brexit and VAT Mini One Stop Shop

HMRC has confirmed that after Brexit, you will not be able to use the UK’s VAT Mini One Stop Shop (MOSS) to declare and pay VAT. The final return period for the UK’s VAT MOSS system will ... read more

25-09-2019
Basis periods – the general rules

Basis periods – the general rules

A basis period is the time period for which the self-employed or partnerships pay tax in each tax year. The general rule is that the profits for a tax year are those arising in the period of 12 months ... read more

25-09-2019
Setting off trading losses against other income

Setting off trading losses against other income

Where an individual makes a loss in a trade or incurs a loss as a partner in a partnership trade, the tax rules allow the loss to be set against general income. Certain trade losses may be offset ... read more

25-09-2019
Patents, general considerations

Patents, general considerations

A UK patent is granted under the laws of the UK, usually, by the UK Intellectual Property Office. Obtaining a patent can be a difficult and expensive endeavour. A patent only protects an invention in ... read more

24-09-2019
Tax Diary October/November 2019

Tax Diary October/November 2019

1 October 2019 - Due date for Corporation Tax due for the year ended 31 December 2018. 19 October 2019 - PAYE and NIC deductions due for month ended 5 October 2019. (If you pay your tax ... read more

18-09-2019
Shared parental leave and pay

Shared parental leave and pay

The shared parental leave and pay rules offer working parents far greater choice as to how they share the care of their child and take time off work during the first year of their child’s life. ... read more

18-09-2019
Reporting changes that affect Child Benefits

Reporting changes that affect Child Benefits

You must notify HMRC of certain changes to family life. For example, a change in your child’s or your family’s circumstances. This is to ensure that the correct amount of Child Benefit is ... read more

18-09-2019
Tax relief for private pension contributions

Tax relief for private pension contributions

You can claim tax relief for your private pension contributions. The annual allowance for tax relief on pensions is £40,000 for the current tax year. There is also a facility to carry forward ... read more

18-09-2019
Don’t miss your company accounts filing deadline

Don’t miss your company accounts filing deadline

Companies House has issued a press release to remind companies to keep on top of their filing responsibilities. The end of this month, 30 September 2019, marks a common deadline for many companies who ... read more

18-09-2019
IHT and lifetime transfers

IHT and lifetime transfers

There are special rules concerning the liability to IHT of a transfer made during a person's lifetime. For example, most gifts made during a person's life are not subject to tax at the time of ... read more

18-09-2019
Income excluded from a UK property business

Income excluded from a UK 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

18-09-2019
VAT Agricultural Flat Rate Scheme

VAT Agricultural Flat Rate Scheme

Businesses that use the flat rate scheme pay VAT as a fixed percentage of their VAT inclusive turnover. The VAT agricultural flat rate scheme is a variant of the flat rate scheme specifically designed ... read more

18-09-2019
Loan charge review launched

Loan charge review launched

The Treasury has announced that Sir Amyas Morse, the former Comptroller and Auditor General and Chief Executive of the National Audit Office (NAO), will lead an independent review of the loan charge. ... read more

18-09-2019
Paper Self-Assessment return deadline

Paper Self-Assessment  return deadline

The 2018-19 tax return deadline for taxpayers who continue to submit paper Self-Assessment returns is 31 October 2019. Late submission of a Self-Assessment return will become liable to a £100 ... read more

12-09-2019
New checker tool to help businesses prepare for Brexit

New checker tool to help businesses prepare for Brexit

The Government has launched a “Get ready for Brexit” public information campaign to help ensure businesses are ready when the UK leaves the EU on (currently) 31 October 2019. As part of ... read more

12-09-2019
Immigration rights of EEA citizens in the event of a no-deal Brexit

Immigration rights of EEA citizens in the event of a no-deal Brexit

The Government has now announced the revised transitional arrangements that will apply in the event of a no-deal Brexit to EU, EEA and Swiss citizens and their close family members arriving in the UK ... read more

11-09-2019
ICO publishes no-deal Brexit guidance for SMEs

ICO publishes no-deal Brexit guidance for SMEs

The Information Commissioner’s Office (ICO) has published dedicated guidance to assist small and medium-sized businesses in their preparations for a no-deal Brexit and has urged them to ... read more

11-09-2019
Get information about a company

Get information about a company

There is a significant amount of information that can be obtained from Companies House. Companies House is responsible for incorporating and dissolving limited companies, examining and storing company ... read more

11-09-2019
What is the Annual Investment Allowance?

What is the Annual Investment Allowance?

The Annual Investment Allowance (AIA) is a generous tax relief that was first introduced in 2008. The AIA allows for the total amount of qualifying expenditure on plant, machinery, commercial vehicles ... read more

11-09-2019
Planning a Christmas party?

Planning a Christmas party?

Now is the time that many businesses are planning a Christmas celebration for staff as well as possibly for partners/spouses, clients and prospective clients. The cost of a staff party or other ... read more

11-09-2019
Reporting employee changes

Reporting employee changes

There are rules that businesses must follow when they are reporting employee changes. These changes must be sent to HMRC using a Full Payment Submission (FPS). The FPS is a submission that you need to ... read more

11-09-2019
Options to close down a limited company

Options to close down a limited company

There are a number of reasons why a limited company may no longer be required and can be shut down. This may be because the limited company structure no longer suits a client's needs, the business ... read more

11-09-2019
Claiming Entrepreneurs’ relief

Claiming Entrepreneurs’ relief

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, CGT of 10% is ... read more

11-09-2019
Duty-free shopping to make a comeback?

Duty-free shopping to make a comeback?

The Chancellor of the Exchequer Sajid Javid has said that the Government will reintroduce duty-free shopping with EU countries in the event the UK leaves the EU without a deal. This would mean that ... read more