NEWSLETTER ARTICLES

 

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14-08-2019
What you can do with your pension pot

What you can do with your pension pot

Pension Wise is a free government service that was launched in 2015 to help provide individuals with general pension advice. However, the service does not answer specific questions relating to your ... read more

14-08-2019
When you can claim back VAT on purchase of a car

When you can claim back VAT on purchase of a car

There are complex VAT rules that determine the amount of VAT that can be recovered when purchasing a new car. The usual rule is that when you purchase a car for your business then no VAT can be ... read more

14-08-2019
Child Benefit charge if income exceeds £50,000

Child Benefit charge if income exceeds £50,000

The High Income Child Benefit charge (HICBC) applies to a parent whose income exceeds £50,000 in a tax year and who is in receipt of Child Benefit. If both parents have an income that exceeds ... read more

14-08-2019
VAT and insurance claims

VAT and insurance claims

Insurance transactions are generally VAT exempt. However, there are many issues that can arise concerning the VAT liability of certain insurance transactions. One of these issues concerns the VAT ... read more

14-08-2019
When are Class 1A NICs due

When are Class 1A NICs due

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees, for example, the use of a company car. There are no Class 1A employee contributions payable. Class 1A ... read more

14-08-2019
How do you calculate adjusted net income?

How do you calculate adjusted net income?

To calculate adjusted net income, you will need to look at a taxpayer’s total taxable income, before personal allowances, and then deduct any trading losses, gift aid donations, gross pension ... read more

08-08-2019
Pregnant women and new parents to get enhanced redundancy protections

Pregnant women and new parents to get enhanced redundancy protections

The government has published its response to its January 2019 consultation on “pregnancy and maternity discrimination: extending redundancy protection for women and new parents” and has ... read more

07-08-2019
Lowest paid to be eligible for sick pay

Lowest paid to be eligible for sick pay

A new consultation launched jointly by the Department for Work and Pensions and the Department of Health and Social Care, is seeking views on different ways in which both the Government and employers ... read more

07-08-2019
Visiting EU after 31 October 2019

Visiting EU after 31 October 2019

Although we have a new Prime Minister, it would seem that so far nothing has changed to bring us any closer to a Brexit resolution. In fact, it appears that a no-deal Brexit is becoming more likely as ... read more

07-08-2019
Last chance to join the Help to Buy ISA scheme

Last chance to join the Help to Buy ISA scheme

The Help to Buy ISA scheme will close to new savers after 30 November 2019. This leaves less than 4 months to open an account before the product is due to be withdrawn by the Government. Once opened, ... read more

07-08-2019
Clients exporting to EU if a no-deal Brexit

Clients exporting to EU if a no-deal Brexit

If the UK leaves the EU without a deal, any UK business that exports goods to the EU will be responsible for making customs declarations (as is the case for businesses currently exporting goods ... read more

07-08-2019
Working after State Pension age

Working after State Pension age

There are many taxpayers that have reached the State Pension age and continue to work. It should be noted that the requirement to pay any employee or self-employed National Insurance Contributions ... read more

07-08-2019
Inheritance Tax and domicile

Inheritance Tax and domicile

Domicile is a general legal concept which in basic terms is taken to mean the country where you permanently belong. However, determining domicile status can be complex. HMRC guidance states that ... read more

31-07-2019
NIC Act 2019 receives Royal Assent

NIC Act 2019 receives Royal Assent

The National Insurance Contributions (Termination Awards and Sporting Testimonials) Bill has received Royal Assent, to become the National Insurance Contributions (Termination Awards and Sporting ... read more

30-07-2019
Duty free limits if you are travelling abroad

Duty free limits if you are travelling abroad

Here is a reminder for our readers of their duty and tax free allowances if travelling abroad this summer. Travelling to an EU country Where tobacco or alcohol is brought in from another EU country, ... read more

30-07-2019
Payments on account system glitch

Payments on account system glitch

The due date for making your second payment on account for 2018-19, was the 31 July 2019. The amount that was due for payment is usually the same as that for your first payment on account made on or ... read more

30-07-2019
VAT for business if there’s a no-deal exit from the EU

VAT for business if there’s a no-deal exit from the EU

With the new Prime Minister, Boris Johnson, appearing to take an increasingly hard line the chances of Britain leaving the EU without any working agreement, known as a 'no deal' Brexit, are ... read more

30-07-2019
Keeping records if self-employed

Keeping records if self-employed

If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income. For tax ... read more

30-07-2019
How to claim a personal tax refund

How to claim a personal tax refund

HMRC’s annual reconciliation of PAYE for the tax year 2018-19 is well under way. HMRC use salary and pension information to calculate if you have paid the correct amount of tax. The calculation ... read more

30-07-2019
VAT accounting after prices are changed

VAT accounting after prices are changed

New rules that make changes to the issuing of credit notes under certain circumstances, will come into effect from 1 September 2019. The changes have been put in place to target certain businesses who ... read more

30-07-2019
Changes to Structures and Buildings Allowance

Changes to Structures and Buildings Allowance

The new Structures and Buildings Allowance (SBA), allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of ... read more

30-07-2019
Earlier payment dates for Capital Gains Tax

Earlier payment dates for Capital Gains Tax

Currently, the due date for paying any Capital Gains Tax (CGT) owed to HMRC is the 31 January, following the end of the tax year in which a Capital Gain was made. This deadline will change for UK ... read more

30-07-2019
Changes at HM Treasury

Changes at HM Treasury

Within hours of entering 10 Downing Street for the first time as Prime Minister, Boris Johnson had filled most of the senior cabinet roles by undertaking a major overhaul of cabinet members. After ... read more

25-07-2019
The Pensions Regulator launches new re-enrolment tool

The Pensions Regulator launches new re-enrolment tool

Every three years, employers must put certain eligible workers who have left their automatic enrolment workplace pension scheme back into it. This is called re-enrolment. Employers must also complete ... read more

25-07-2019
Tax Diary August/September 2019

Tax Diary August/September 2019

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

22-07-2019
Tax free gifts to spouse or charity

Tax free gifts to spouse or charity

As our readers are most likely aware there is usually no Capital Gains Tax (CGT) due on the transfer of assets between husbands and wives and civil partners. However, there is still a deemed disposal ... read more

22-07-2019
Employing family, young people and volunteers

Employing family, young people and volunteers

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This ... read more

22-07-2019
Applying to register a trade mark

Applying to register a trade mark

The process of registering a trade mark can be very complex, and careful due diligence must be undertaken to decide what exactly is being trade marked and in which jurisdictions. It is possible to ... read more

22-07-2019
Treatment of fees for nominee directors

Treatment of fees for nominee directors

A nominee director is someone who acts as a non-executive director on the board of a company. This person is normally appointed to act on behalf of another person or company and is effectively their ... read more

22-07-2019
What are zero-hour contracts?

What are zero-hour contracts?

The use of zero-hour contracts has become widespread in many sectors including the food service, retail, healthcare and leisure sectors. For employers, zero-hour contracts offer many advantages, for ... read more

22-07-2019
Who is eligible to use the cash basis?

Who is eligible to use the cash basis?

The cash basis scheme helps many sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and ... read more

22-07-2019
Research and Development tax reliefs

Research and Development tax reliefs

There are two schemes for claiming relief for R&D expenditure. The schemes are known as the Small or Medium-sized Enterprise (SME) Scheme for smaller companies, and the Research and Development ... read more

22-07-2019
Students working summer jobs

Students working summer jobs

We would like to remind any students that work part time, for example in a summer job, that they are entitled to claim back any tax overpaid. Students (and other temporary workers) are not required to ... read more

22-07-2019
Holiday entitlement

Holiday entitlement

As the summer holiday season is upon us, we thought that it would be useful to remind employees of their annual holiday entitlement. Almost all full-time workers in the UK are legally entitled to 5.6 ... read more

18-07-2019
ICO issues notices of intention to fine BA and Marriott

ICO issues notices of intention to fine BA and Marriott

Following an extensive investigation, the Information Commissioner’s Office (ICO) has announced that it has issued a notice of its intention to fine British Airways (BA) £183.39 million ... read more

17-07-2019
Reminder to sign up for Making Tax Digital before August

Reminder to sign up for Making Tax Digital before August

VAT registered businesses with a turnover above the VAT threshold, need to be ready to keep digital records for VAT purposes using Making Tax Digital (MTD). This means that businesses must keep their ... read more

17-07-2019
Will you have to repay Child Benefit for 2018-19?

Will you have to repay Child Benefit for 2018-19?

The High Income Child Benefit charge applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of Child Benefit. The charge claws back the financial benefit of ... read more

17-07-2019
Be wary of 60% Income Tax charge

Be wary of 60% Income Tax charge

For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable ... read more

17-07-2019
Tax simplification for self-employed

Tax simplification for self-employed

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 new document setting out the ... read more

17-07-2019
Rules for off-payroll working from April 2020

Rules for 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

17-07-2019
Corporate Capital Loss Restriction

Corporate Capital Loss Restriction

Under current rules up to 100% of chargeable gains can be set against carried-forward capital losses. For accounting periods ending on or after 1 April 2020, large companies and unincorporated ... read more

17-07-2019
Draft legislation for Finance Bill 2019-20

Draft legislation for Finance Bill 2019-20

The Government has published the draft legislation for Finance Bill 2019-20, along with accompanying explanatory notes, tax information and impact notes, responses to consultations and other ... read more

17-07-2019
Reminder to renew your tax credit claim

Reminder to renew your tax credit claim

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2019. Claimants who do not renew on-time may have their payments stopped. HMRC has ... read more

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