NEWSLETTER ARTICLES

 

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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

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

09-09-2021
Child benefit when child turns 16

Child benefit when child turns 16

Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August on or after a child’s 16th Birthday. Under qualifying circumstances, the child ... read more

09-09-2021
Deadline for notifying an option to tax (VAT) land and buildings

Deadline for notifying an option to tax (VAT) land and buildings

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent ... read more

09-09-2021
Back to school – help with childcare costs

Back to school – help with childcare costs

As children have returned to school, HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for breakfast and after school clubs. The TFC scheme can help parents ... read more

08-09-2021
National Insurance increase to fund NHS and social care

National Insurance increase to fund NHS and social care

The Prime Minister announced increases in National Insurance Contributions (NIC) of 1.25% from April 2022, to contribute to increases in the NHS and social care budgets. The increases will apply ... read more

08-09-2021
Dividend tax increase announced

Dividend tax increase announced

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 increases will apply as ... read more

02-09-2021
Claiming CGT Gift Hold-Over relief

Claiming CGT Gift Hold-Over relief

Gift Hold-Over Relief is effectively a deferral of Capital Gains Tax (CGT) when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. The ... read more

02-09-2021
Tax relief on charitable donations

Tax relief on charitable donations

If you are a higher rate or additional rate taxpayer, you are eligible to claim relief on the difference between the basic rate and your highest rate of tax. The charity you donate to can reclaim the ... read more

02-09-2021
How to deal with tax appeals

How to deal with tax appeals

There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. It is important to note that not all decisions by HMRC can be appealed against. There is normally a ... read more

02-09-2021
Tax treatment of incentive award schemes

Tax treatment of incentive award schemes

Companies use incentive award schemes to encourage their employees in various ways. For example, to sell more of their own goods and services. The award can be in various forms including cash, ... read more

02-09-2021
Income excluded from UK property business

Income excluded from 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

02-09-2021
Scope and legal basis of VAT

Scope and legal basis of VAT

The scope and legal basis of how VAT is charged on taxable supplies is defined as follows in the VAT Act 1994: VAT shall be charged on any supply of goods or services made in the United Kingdom, ... read more

26-08-2021
Tax Diary September/October 2021

Tax Diary September/October 2021

1 September 2021 - Due date for Corporation Tax due for the year ended 30 November 2020. 19 September 2021 - PAYE and NIC deductions due for month ended 5 September 2021. (If you pay your tax ... read more

26-08-2021
Reporting travel and subsistence benefits

Reporting travel and subsistence benefits

There is no requirement to report certain routine expenses to HMRC. The types of expenses and benefits covered are referred to as exemptions and have replaced dispensations which can no longer be ... read more

26-08-2021
Covering pension contributions with unused allowances

Covering pension contributions with unused allowances

The annual allowance for tax relief on pensions is currently set at £40,000. The annual allowance is further reduced for high earners. This means that if your income is in excess of £240,000 you will ... read more

26-08-2021
Recovering VAT on car purchases

Recovering VAT on car purchases

There are complex VAT rules that determine how you can recover VAT on car purchases. The usual fallback rule is that if you purchase a car for your business then no VAT can be reclaimed. The main ... read more

26-08-2021
VAT capital goods scheme overview

VAT capital goods scheme overview

The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution ... read more

26-08-2021
Corporation Tax loss buying

Corporation Tax loss buying

Under qualifying circumstances, Corporation Tax (CT) relief is available where a company makes a trading loss. The trading loss can be used to claim CT relief by offsetting the loss against other ... read more

26-08-2021
Rental business – post cessation transactions

Rental business – post cessation transactions

There are special rules for the taxation of post-cessation transactions after a trade has ceased. The legislation clearly states that the person who receives or is entitled to the post-cessation ... read more

19-08-2021
1.8m couples benefit from extra tax relief

1.8m couples benefit from extra tax relief

HMRC has confirmed that almost 1.8m couples across the UK have benefitted from the marriage allowance and are saving up to £252 a year. The marriage allowance is available to qualifying married ... read more

19-08-2021
Postmasters’ bankruptcies reviewed

Postmasters’ bankruptcies reviewed

The recent Court of Appeal and Crown Court decisions to quash the convictions of many former postmasters was widely welcomed. The Courts found that the original convictions were based on evidence from ... read more

19-08-2021
The Help to Grow Management scheme

The Help to Grow Management scheme

The Help to Grow: Management course is a government backed programme to help business leaders develop their strategic skills, create jobs and boost their business performance. The 12-week programme ... read more

19-08-2021
Bona Vacantia – dissolved companies

Bona Vacantia – dissolved companies

The final step in bringing a company to a legal end is when the company is dissolved. However, one of the important points to be aware of when doing so is that the dissolved company can no longer do ... read more

19-08-2021
Post cessation receipts and payments

Post cessation receipts and payments

There are special rules for the taxation of post-cessation receipts and expenses after a trade has ceased. These provisions also apply to professions and vocations as they apply to trades. Tax relief ... read more

19-08-2021
Construction services and reverse charge

Construction services and reverse charge

New VAT rules for building contractors and sub-contractors came into effect on 1 March 2021. The new rules make the supply of most construction services between construction or building businesses ... read more

12-08-2021
Getting ready for Customs Declaration Service

Getting ready for Customs Declaration Service

The Customs Declaration Service (CDS) has been designed to modernise the process for completing customs declarations for businesses that import or export goods from the UK. A phased launch of the ... read more

12-08-2021
130% tax relief for companies

130% tax relief for companies

Are you thinking of investing in new plant or other equipment? Remember that the super-deduction offering 130% first-year tax relief is available to companies until March 2023. The super-deduction ... read more

12-08-2021
Expenses you can and cannot claim against property rents

Expenses you can and cannot claim against property rents

If you are a landlord, it is important that you are aware of expenses you can and cannot claim from your rental income. As a rule, these expenses must be wholly and exclusively for the purposes of ... read more

12-08-2021
Finding your National Insurance number

Finding your National Insurance number

If you have lost or forgotten your National Insurance number you should try and locate the number on paperwork such as your tax return, payslip or P60. You can also login to your personal tax account ... read more

12-08-2021
Who can use VAT annual accounting scheme

Who can use VAT annual accounting scheme

The VAT annual accounting scheme is open to most businesses with a turnover of up to £1,350,000 per year. The main benefits of the scheme include the requirement to file only one VAT return per year. ... read more

12-08-2021
Goodwill and Corporation Tax

Goodwill and Corporation Tax

Goodwill is rarely mentioned in legislation. Most people would settle on a simple definition which would be based on the ‘extra’ value of a business over and above its tangible assets. In the vast ... read more

05-08-2021
COVID-19 vaccinations mandatory for care homes staff

COVID-19 vaccinations mandatory for care homes staff

The Health and Social Care Act 2008 (Regulated Activities) (Amendment) (Coronavirus) Regulations 2021 have now been approved by both House of Parliament and will come into force on 11 November 2021. ... read more

05-08-2021
Pub secures reduced tied rent and discounts

Pub secures reduced tied rent and discounts

The Pubs Code Adjudicator is responsible for enforcing the statutory Pubs Code. The Pubs Code regulates the relationship between all pub companies owning 500 or more tied pubs in England and Wales and ... read more

05-08-2021
VAT inclusive and exclusive prices

VAT inclusive and exclusive prices

When identifying the amount of VAT charged, it is important to distinguish between VAT inclusive and VAT exclusive prices. A VAT inclusive price includes VAT at the prevailing rate. When a VAT ... read more

05-08-2021
When is a company dormant for tax purposes?

When is a company dormant for tax purposes?

If a company has stopped trading and has no other income then the company is usually classed as dormant for Corporation Tax purposes. A company is usually dormant for Corporation Tax if it: has ... read more

05-08-2021
Further change to SEISS 5 legislation

Further change to SEISS 5 legislation

HM Treasury has published a Correction Treasury Direction made under the Coronavirus Act 2020, section 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS). ... read more

05-08-2021
Décor and plant and machinery allowances

Décor and plant and machinery allowances

Capital Allowances are the deductions which allow businesses to secure tax relief for certain capital expenditure. Capital Allowances are available to sole traders, self-employed persons or ... read more

05-08-2021
IHT change of domicile

IHT change of domicile

It is possible in certain circumstances for an individual to have two domiciles although this is unusual. There is a concept in the UK of deemed domicile, whereby any person who has been resident in ... read more

29-07-2021
Tax Diary August/September 2021

Tax Diary August/September 2021

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

29-07-2021
Reforming statutory sick pay

Reforming statutory sick pay

Following its summer 2019 consultation entitled “Health is everyone’s business: proposals for reducing ill health-related job loss”, the government has now published its response which ... read more

29-07-2021
SEISS – more red tape

SEISS – more red tape

Government support to the self-employed through the Self-Employment Income Support Scheme (SEISS) is due to end on 30 September 2021. A fifth and final grant covering the period May 2021 to September ... read more