NEWSLETTER ARTICLES

 

Keyword(s):

10-07-2019
Home to work travel that may be allowed

Home to work travel that may be allowed

Whilst there is usually no tax relief for ordinary commuting - home to work - there are a number of exceptions. The term 'ordinary commuting' is defined to mean travel between a permanent ... read more

10-07-2019
Its still possible to claim 100% tax allowance for electric vehicles

Its still possible to claim 100% tax allowance for electric vehicles

First Year Allowances (FYA’s) are available for expenditure on new unused electric vehicles and other cars within the threshold for low CO2 emissions. Businesses can claim FYA of 100% in the ... read more

10-07-2019
When you can’t reclaim VAT

When you can’t reclaim VAT

For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means that businesses must consider where there is any personal or private use of goods or ... read more

10-07-2019
Disposal of goodwill – capital or income

Disposal of goodwill – capital or income

The First-Tier Tribunal (FTT), in the case of Villar v Revenue and Customs examined whether the disposal of goodwill was capital or income in nature. The taxpayer in this case was a renowned ... read more

10-07-2019
OpRA’s defined

OpRA’s defined

The Optional Remuneration Arrangements (OpRA) legislation was introduced with effect from 6 April 2017. The legislation counters the tax and NIC advantages of benefits where an employee gives up the ... read more

10-07-2019
Loss buying restrictions

Loss buying restrictions

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

10-07-2019
Changes to the Employment Allowance

Changes to the Employment Allowance

It was announced as part of the Autumn Budget 2018 measures that access to the Employment Allowance was to be restricted. From 6 April 2020, the £3,000 NIC Employment Allowance will only be ... read more

09-07-2019
New guidance on cookies published

New guidance on cookies published

The Information Commissioner's Office (ICO) has published new guidance on the use of cookies and similar technologies, as well as an associated blog. The guidance looks at cookies and similar ... read more

01-07-2019
New cyber security guidance published

New cyber security guidance published

The National Cyber Security Centre (NCSC) has published guidance to help small to medium sized organisations prepare their response to, and plan their recovery from, a cyber incident. The ... read more

01-07-2019
Reducing penalties for late disclosure of income

Reducing penalties for late disclosure of income

You can use the Digital Disclosure Service (DDS), if you need to make a voluntary disclosure of income or other taxable events that have not previously been reported to HMRC. Other current HMRC ... read more

01-07-2019
Advising HMRC of changes in your personal details

Advising HMRC of changes in your personal details

If your personal details change, you may be required to notify HMRC as this can affect your entitlement to certain tax breaks and or benefits. For example, you need to tell HMRC if: you get ... read more

01-07-2019
Tax payment time again

Tax payment time again

If you make Self-Assessment payments on account, you will no doubt be aware that the second instalment for 2018-19 is due on 31 July 2019. The amount due for payment is usually the same as the first ... read more

01-07-2019
How HMRC measure the profits of different trades

How HMRC measure the profits of different trades

There is a section of HMRC’s manuals that deals specifically with how you can view the rules for measuring profits of specific trades. The list includes over 50 different trades as diverse as ... read more

01-07-2019
HMRC security deposits

HMRC security deposits

The security deposit legislation was extended to both Corporation Tax and Construction Industry Scheme (CIS) deductions from April 2019. The security deposit regime allows HMRC to obtain security from ... read more

01-07-2019
House of Commons summer recess

House of Commons summer recess

The House of Commons summer recess has been confirmed after parliament voted 223 to 25 in favour of the move. This means that the House will rise on Thursday 25 July and return on Tuesday 3 ... read more

01-07-2019
Tax-Free childcare in the school holidays

Tax-Free childcare in the school holidays

As the school holidays fast approach, many parents face having to organise extra school holiday childcare over the summer months. HMRC is reminding parents that the Tax-Free Childcare (TFC) scheme ... read more

01-07-2019
Checking business rates relief entitlement

Checking business rates relief entitlement

Business rates are a tax on non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. The money raised through business rates is used to help ... read more

01-07-2019
VAT default surcharge appeal dismissed

VAT default surcharge appeal dismissed

HMRC imposes a VAT default surcharge on businesses that submit late VAT returns. VAT registered businesses are required by law to submit their return and make sure that payment of the VAT due has ... read more

27-06-2019
Tax Diary July/August 2019

Tax Diary July/August 2019

1 July 2019 - Due date for Corporation Tax due for the year ended 30 September 2018. 6 July 2019 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A ... read more

26-06-2019
How ISAs work

How ISAs work

An ISA is a tax exempt savings account available to UK residents. Whilst the amount invested in an ISA does not benefit from tax relief the income and gains are free from most taxes including Income ... read more

26-06-2019
Who should register for self assessment?

Who should register for self assessment?

There are a number of reasons why a taxpayer is required to complete a self assessment return. This includes if they are self-employed, a company director, have an annual income over £100,000 ... read more

26-06-2019
Claiming Entrepreneurs’ Relief when selling your business

Claiming Entrepreneurs’ Relief when selling your business

Entrepreneurs' Relief (ER) can be a 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

26-06-2019
Disguised remuneration schemes

Disguised remuneration schemes

Loans schemes also known as disguised remuneration tax avoidance schemes have been used by some employers and individuals in order to try and avoid paying Income Tax and National Insurance ... read more

26-06-2019
Update on Structures and Buildings Allowance

Update on Structures and Buildings Allowance

One of the Autumn Budget 2018 measures was the introduction of a new structures and buildings allowance (SBA). The SBA allows for tax relief on qualifying capital expenditure on new non-residential ... read more

26-06-2019
HMRC employment status service

HMRC employment status service

HMRC’s employment status service can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector. The service ... read more

26-06-2019
Rent-a-room scheme

Rent-a-room scheme

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April ... read more

20-06-2019
2020 May bank holiday will be moved to mark 75th anniversary of VE Day

2020 May bank holiday will be moved to mark 75th anniversary of VE Day

The government has announced that the date of next year’s early May bank holiday is to move from Monday, 4 May to Friday, 8 May to mark the 75th anniversary of VE Day. This is only the second time ... read more

18-06-2019
Gifts with strings attached

Gifts with strings attached

The majority of gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. ... read more

18-06-2019
The tax consequences of social events

The tax consequences of social events

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below there is no requirement to report anything ... read more

18-06-2019
Selling the family heirlooms

Selling the family heirlooms

There are special rules concerning the payment of Capital Gains Tax (CGT) on the sale of personal possessions also known as 'chattels'. Personal possessions are generally defined as ... read more

18-06-2019
When does ATED apply?

When does ATED apply?

The Annual Tax on Enveloped Dwellings (ATED) came into effect from 1 April 2013. The tax applies to certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than ... read more

18-06-2019
VAT and disaggregation

VAT and disaggregation

The artificial separation of businesses is where two or more businesses are split, and each 'separate' entity operates below the VAT registration threshold (currently £85,000). This is ... read more

18-06-2019
HMRC’s complaint handling process

HMRC’s complaint handling process

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

12-06-2019
Free television licences scrapped for over-75s

Free television licences scrapped for over-75s

The TV licence fee has not been payable by those aged 75 or over since 2001. During 2015, the government reached an agreement with the BBC as part of the last charter renewal that it will take on the ... read more

12-06-2019
HMRC cancels penalties charged to 6,000 families

HMRC cancels penalties charged to 6,000 families

The High Income Child Benefit Charge (HICBC) was introduced in January 2013 and applies a charge to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The ... read more

11-06-2019
HMRC blocks phone fraudsters

HMRC blocks phone fraudsters

Fraudsters have been blocked from using HMRC’s most used helpline numbers after the introduction of new defensive controls. These fraudsters had been able to make calls to taxpayers across the ... read more

11-06-2019
On your e-bike

On your e-bike

The Cycling Minister, Michael Ellis, has announced a number of changes to the Cycle to Work scheme in an announcement that was timed to coincide with Bike week. Bike week is an annual celebration to ... read more

11-06-2019
Genuine HMRC messages

Genuine HMRC messages

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This ... read more

11-06-2019
Free information about companies

Free information about companies

A surprising amount of free information about companies is available from Companies House. This is in line with the government’s commitment to free data and ensures that all publicly available ... read more

11-06-2019
Employer owned property and sub-letting

Employer owned property and sub-letting

In some industries, employers provide accommodation to employees because this is required by the nature of the job. There are no tax charges in respect of the provision of living accommodation ... read more

11-06-2019
Cashback schemes and tax

Cashback schemes and tax

Statement of Practice 4/97 sets out HMRC’s views on the correct treatment for tax purposes of commission, cashbacks and discounts. Cashbacks are taken to mean lump sums received by a customer as ... read more

11-06-2019
VAT reverse charge construction industry

VAT reverse charge construction industry

A change to the VAT rules first announced at Budget 2018, will come into effect from 1 October 2019. This change will make the supply of construction services between construction or building ... read more

04-06-2019
Working past retirement age

Working past retirement age

There are many taxpayers who have reached the State Pension age and continue to work. In most cases they no longer need to pay any National Insurance Contributions (NICs). At State Pension age, the ... read more

04-06-2019
Working from home allowance

Working from home allowance

If you are self-employed and running a business from your home, there are simplified arrangements available for claiming a fixed rate deduction for certain expenses where there is a mix of business ... read more

04-06-2019
Working tax credits you could claim

Working tax credits you could claim

The Working Tax Credit (WTC) is designed to help taxpayers on low incomes by providing top-up payments and includes those who do not have children. There are extra amounts available for qualifying ... read more

04-06-2019
New crackdown on funeral plans

New crackdown on funeral plans

The government has announced new plans to crackdown on high pressure and bullying tactics to sell pre paid funeral plans. These tactics are often used to target those who are old and vulnerable and ... read more

04-06-2019
What records must a VAT trader keep?

What records must a VAT trader keep?

There are distinct rules that VAT registered businesses must follow when keeping VAT records. This includes keeping proper business and accounting records, a separate VAT account as well as copies of ... read more

04-06-2019
IHT and foreign property

IHT and foreign property

If a permanent home (domicile) is in the UK then any foreign situated property owned at date of death will be chargeable to Inheritance Tax. The site of an asset is usually the place where the asset ... read more

04-06-2019
Non-resident company liability to Corporation Tax

Non-resident company liability to Corporation Tax

Under the current rules 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. This ... read more

04-06-2019
New advisory fuel rates published

New advisory fuel rates published

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or ... read more