NEWSLETTER ARTICLES

 

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16-01-2020
Statutory maternity, adoption, paternity, shared parental and sick pay to rise from April 2020

Statutory maternity, adoption, paternity, shared parental and sick pay to rise from April 2020

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

15-01-2020
Tax allowances you can claim for business cars

Tax allowances you can claim for business cars

Capital Allowances allow your business to secure tax relief for certain capital expenditure. Qualifying expenditure on cars must usually be allocated to one of two general pools of expenditure. Which ... read more

15-01-2020
On your bike – tax free cycling

On your bike – tax free cycling

There are special rules involving bicycles for work use, usually referred to as 'Cycle to Work' arrangements. The Cycle to Work scheme was introduced almost 20 years ago to help promote the ... read more

15-01-2020
Public transport costs and tax

Public transport costs and tax

There are certain tax rules that it is important to consider if you pay for the public transport costs of your employees. The provision of public transport costs includes season tickets provided for ... read more

15-01-2020
Money laundering and terrorist financing

Money laundering and terrorist financing

The money laundering rules are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists. The ... read more

15-01-2020
What qualifies for First Year Allowances?

What qualifies for First Year Allowances?

Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). The cash-flow benefit of accelerated tax relief is designed to encourage ... read more

15-01-2020
VAT - what is a limited cost trader?

VAT - what is a limited cost trader?

The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is ... read more

15-01-2020
Close down a company by striking it off the register

Close down a company by striking it off the register

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

08-01-2020
Did you file your tax return on Christmas Day?

Did you file your tax return on Christmas Day?

A new press release by HMRC has highlighted the fact that 3,003 taxpayers took the time to file their tax return online on Christmas Day with a further 9,254 taxpayers completing their tax returns on ... read more

08-01-2020
Last reminder for parents with income in excess of £50,000

Last reminder for parents with income in excess of £50,000

Parents could be liable for the High Income Child Benefit tax charge if either partner's income exceeds £50,000 and you are in receipt of child benefit. The charge effectively claws back the ... read more

08-01-2020
Don’t forget to pay tax on or before 31 January 2020

Don’t forget to pay tax on or before 31 January 2020

The 31 January 2020 is not just the final date for submission of your Self-Assessment tax return for 2018-19 but is also an important date for payment of tax due. This is the final payment deadline ... read more

08-01-2020
Carry forward unused pension tax allowance

Carry forward unused pension tax allowance

The annual allowance for tax relief on pensions is currently set at £40,000. The annual allowance is further reduced for high earners. If your income is in excess of £150,000 you will ... read more

08-01-2020
Budget date announced

Budget date announced

The Chancellor of the Exchequer, Sajid Javid has announced that he is planning to hold his first Budget on Wednesday, 11 March 2020. This announcement follows a turbulent period in Parliament that ... read more

08-01-2020
Big changes following loan charge review

Big changes following loan charge review

The Government has revealed that a number of important changes will be made to the loan charge following the independent review of the disguised remuneration loan charge policy and its implementation ... read more

08-01-2020
New funding for farmers announced

New funding for farmers announced

Over the Christmas and New Year break, the Chancellor announced that nearly £3 billion of funding is to be put in place to help support farmers once the UK leaves the EU. This cash injection ... read more

08-01-2020
Getting clients ready for Brexit

Getting clients ready for Brexit

HMRC has published a useful list to help businesses be prepared to import goods from the EU to the UK as we count down to the 31 January 2020 Brexit date. We are then likely to see a fixed transition ... read more

08-01-2020
CGT – Gift Hold-Over Relief

CGT – Gift Hold-Over Relief

Gift Hold-Over Relief is a relief that defers Capital Gains Tax (CGT) when assets are given away (including certain shares) or sold for less than they’re worth to the buyer. The relief means ... read more

02-01-2020
Tax Diary January/February 2020

Tax Diary January/February 2020

1 January 2020 - Due date for Corporation Tax due for the year ended 31 March 2019. 19 January 2020 - PAYE and NIC deductions due for month ended 5 January 2020. (If you pay your tax electronically ... read more

02-01-2020
Annual increases to the National Minimum Wage

Annual increases to the National Minimum Wage

The government has accepted the recommendations of the Low Pay Commission in full and has announced that it will increase the National Living Wage (NLW) and National Minimum Wage (NMW) rates from 1 ... read more

28-12-2019
Penalties for late filing of Self-Assessment tax returns

Penalties for late filing of Self-Assessment tax returns

The 31 January is not just the final date for submission of your Self-Assessment tax return but also an important date for paying tax. It is the final payment deadline for any remaining tax due for ... read more

28-12-2019
Take advantage of the Annual Investment Allowance

Take advantage of the Annual Investment Allowance

The Annual Investment Allowance (AIA) allows business owners to claim the total amount of qualifying expenditure on plant and machinery, up to certain limits. This deduction reduces profits subject to ... read more

28-12-2019
Top up your pension pots

Top up your pension pots

You can claim tax relief for your private pension contributions. The current annual allowance for tax relief on pensions is £40,000. Remember, that there is now just 3 months left in the current ... read more

28-12-2019
Exemptions from CGT

Exemptions from CGT

Capital Gains Tax (CGT) is a tax on the profit made on the disposal of an asset that has increased in value. Whilst most taxpayers are aware of their annual tax-free allowance (currently ... read more

28-12-2019
What is reasonable care

What is reasonable care

The inaccuracy penalty system is intended to make penalties simpler to understand and more consistent across many taxes. HMRC has the power to significantly reduce the amount of penalties due. The ... read more

28-12-2019
Basis periods and change of accounting date

Basis periods and change of accounting date

HMRC’s guidance lists the following useful examples about a change of accounting date: If your accounting date in 2016 to 2017 is more than 12 months after the end of the basis period for 2015 ... read more

28-12-2019
Paying wages to connected persons

Paying wages to connected persons

The definition of a connected person for tax purposes includes certain relatives, trustees, partners and companies. A person is connected with an individual if that person is the ... read more

18-12-2019
Advice from Government when buying children's presents

Advice from Government when buying children

As the election upheavals are now completed, the government has issued a timely news release to help people shop safely for children's presents this Christmas. The Office for Product Safety & ... read more

18-12-2019
Government alert for charities

Government alert for charities

The Charity Commission is the non-ministerial department responsible for registering and regulating charities in England and Wales, to ensure that the public can support charities with confidence. The ... read more

18-12-2019
Cash gifts this Christmas

Cash gifts this Christmas

We thought it would be useful to remind our readers of the IHT implications of making cash gifts this Christmas. You can give away up to £3,000 worth of gifts each tax year. This is known as ... read more

18-12-2019
Could you claim a Christmas tax bonus?

Could you claim a Christmas tax bonus?

If you are entitled to the marriage allowance and have not yet applied, then you could receive a well-timed Christmas bonus of up to £1,150 from HMRC. The marriage allowance is available to ... read more

18-12-2019
Duty free limits if you are travelling abroad

Duty free limits if you are travelling abroad

Here is a reminder of your duty and tax free allowances if travelling abroad this Christmas. Travelling to an EU country Where tobacco or alcohol is brought in from another EU country, no duties or ... read more

18-12-2019
When VAT should not be charged

When VAT should not be charged

When a VAT registered business issues an invoice to their customer, they must seek to ensure that they charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate ... read more

18-12-2019
Overview of foreign income taxation

Overview of foreign income taxation

Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, ... read more

18-12-2019
Giving away a home before death

Giving away a home before death

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

11-12-2019
PAYE payment dates

PAYE payment dates

We would like to remind employers about the electronic PAYE payment dates. The due date for electronic PAYE payments falls on the 22nd of the month and when a payment is made electronically; a payment ... read more

11-12-2019
Capital Gains Tax reliefs for businesses

Capital Gains Tax reliefs for businesses

If you are in business as a self-employed sole trader or as part of a partnership, then you will be liable to pay Capital Gains Tax (CGT) if you make a profit selling all or part of a business asset. ... read more

11-12-2019
Basic Income Tax reliefs

Basic Income Tax reliefs

As we are now almost three-quarters of the way through yet another tax year it can be useful to consider the benefits of basic Income Tax reliefs. This will help ensure that your tax liability is no ... read more

11-12-2019
Basic Corporation Tax reliefs

Basic Corporation Tax reliefs

There are a significant number of reliefs that can reduce the amount of Corporation Tax your company needs to pay on profits made. Your company can also claim Capital Allowances for assets such as ... read more

11-12-2019
VAT Flat Rate Scheme capital expenditure

VAT Flat Rate Scheme capital expenditure

The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT and accordingly, reducing the administration costs of complying with the VAT legislation. VAT is ... read more

11-12-2019
Inheritance Tax Agricultural Property Relief

Inheritance Tax Agricultural Property Relief

There are a number of reliefs available that can reduce liability to IHT. The most relevant for farmers is the Agricultural Property Relief (APR). Relief is available at a rate of 100% or 50% ... read more

11-12-2019
When National Insurance Credits can be claimed

When National Insurance 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 up the amount of qualifying years of National Insurance ... read more

11-12-2019
X-factor Charity single

X-factor Charity single

The Government will waive the VAT equivalent on the sales of this year’s X Factor Celebrity Christmas Charity single. All proceeds from the sale of the single are going to two children’s ... read more

05-12-2019
Updated calculator on calculating holiday entitlement

Updated calculator on calculating holiday entitlement

The Government has published a revised holiday entitlement calculator, intended as a temporary replacement while the original calculator “undergoes maintenance”, to enable workers to ... read more

05-12-2019
Awareness of data protection fee campaign

Awareness of data protection fee campaign

The Information Commissioner’s Office (ICO) has launched a campaign aimed at contacting all registered UK companies to remind them of their legal responsibility to pay a data protection fee. The ... read more

04-12-2019
Shared parental leave entitlements

Shared parental leave entitlements

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 ... read more

04-12-2019
Child Benefit tax charge

Child Benefit tax charge

The High Income Child Benefit tax charge could apply to you or your partner if either of your individual taxable earnings exceeds £50,000 and you are in receipt of child benefit. The charge ... read more

04-12-2019
Loss of tax personal allowance

Loss of tax personal allowance

If your income is expected to exceed £100,000 for the first time, we would like to remind you of the effects this can have on your personal allowance and marginal tax rate. If you earn over ... read more

04-12-2019
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

04-12-2019
Accounting periods if company has two or more trades

Accounting periods if company has two or more trades

A tax accounting period for Corporation Tax purposes cannot exceed a 12 month period. If company accounts cover less than 12 months then the accounting period will normally end on the same day, and ... read more

04-12-2019
Income excluded from property business

Income excluded from property business

HMRC publishes a list of income streams that are excluded from a UK property businesses' taxable income. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, ... read more