NEWSLETTER ARTICLES

 

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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

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

11-09-2019
Information Commissioner’s Office publishes no-deal Brexit guidance for small and medium-sized organisations

Information Commissioner’s Office publishes no-deal Brexit guidance for small and medium-sized organisations

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

10-09-2019
VAT changes for CIS Sub-contractors delayed

VAT changes for CIS Sub-contractors delayed

The VAT rule changes for building contractors and sub-contractors that were expected to come into effect imminently, have been delayed for 12 months until 1 October 2020. This surprise announcement ... read more

04-09-2019
Filing deadlines for company accounts

Filing deadlines for company accounts

The normal deadline for filing private limited company accounts is 9 months after the company’s financial year end, known as the accounting reference date. For example, many companies have a ... read more

04-09-2019
Filing deadlines for a company confirmation statement

Filing deadlines for a company confirmation statement

As well as filing accounts with Companies House, there is a further requirement to check that the information Companies House holds about your company is correct every year. This is facilitated by the ... read more

04-09-2019
Help to Save accounts

Help to Save accounts

The Help to Save scheme can help those on low incomes to boost their savings. The scheme was launched in September 2018, and new figures published by HMRC have revealed that over 132,000 people have ... read more

04-09-2019
State Pension update for recipients living in the EU

State Pension update for recipients living in the EU

If you live or move abroad, you are entitled to claim the State Pension if you have met the necessary qualifying criteria. This is based on your UK National Insurance record. You require a minimum of ... read more

04-09-2019
Merchandise in Baggage in case of no-deal Brexit

Merchandise in Baggage in case of no-deal Brexit

There are special customs requirements for commercial goods or samples which are imported or exported by passengers in their accompanied baggage (hand carried) or in a small motor vehicle (carrying ... read more

04-09-2019
Simplified expenses motor vehicles

Simplified expenses motor vehicles

There are simplified arrangements in place for the self-employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The ... read more

04-09-2019
Simplified expenses use of home

Simplified expenses use of home

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

04-09-2019
Trading income priority rules

Trading income priority rules

There is specific tax legislation that seeks to determine which charge takes priority where two different charges could potentially apply to the same income. These rules are known as the 'priority ... read more

04-09-2019
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

29-08-2019
Government to end free movement if a no-deal Brexit

Government to end free movement if a no-deal Brexit

If the UK leaves the EU without a deal in place on 31 October 2019, EU, EEA and Swiss citizens (and their family members) who are living in the UK by this date will still be eligible to apply for ... read more

28-08-2019
Do you trade with EU companies?

Do you trade with EU companies?

The new Chancellor, Sajid Javid, has stepped up plans to help ensure businesses are ready to trade post-Brexit if the UK leaves the EU without a deal. If you trade goods with the EU then you will be ... read more

28-08-2019
How dividends are taxed

How dividends are taxed

The dividend tax allowance was introduced in April 2016. It replaced the old dividend tax credit with an annual £5,000 dividend allowance with tax payable on dividends received over this amount. ... read more

28-08-2019
Deregistering for VAT

Deregistering for VAT

A compulsory VAT deregistration is usually required if you: Stop making taxable supplies Sell your business Change legal status Disband a VAT group Join a VAT group Join the agricultural flat ... read more

28-08-2019
VAT changes for CIS Sub-contractors

VAT changes for CIS Sub-contractors

Important changes to the VAT rules for building contractors and sub-contractors are coming into effect from 1 October 2019. In a nut-shell, if you are subject to the Construction Industry Scheme (CIS) ... read more

28-08-2019
Blind Person’s Allowance

Blind Person’s Allowance

The Blind Person’s Allowance is an extra amount of tax-free allowance made available to those who are eligible. The allowance for the current 2019-20 tax year is £2,450. If both spouses / ... read more

28-08-2019
New CGT rules for homeowners

New CGT rules for homeowners

Currently, if a property has been occupied at any time as an individual’s main private residence, the last 18 months of ownership are disregarded for CGT purposes. This relief applies even if ... read more

28-08-2019
The importance of a written contract

The importance of a written contract

The importance of having a written contract when deciding employment status should not be understated. Failing to make proper provision for written contracts can mean relying on oral agreements, which ... read more

28-08-2019
A reminder of the 'badges of trade'

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side-line to a ... read more

27-08-2019
Tax Diary September/October 2019

Tax Diary September/October 2019

1 September 2019 - Due date for Corporation Tax due for the year ended 30 November 2018. 19 September 2019 - PAYE and NIC deductions due for month ended 5 September 2019. (If you pay your tax ... read more

20-08-2019
National Insurance if you work abroad

National Insurance if you work abroad

If you move abroad, it can often be advantageous to continue paying your UK National Insurance Contributions (NICs) in order to preserve your entitlement to the UK State Pension and other benefits. If ... read more

20-08-2019
Tax if you work abroad

Tax if you work abroad

If you are leaving the UK to work abroad for at least one year (or permanently), there is a requirement to notify HMRC. This is done using a P85 form which should be completed and submitted to HMRC. ... read more

20-08-2019
When can you increase your rental income?

When can you increase your rental income?

The ability to increase the rent on private rentals is driven by the tenancy agreement. This is an agreement between the landlord and the tenant. The agreement can be written down or oral. The ... read more

20-08-2019
PAYE late filing penalties

PAYE late filing penalties

There are late filing penalties in place for employers that don’t report payroll information on time. The size of the late filing penalties depends on the number of employees within the PAYE ... read more

20-08-2019
When are scholarships taxable as benefits?

When are scholarships taxable as benefits?

The holder of a scholarship is exempt from a charge to Income Tax on income from a scholarship when receiving full-time education at a university, college, school or other educational ... read more

20-08-2019
Taxation of miscellaneous income

Taxation of miscellaneous income

There are special rules, known as the miscellaneous income sweep-up provisions, that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches certain income that ... read more

20-08-2019
The meaning of goodwill

The meaning of goodwill

Goodwill is a term we hear about often, but interestingly, is rarely mentioned in legislation. In fact, the term 'goodwill' is not defined for the purposes of the Capital Gains legislation in ... read more

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