The ‘fiscal’ goal posts will be moving

In the coming months we will start to see how our new government intends to change the UK tax rules ...
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Your stake in your business

Ever wondered how your stake in your business is represented in your accounts? The answer can be found at the ...
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When you cannot use the Property or Trading Allowances

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types ...
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The NIC Employment Allowance

The Employment Allowance benefits eligible employers by reducing their National Insurance liability. The current allowance is £5,000. An employer can ...
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Child benefit for 16 to 19 year olds

The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate ...
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Gains on sale of shares

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you ...
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Taxable and non-taxable State Benefits

Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable ...
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Ordering documents from Companies House

Companies House offers interested parties the ability to order certified copies of certificates and documents held on the Companies House ...
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The new Chancellor’s first speech

The Chancellor has promised to take immediate action to fix the foundations of the economy, rebuild Britain and make every ...
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Responding to a personal data breach

The Information Commissioner’s Office has a simple guide that explains what you need to do in the 72 hours following ...
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Labour win landslide election result

As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14 ...
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Inheritance and tax

As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the ...
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Company filing obligations

It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of ...
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Restarting a dormant company

HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for Corporation Tax purposes. Companies ...
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Business VAT responsibilities

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £90,000. Businesses with turnover below ...
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Are mega sized marshmallows zero-rated?

In the UK most basic food stuffs are zero rated. However, the definition of 'basic' is not straightforward and many ...
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New government

Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for raising the funds that our ...
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Exit plans

Exit can be seen as quitting, especially if the exit discussed is your business interests. But actually, business exit planning ...
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CGT Incorporation Relief

Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to ...
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What your tax code means

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax ...
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Income Tax in Scotland

The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish ...
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Late night taxi for an employee

There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of ...
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Claim full expensing or 50% FYA

Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last ...
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Statutory redundancy pay

If you have been in the same job for two years or more and are made redundant you will usually ...
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Tax Diary August/September 2024

1 August 2024 - Due date for corporation tax due for the year ended 31 October 2023. 19 August 2024 ...
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Translation

If you receive documents from overseas customers or suppliers and you need to translate text into English, have you used ...
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Extracting profits from a small, limited company

It is pretty much universally accepted that shareholders (usually directors) of small companies take out their remuneration as a small ...
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Are you claiming the marriage allowance

The marriage allowance can be claimed by married couples and those in a civil partnership and where a spouse or ...
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Check your State Pension forecast

The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK at ...
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Finding your National Insurance number

If you have lost or forgotten your National Insurance number there are a number of ways to locate it. Firstly, ...
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Check employment status for tax

The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified ...
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How to check a UK VAT number

The online service for checking a UK VAT number is available at: www.gov.uk/check-uk-vat-number. This service can be used to check: ...
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Private rental deposits

There are special rules under the Tenancy Deposit Scheme that limits the amount of deposit that landlords in England can ...
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What is a group company structure?

A group is formed when one company has control of, owns, a number of subsidiary companies. A group is different ...
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Reclaiming pre-trading VAT

There are special rules that determine the recoverability of VAT incurred before a business registered for VAT. This type of ...
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Post cessation transactions

Tax relief may be available for post-cessation expenses of a trade. To be an allowable post-cessation expense the trade must ...
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Tax relief for training costs

If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be ...
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Tax and employee share schemes

There are a number of government approved share schemes which offer various incentives to employees. The rules of the schemes ...
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Connected persons for tax purposes

The definition of a connected person for tax purposes varies. A statutory definition of “connected persons” for Capital Gains Tax ...
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Is your income over £100,000?

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 ...
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Child Benefit for 16 – 19 year olds

More than a million parents will receive reminders to extend Child Benefit for their teenagers if they are continuing their ...
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Are we unpaid tax collectors?

Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position; ...
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Types of HMRC enquiries

HMRC can enquire into any statutory return (or amendment of that return) or statutory claim to check if the return ...
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Correcting errors in VAT returns

Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon ...
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Interest on children’s savings

All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts ...
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Non-resident UK property sales

There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to ...
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Self-assessment payments on account

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments ...
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Multiple Dwellings Relief for SDLT

It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change ...
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New Brooms

As time passes during the present election campaign, its seems more likely that we may have a change of government ...
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Falling inflation – what does it mean for you?

The following notes are reproduced from a Treasury statement issued 21 May 2024. Lower inflation supports people by maintaining the ...
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Tax Diary July/August 2024

1 July 2024 - Due date for corporation tax due for the year ended 30 September 2023. 6 July 2024 ...
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Filing your tax return early

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024 ...
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Setting up as a sole trader

Setting up in business as a sole trader is arguably the simplest way of starting and running a business. The ...
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Need to register for self-assessment?

There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about ...
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Statutory Pay assistance

An employer can usually reclaim 92% of employees’ Statutory Maternity, Statutory Paternity, Statutory Adoption, Statutory Parental Bereavement and Statutory Shared ...
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Directors and National Insurance

Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary ...
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Transferring unused IHT residence nil rate band

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) ...
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Change

There is a French saying “Plus ca change, plus c’est la meme chose” meaning, the more things change, the more ...
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New protection for consumers

The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent. The Act paves the way to ...
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General election date announced

The Prime Minister, Rishi Sunak, declared from the steps of Downing Street (on 22 May 2024) that the next general ...
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Do not respond if you receive this letter

Companies House published guidance titled ‘Reporting scams pretending to be from Companies House’ has been updated. The list is intended ...
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Changes to the High Income Child Benefit Charge

The changes to the High Income Child Benefit Charge (HICBC) announced as part of the Spring Budget came into effect ...
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Payback company car private fuel

Where an employee with a company car is provided with fuel for their own private use by their employers, the ...
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CGT Rollover Relief

Business Asset Rollover Relief also known as CGT Rollover Relief allows for deferral of Capital Gains Tax (CGT) on gains ...
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Carry back charitable donations

If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations ...
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Employee suggestion schemes

There are many advantages to creating an employee suggestion scheme where employees are rewarded for making suggestions that benefit your ...
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Post Office convictions quashed

Convictions of hundreds of postmasters have been quashed following Royal Assent of the Post Office (Horizon System) Offences Act 2024 ...
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Benefits of a fall in inflation

An economist from the Treasury explains exactly what a fall in inflation means for you. How will lower inflation help ...
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Changes to Companies House Fees

There have been a number of significant changes in Companies House fees. These changes took effect on 1 May 2024 ...
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Tax credits reminder

We would like to remind our readers that HMRC is currently sending the annual tax credit renewal packs to 730,000 ...
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Reporting expenses and benefits to HMRC

The deadline for submitting the 2023-24 forms P11D, P11D(b) and P9D is 6 July 2024. These forms can be submitted ...
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VAT reverse charge for builders

There are special VAT reverse charge rules for certain building contractors and sub-contractors. The rules, which came into effect on ...
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Tax when transferring assets during divorce

When a couple is separating or is divorced it is unlikely that they are thinking about the tax implications of ...
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View your annual tax summary

The Annual Tax Summary is a document provided by HMRC that shows details of the tax you pay and how ...
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Universal Credit changes

Universal Credit claimants working less than half of a full-time week will have to look to increase their hours but ...
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Childcare funding for under 9-month-olds

In a recent press release the Department for Education confirmed that parents of children from 9 months old can now ...
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Employing staff for the first time?

There are a number of rules and regulations that you must be aware of when you employ staff for the ...
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Register an overseas company

An overseas company must register with Companies House if they want to set up a place of business in the ...
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Beneficial tax-exempt loans

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference ...
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Closing a limited company

There are a number of reasons why you may need to close your limited company. This could be because the ...
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Check a VAT number

The Check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK ...
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Deferring National Insurance payments

Employees with more than one job may be able to defer or delay paying Class 1 National Insurance in certain ...
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Customs declaration deadline

A reminder that businesses must submit all export declarations through the Customs Declaration Service (CDS) by 4 June. Businesses exporting ...
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Company names – new regulations

A recent post by Companies House confirmed that they are now using new powers to challenge the registration of certain ...
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Time to renew tax credits

HMRC is currently sending the annual tax credit renewal packs to the 730,000 tax credit claimants and is encouraging recipients ...
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Act now to claim dormant funds

The Ministry of Justice has published an urgent warning for anyone with unclaimed dormant funds held by the Courts Funds ...
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Check if HMRC contact is genuine

HMRC’s published guidance titled ‘Check genuine HMRC contact that uses more than one communication method’ has been updated. The list ...
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How to claim R&D expenditure credit

In the Autumn Statement last year, it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise ...
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Do you need to register for Economic Crime Levy?

The Economic Crime Levy is a levy that applies to businesses that are already regulated for anti-money laundering purposes. Your ...
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Lifetime transfers and liability to IHT

There are special rules concerning the liability to IHT of a transfer made during a lifetime. For example, most gifts ...
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Tax Diary June/July 2024

1 June 2024 - Due date for corporation tax due for the year ended 31 August 2023. 19 June 2024 ...
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Cyber protection laws introduced

New consumer protections against hacking and cyber-attacks came into force at the end of April 2024. All internet connected smart ...
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New Companies House powers

The recently introduced Economic Crime and Transparency Act has gifted Companies House a range of new powers aimed at reducing ...
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VAT boost to charitable donations

The government is looking to introduce a new relief that would provide a VAT boost to charitable donations. The new ...
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New tips guidance published

New rules that stop employers from withholding tips from people working in the hospitality, leisure and services sectors are a ...
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Self-employed tax basis period reform

The self-employed tax basis period reform has changed the way trading income is allocated to tax years. Under the reforms, ...
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Directors who are liable for unpaid tax

HMRC has the power to make directors personally liable for paying the tax debts of companies they have been involved ...
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Business rates relief in England

Business rates are a tax on non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories ...
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Hiring customs agents

Customs declarations can be difficult and time consuming to complete. Businesses can make their own custom's declarations; however, this is ...
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Free management course for SMEs

The government has launched the new Help to Grow: Management Essentials course; a short online course with practical tips and ...
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Post Office Offences Bill to be extended

The Government has tabled amendments to expand the territorial extent of the Post Office Offences Bill. Convictions resulting from the ...
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Childcare Account chores

HMRC’s Childcare account can be used to claim free childcare (if eligible) or pay for Tax-Free Childcare. HMRC’s sign in ...
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Do’s and don’ts for Standard Visitors to the UK

There is useful guidance published on GOV.UK that explains the do’s and don’ts for Standard Visitors to the UK. Visitors ...
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Bikes for employees

The Cycle to Work scheme allows employers to provide bicycles and cyclists’ safety equipment to employees as a tax-free benefit ...
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Tax-free home sales

In general, there is no Capital Gains Tax (CGT) liability created when a property used as the main family residence ...
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Transferring unused nil rate band for IHT

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) ...
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Checking your National Insurance records

There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is ...
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Tipping boost

The government’s Tipping Act is a step closer to coming into force, as the Code of Practice is published and ...
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Smart energy

In a recent press release, the Department for Energy Security and Net Zero confirmed that consumers are set to benefit ...
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Tax Diary May/June 2024

1 May 2024 - Due date for corporation tax due for the year ended 30 July 2023. 19 May 2024 ...
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Payrolling employee expenses and benefits

Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax ...
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Changes to Scottish Income Tax rates 2024-25

A reminder of the changes to Scottish Income Tax rates for the 2024-25 tax year. It was announced as part ...
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Taxable employment benefits from April 2026

From April 2026, the government will mandate the reporting and paying of Income Tax and Class 1A National Insurance Contributions ...
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View and prove your immigration status

A UK Visas and Immigration (UKVI) account can be used by eligible users to view and prove their immigration status ...
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Post Transaction Valuation Checks

A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a capital gains ...
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Class 4 NICs who is liable?

Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more ...
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COVID Bounce Back abuse

The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for ...
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Settling energy disputes

Business owners that are in dispute with their energy suppliers will be interested in the free support on offer from ...
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Accessing the HMRC mobile APP

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store ...
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Using the starter PAYE checklist

Employers that take on a new employee need to work out which tax code and starter declaration to use in ...
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HMRC continues to target till fraud

HMRC has, for many years, looked to target businesses that deliberately undertake electronic sales suppression (ESS). ESS happens where a ...
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Termination payment clearance process

The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax ...
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VAT retail schemes

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are ...
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Paying VAT on goods from EU to Northern Ireland

There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern ...
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New employment protections

New legislation, including three Government backed cross party Acts, came into force from 6 April 2024. Pregnant women and new ...
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What do we mean by profit?

When most business owners refer to business profits, they are likely to mean the difference between sales and costs, and ...
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To register or not to register

In the recent Spring Budget, the VAT registration threshold was raised to £90,000 (previously £85,000) which means that smaller businesses ...
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Measures to support household budgets from 1 April

In a recent press release the government confirmed the following policies to support household incomes from 1 April 2024. The ...
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More about emergency tax codes

The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The ...
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Claim tax relief on pension contributions

You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to ...
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Claim tax relief if working from home

If you are an employee who is working from home, you may be able to claim tax relief for part ...
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Restarting a dormant or non-trading company

HMRC must be informed when a non-trading or dormant company starts trading and becomes active for Corporation Tax purposes. Companies ...
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Online check how to import or export goods

HMRC has a useful online tool to help UK business owners check how to import or export goods. This online ...
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Tax-free mileage expenses

If you use your own vehicle for business journeys you may be able to claim a tax-free allowance from your ...
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HMRC helpline changes on hold

HMRC has been forced into an embarrassing climbdown on plans to close the Self-Assessment, VAT and PAYE helplines from early ...
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Assistance with debt management

Earlier this month, saw the 10th anniversary of the StepChange Debt Charity’s annual Debt Awareness Week. This is designed to ...
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What are the off-payroll working rules?

The rules for individuals providing services via an intermediary such as a personal service company (PSC) are complex. The rules ...
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HMRC to accept service of legal proceedings by email

HMRC has issued an updated ‘news story’ to confirm that, where possible, new legal proceedings and pre-action letters can be ...
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Rent a Room Scheme – another income stream

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home to create ...
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Entitlement to carer’s allowance

Carer’s credit is a National Insurance credit that can help carers to fill gaps in their National Insurance record. Carers ...
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We are unpaid tax collectors

Clients often refer to the VAT added to supplier invoices as if it were a cost to their business regardless ...
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Time to rethink the credit you offer your customers

Most business owners are driven by sales targets and to meet these targets they may be tempted to offer extended ...
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Tax-free child care

HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for school holiday childcare ...
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Invest and save tax

The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of qualifying expenditure on ...
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Check your National Insurance record

There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is ...
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Workplace pension responsibilities

Automatic enrolment for workplace pensions has helped many employees make provision for their retirement, with employers and government also contributing ...
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Declare a beneficial interests in joint property

The usual tax position for couples who live together with their spouse or civil partners is that property income held ...
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What a tax code means

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax ...
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Customs Declaration Service open for business

All businesses can now move their export declarations to the Customs Declaration Service (CDS), HMRC has confirmed. Businesses who have ...
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Apprenticeships boost

From the start of April 2024, the government will increase the amount of funding that employers who are paying the ...
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Company confirmation statement changes

As well as filing accounts with Companies House, there is an important requirement to check that the information Companies House ...
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Still time to register for the Marriage Allowance

There is still time to register for the marriage allowance before the current tax year ends on 5 April 2024 ...
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Tax on savings interest

If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest ...
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Register of Overseas Entities

The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held by ...
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Changing a company’s accounting year end

There are special rules which limit the ability to change your company’s accounting year end date. A company’s year end ...
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Eligibility for replacement of domestic items relief

The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances ...
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Tax Diary April/May 2024

1 April 2024 - Due date for corporation tax due for the year ended 30 June 2023. 19 April 2024 ...
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Public sector productivity

In a recent announcement by the Treasury, it was announced that plans are afoot to deliver up to £1.8bn of ...
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Tech companies assist with fuel price transparency

Leaders from top comparison sites, RAC and The AA will be among those meeting the Energy Affordability Minister to help ...
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ICO publishes guidance on information sharing in mental health emergencies at work

The Information Commissioner’s Office (ICO) has published new guidance to give employers greater certainty about sharing their workers’ personal information ...
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Updated guidance on reporting hybrid working for sponsored workers

In spring 2023, the government updated part 3 of its sponsor guidance for workers and temporary workers to provide that ...
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Spring Budget 2024 – NIC changes

As had been widely expected, the Chancellor announced further changes to National Insurance contributions (NIC) rates for employees and the ...
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Spring Budget 2024 – VAT registration threshold changes

The taxable turnover threshold that determines whether businesses should be registered for VAT will increase from £85,000 to £90,000 from ...
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Spring Budget 2024 – High Income Child Benefit Charge

The High Income Child Benefit Charge (HICBC) came into force January 2013 and has applied to taxpayers whose income exceeds ...
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Spring Budget 2024 – Alcohol and Tobacco Duty

As part of the Spring Budget measures, the Chancellor announced that the duty rates on beer, cider, wine and spirits ...
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Spring Budget 2024 – CGT on disposals of residential property

A higher rate of Capital Gains Tax (CGT) applies to gains on the disposal of residential property if the gain ...
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Spring Budget 2024 – non-dom changes

In a move that may partly have been prompted by seeking to mirror a longstanding policy of the Labour party, ...
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Spring Budget 2024 – Fuel Duty rates

In the Spring Budget, the Chancellor extended the fuel duty cut for a further 12 months to help support households ...
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Budget summary 6 March 2024

As expected, the Chancellor has found wriggle room in his fiscal rules that have allowed him to please his fellow ...
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Pension fund reforms

The Chancellor announced pension fund reforms as a further step in the government’s plan to boost British business and increase ...
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Companies House rolls-out new powers

The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4 ...
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Update on the tax status of Double Cab Pick Ups

HMRC have reversed a previous decision (originally published 12 February 2024) on the tax status of Double Cab Pick Ups ...
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Companies House filing fees increase

Companies House has announced that some of their fees will be changing from 1 May 2024. The last change in ...
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Contractors and CIS

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in ...
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Advise HMRC if company is dormant

If a company has stopped trading and has no other income, then the company is usually classed as dormant for ...
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Appeals against tax penalties

It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision issued ...
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Holiday Lets averaging election

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a ...
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Crack down on ‘fire and rehire’ practices

The Government has announced action to tackle the use of controversial 'fire and rehire' practices. In a press release issued ...
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A new champion for small businesses appointed

An experienced entrepreneur has taken up a key role to promote the needs of small businesses to government and ensure ...
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Beware fake tax rebate offers

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, ...
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Cost of living final payment 2023-24

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested ...
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Are you self-employed?

Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified ...
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Types of limited companies

A limited company is a company ‘limited by shares’ or ‘limited by guarantee’. Limited by shares This is the most ...
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Entitlement to Business asset disposal relief

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s ...
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Letting part of your home

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family's main ...
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Top-line, bottom-line?

Most small business owners are happy, from a financial point of view, if sales are in line with expectations. And ...
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Importing or exporting for the first time?

If you are considering selling or buying to or from companies based outside the UK, you may well be overawed ...
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A reminder that NLW and NMW rates are increasing

A reminder for our readers that the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase ...
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Checking Furnished Holiday Let property occupancy

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a ...
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Eligibility for the VAT Flat Rate Scheme

The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 ...
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Tax on inherited private pensions

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, ...
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What is Class 1A NIC?

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a ...
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Autumn Finance Bill 2023 update

The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill ...
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The Valuation Office Agency tackles holiday lets

The Valuation Office Agency (VOA) is writing to some owners of self-catering holiday lets that are assessed for business rates ...
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Full-time and part-time contracts

As an employer, the tax and employment responsibilities you have for your staff will depend on the type of contract ...
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Tax Diary March/April 2024

1 March 2024 - Due date for Corporation Tax due for the year ended 31 May 2023. 2 March 2024 ...
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Alcohol duty freeze takes effect

As part of the Autumn Statement measures the Chancellor announced that the duty rates on beer, cider, wine and spirits ...
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Record number of taxpayers file on time

HMRC has confirmed that more than 11.5 million people submitted their 2022-23 self-assessment tax returns by the 31 January deadline ...
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Reporting employee changes to HMRC

There are rules that businesses must follow when they are reporting employee changes. These changes must be sent to HMRC ...
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Landlords – claiming maintenance and repairs costs

Landlords are able to claim for allowable expenses as a deduction from their rental income when calculating taxable rental profits ...
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Should you pay tax on selling goods online?

HMRC has published new guidance for taxpayers that regularly sell goods or services through an online marketplace. The guidance makes ...
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Using your own vehicles for work-related journeys

If you are an employee and use your own money to buy things you need for your job you can ...
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Government promotes electric vehicles

The government department active in the promotion of electric vehicles has published guidance regarding the costs, charging issues and infrastructure ...
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Does your business offer customs services?

If your business does offer customs services, did you know that HMRC could offer you a free listing on their ...
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Time to Pay your tax

Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their ...
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Penalties if you missed the filing deadline

Have you missed the 31 January 2024 filing deadline for your 2022-23 self-assessment return? If you have missed the filing ...
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File early to have self-assessment tax coded out

The coding out threshold may entitle you to have tax underpayments collected via your tax code when you are in ...
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Joining or leaving the VAT Cash Accounting Scheme

The VAT Cash Accounting Scheme can offer useful benefits to small businesses. Under standard VAT accounting, VAT is payable on ...
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Capital sums derived from assets

HMRC’s guidance is clear that where a capital sum is derived from an asset, the relevant legislation treats the owner ...
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Do you need to tell HMRC about additional income?

There is an online tool that allows taxpayers to check if they need to notify HMRC about additional income. The ...
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Changes at Companies House

Companies House have issued an update on their first implementation of changes brought about by The Economic Crime and Corporate ...
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Does your business have a March year end date?

Leaving aside tax planning issues all businesses should be considering business planning opportunities if they presently have an accounting year ...
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Correcting payroll mistakes

Employers generally use payroll software or other payroll services to record employees pay, deductions and National Insurance contributions on or ...
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Reporting company car changes

There is a requirement to notify HMRC if you make any company cars available for private use by company directors ...
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Do you need to register for self-assessment?

There are a number of reasons why you might need to complete a self-assessment tax return. This includes if you ...
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Assets made available to an employee

Assets such as computers, televisions and bicycles that are made available to employees can create certain tax, National Insurance and ...
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VAT – option to tax property

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and ...
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Tax and working from home

Employees who are working from home may be able to claim tax relief for bills they pay that are work ...
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Government launches new WhatsApp channel

The Government has launched a new account on WhatsApp Channels, allowing members of the public to subscribe to receive important ...
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Government steps to secure UK supply chains

Industry leaders have welcomed the Government’s new Critical Imports and Supply Chain Strategy, safeguarding UK supplies of critical goods such ...
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Bed and breakfast share sales

The term bed and breakfasting (sale and repurchase) of shares refers to transactions where shares are sold and bought back ...
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Full expensing of capital purchases

A reminder to readers that the full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into ...
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Year end payroll reporting

It is not that long until the current 2023-24 tax year comes to an end and there are a number ...
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Reminder to claim the Marriage Allowance

The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does ...
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IHT gifts – 7 year limit

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime ...
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Using the VAT Flat Rate Scheme

The VAT Flat Rate scheme allows businesses to pay VAT as a fixed percentage of their VAT inclusive turnover. The ...
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A reminder to protect your business capital

The beginning of a new year is an opportune time to undertake basic business planning. One aspect that needs continuous ...
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Less than one month to tax return filing deadline

A new press release from HMRC has highlighted that 49,317 taxpayers took the time to file their tax returns online ...
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VAT on period products scrapped

Before Brexit, the UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items ...
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National Insurance and tax after State Pension Age

If you have reached the State Pension age and continue to work, in most cases, you no longer need to ...
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Business Asset Disposal Relief

Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a trading company ...
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Beware higher rate tax on dividends

Readers are reminded that if the dividends they draw from their company, when added to their other income, exceeds the ...
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New tax credits for film, TV and game makers

A number of reforms to tax reliefs for the creative sectors came into effect from 1 January 2024. Under the ...
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Tax Diary February/March 2024

1 February 2024 - Due date for Corporation Tax payable for the year ended 30 April 2023. 19 February 2024 ...
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Setting up a payment plan with HMRC

The 31st of January is a key date for those of us who are registered for self-assessment. There are three ...
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Using your vehicle for work related journeys

If you use your car or other vehicle to undertake business journeys on behalf of your employer, and your employer ...
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Do you need to register for VAT in 2024?

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold ...
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Utilise your 2023-24 IHT reliefs

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current 2023-24 tax ...
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What happens if your income exceeds £100K 2023-24?

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 ...
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Spring Budget 2024

The Chancellor of the Exchequer, Jeremy Hunt has confirmed that the next UK Budget will take place on Wednesday, 6 ...
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Flat Rate Scheme annual review

If using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The ...
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Scottish Budget 2024-25

Scotland’s Deputy First Minister and Finance Secretary, Shona Robison delivered her first Budget statement to the Scottish parliament on 19 ...
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Welsh Budget 2024-25

The Welsh draft Budget for 2024-25 was published on 19 December 2023. The Budget sets out the Welsh government’s revenue ...
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Claiming relief for work related expenses

If your employer has reimbursed you in full for any work related expenses you will obviously be unable to make ...
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Be wary of rogue business rates agents

The government Valuation Office Agency have issued the following warning to business owners who may have received unprompted approaches by ...
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Helpline delays at HMRC

HMRC’s self-assessment (SA) helpline will focus on priority queries from 11 December until 31 January. Whilst the helpline is focusing ...
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Obtaining the HMRC mobile app

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store ...
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HMRC awards £5.5m in grant funding

HMRC’s has awarded twelve voluntary and community sector organisations a share of £5.5 million in funding to help customers with ...
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Employing staff for first time

There are a multitude of rules and regulations that you must be aware of when you start employing staff for ...
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Tax consequences of loans to employees

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference ...
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Tax and duties on goods sent from abroad

There are special rules to ensure that goods sent from abroad are taxed appropriately and to ensure that UK businesses ...
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Season’s greetings and a prosperous 2024

As Christmas arrives the week before the calendar year-end, many of us will enjoy a week’s shut down and have ...
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Investment v costs

There are two ways to consider the effects or benefits of business and personal expenditure. The payment of rates or ...
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Help to pay your tax this month

If you are having trouble paying your tax on time you may be eligible to receive support from HMRC by ...
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Tax exempt accommodation costs

There are special rules for the provision of living accommodation for employees. In most cases, employees will pay tax on ...
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Rent-a-room relief

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you ...
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Employees on full-time and part-time contracts

When a new employee is added to the payroll it is the employer's responsibility to ensure they meet the employee's ...
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Changes to NIC from January 2024

A reminder that the main rate of Class 1 Employee National Insurance contributions (NIC) will be reduced from 6 January ...
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CGT exempt allowance halving from April 2024

The annual exempt amount applicable to Capital Gains Tax (CGT) is to be halved from April 2024. This means that ...
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Tax Diary January/February 2024

1 January 2024 - Due date for Corporation Tax due for the year ended 31 March 2023. 19 January 2024 ...
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Planning changes to boost solar rollout

Homes and businesses will be able to install rooftop solar panels more easily, under new rules that were recently announced ...
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What data do organisations hold about you?

If you are concerned that an organisation is holding personal information you have a legal right to ask for a ...
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Pensioner Cost of Living Payment

The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested ...
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Pension Credit deadline

Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were ...
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Help to Save scheme

The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of ...
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More time to file company accounts

The normal filing deadline for filing the accounts of a private limited company is nine months after the company’s financial ...
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Autumn Finance Bill 2023 published

The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill ...
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Working from home tax relief

Employees who working from home may be able to claim tax relief for some of the bills they pay that ...
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Company accounts filing – don’t be late…

It’s the directors’ responsibility to file their company’s accounts, and make sure they’re filed on time. It’s important to understand ...
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Focus on bottom line

Most dictionaries define “bottom line” as “the most important thing to consider”. In financial circles it’s taken to mean a ...
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NIC changes for the self-employed

In the recent Autumn Statement, the Chancellor announced two important changes to National Insurance contributions (NIC) for the self-employed. The ...
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NIC changes for employees from 6 January 2024

In the recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions (NIC) for employees. There will ...
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Corporation Tax marginal rate

The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023 ...
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Enterprise Investment Scheme investee businesses

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range ...
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Tax relief for R&D intensive SMEs

In the Autumn Statement it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will ...
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Summary of Companies House changes

The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023. The new Act provides Companies House ...
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What now, following the Autumn Statement

In some respects, the Chancellor’s predicament is deserving of a sympathetic ear; its as if he has a long journey ...
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Directors’ duties and responsibilities

To be a director, you must be over 16 and not currently disqualified. As a director your responsibilities include: filing ...
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IHT – Giving away your home before you die

The majority of gifts made during a person's life, including gifting a home, are not subject to tax at the ...
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CGT – Lettings relief

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family ...
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Income Tax – £5,000 savings zero rate band

If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay ...
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The badges of trade

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a ...
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What counts as holiday accommodation?

HMRC’s VAT Notice 709/3 entitled 'Hotels and holiday accommodation' explains how supplies by hotels and similar establishments such as motels, ...
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Gifts of shares to minor (under 18s) children

The settlement legislation seeks to ensure that, where a settlor has retained an interest in property in a settlement, the ...
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Autumn Statement Summary

The Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons. The government continues ...
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£4.5bn for British manufacturing from 2025

The government has announced £4.5 billion in funding for British manufacturing to increase investment in eight sectors across the UK ...
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Fuel price watchdog sharpens its teeth

UK motorists will be protected at the pumps under tough new powers that will shine a light on any attempt ...
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Tax credits top-up

The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested ...
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Marriage allowance entitlement

The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does ...
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Tax relief on pension contributions

Taxpayers can usually claim tax relief for their private pension contributions. There is an annual allowance for tax relief on ...
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Full expensing

The full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect on 1 April 2023 ...
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Hold-over gifts relief

Gifts Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT) that may arise on a relevant ...
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Time to Pay tax

If you are having trouble paying your tax on time you may be eligible to receive support from HMRC. An ...
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Closing the door on tax planning

When the end of a tax year passes, the 5 April 2024 for the current year, or the end of ...
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Why breakeven analysis can be illuminating

If you focus your energy on sales, there is a chance that your efforts will produce losses. Which is why ...
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Tax Diary December 2023/ January 2024

1 December 2023 - Due date for Corporation Tax payable for the year ended 28 February 2023. 19 December 2023 ...
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Help to Save bonus payments

The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of ...
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Childcare support from HMRC

Parents may be eligible to receive childcare support from HMRC using the Tax-Free Childcare (TFC) scheme. The TFC scheme can ...
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Due a student loan refund?

Student Loans are part of the government's financial support package for students in higher education in the UK. They are ...
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Company tax return obligations

After the end of its financial year, a private limited company must prepare full annual accounts and a company tax ...
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Reminder of not-so-trivial tax-free benefits

There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a ...
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What is a business repair?

HMRC’s internal manuals provide some useful information on the definition of a business repair. This is important because it is ...
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Cost of living payments

You may have been entitled to a Cost of Living Payments of £301 (paid April/May 2023) and should be about ...
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Paying tax by direct debit

One of the many ways that payments can be made to HMRC is by using a direct debit. The direct ...
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Filling gaps in National Insurance record

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to ...
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Current State Pension age

The second review of the State Pension age has been published by the Department for Work and Pensions. The State ...
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Do you need to pay tax when you sell your home?

In general, there is no Capital Gains Tax (CGT) when you sell your home. This applies to a property which ...
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Trusts and Income Tax

A trust is an obligation that binds a trustee, an individual or a company to deal with the trust assets, ...
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Taxable gains on gifts

Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when ...
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Back of an envelope

If you run a business and manage your planning by scribbling notes on the back of an envelope, you might ...
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Cash flow v supplier credit limits

In a recent article we explained how granting lengthy credit limits to customers was as good as letting them keep ...
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Countdown to Self-Assessment filing deadline

There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The deadline is 31 January ...
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Scottish council tax frozen

Humza Yousaf, Scotland's First Minister, has announced that council tax rates will be frozen in the next financial year to ...
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Self-Assessment scam warning

Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for the submission of Self-Assessment returns ...
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Tax free annual party

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If ...
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Replacement of domestic items relief

The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances ...
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Loss of personal tax allowance

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 ...
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New company reporting regulation withdrawn

The Government has withdrawn draft regulations after consultation with companies raised concerns about imposing additional reporting requirements. Instead, the Government ...
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Cash flow v customer credit limits

If your business grants a customer time to pay – say 30 days – after the services or goods supplied ...
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Electric charging of company vehicles at home base

HMRC has published revised guidance concerning the charging of company cars and vans at residential properties. HMRC had previously maintained ...
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Reporting early payment of wages before Christmas

There is a permanent easement in place for employers to report PAYE information in real time over the Christmas period ...
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Increase in National Living Wage

The Chancellor of the Exchequer, Jeremy Hunt, confirmed that the government has committed to the proposals of the Low Pay ...
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Accounting periods for Corporation Tax

Companies often have two different company accounting periods. This is because there are different rules for Companies House filings and ...
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How dividends are taxed

Dividends received are taxed as income but the rates of tax applied are different to the formal Income Tax rates ...
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Who needs an EORI number?

The Economic Operators' Registration and Identification System (EORI) was setup as a European Union (EU) wide initiative that helps businesses ...
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Repeat business

Once you have secured the attention of a customer that has purchased their initial goods or services from you, you ...
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Recurring sales

Most business owners will appreciate the difference between one-off sales, and services that are generally described as recurring. For example, ...
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Tax Diary November/December 2023

1 November 2023 - Due date for Corporation Tax due for the year ended 31 January 2023. 19 November 2023 ...
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Cost of Living payments 2023-24 support

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested ...
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Have you downloaded your HMRC app?

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store ...
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Check if you need to pay someone through PAYE

Employers usually have to pay employees through PAYE if they earn £123 or more a week (£533 a month or ...
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When you must register for VAT

The taxable turnover threshold, which determines whether businesses should be registered for VAT, is currently £85,000. The taxable turnover threshold ...
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Deadlines 2022-23 Self-Assessment tax return

The 2022-23 tax return filing deadline for taxpayers who continue to submit paper Self-Assessment returns is 31 October 2023. Late ...
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Re-starting a dormant company

HMRC must be informed when a non-trading or dormant company starts trading again and thus becomes active for Corporation Tax ...
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Reforms to powers of attorney

These legal agreements enable a person to grant decision making powers about their care, treatment or financial affairs to another ...
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Bank deposits covered by FSCS

Your eligible deposits with all High Street bank are covered by the Financial Services Compensation Scheme (FSCS). The present limit ...
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Reporting self-employed profits 2023-24

The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect ...
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Transferring IHT unused nil rate band

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) ...
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When you can and cannot use the 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. If you ...
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Paying tax by Certificate of Tax Deposit

The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay tax ...
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Income Tax in Scotland if you have more than one home

There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the UK. Where ...
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CIS contractors monthly tax chores

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in ...
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Government to support action against late payers

Most smaller businesses will have spent time chasing customers for payment beyond their agreed payment terms. These demands take entrepreneurs ...
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National Living Wage potential boost

The government looks likely to accept the recommendations of the Low Pay Commission with a boost to the National Living ...
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Do you need to register for Self-Assessment?

Taxpayers that need to complete a Self-Assessment return for the first time are required to notify HMRC. This is a ...
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Unclaimed Child Trust Fund Accounts

HMRC has published their latest statistics on Child Trust Funds (CTFs) that reveal that whilst around 500,000 accounts have now ...
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Accommodation that qualifies as Holiday Lets

The furnished holiday lettings (FHL) rules allow holiday letting of properties that meet certain conditions to be treated as a ...
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Community Investment Tax Relief scheme

The Community Investment Tax Relief (CITR) scheme is designed to encourage investment in accredited Community Development Finance Institutions (CDFIs). The ...
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Replacement of domestic items relief

The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances ...
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VAT Capital Goods Scheme

The VAT Capital Goods Scheme (CGS) is a means of spreading the initial VAT recovery in respect of certain assets ...
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Charity Trustees Quiz

The Charity Commission has launched the next phase of its trustee campaign which aims to increase charity trustees’ knowledge and ...
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Help for businesses launching new AI

Organisations across the country will be able to demonstrate that their new artificial intelligence and digital innovations meet regulatory requirements ...
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Change to Company Accounts filing

The Economic Crime and Corporate Transparency Bill has completed its initial journey through the House of Commons and the House ...
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Activities subject to the scope of VAT

There are a number of conditions that must be satisfied for an activity to be within the scope of UK ...
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Tax on incentive rewards

Companies may use incentive award schemes to encourage their employees in various ways. For example, to sell more of their ...
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Utilising Capital Gains Tax losses

Usually, if you sell an asset for less than you paid for it you would make a capital loss. As ...
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No gain – no loss transfers in groups of companies

There are special rules concerning the transfer of assets in groups of companies. In most cases, this means that where ...
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Repairs or replacement of business assets

The term 'capital allowances' is used to describe the allowances available to businesses to secure tax relief for certain capital ...
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Changes afoot at Companies House

Due to new legislation working its way through Parliament, Companies House will be making a number of significant changes. In ...
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Calculate tax on company cars

Where an employee with a company car is provided with fuel for their own private use by their employers, the ...
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Paying tax by debit card or business credit card

It is possible to pay HMRC by corporate credit card or corporate debit cards. The use of these cards is ...
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Checking your National Insurance record

HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, ...
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Who is a Scottish taxpayer?

The Scottish rate of income (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers ...
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What is a trust?

A trust is an obligation that binds a trustee, an individual or a company, to deal with assets such as ...
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Autumn Statement 2023

The Chancellor, Jeremy Hunt, has announced that he will deliver his Autumn Statement to the House of Commons on Wednesday, ...
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Tax Diary October/November 2023

1 October 2023 - Due date for Corporation Tax due for the year ended 31 December 2022. 19 October 2023 ...
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Companies House fees increase?

Companies House have published information that suggests their fees may be increasing in the near future. And it’s all to ...
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Clampdown on fake reviews and hidden fees

The Department for Business and Trade published the following announcement, that if implemented, should reduce the present trend to publish ...
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Back to school – help with childcare costs

As children return to school after the summer break, HMRC is reminding parents that they may be eligible to use ...
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Tax on trivial benefits

There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a ...
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Taking goods temporarily out of Great Britain

There are special rules that must be followed when goods are taken temporarily outside of Great Britain (England, Scotland and ...
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Business asset disposals taxed at 10%

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s ...
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Closing a limited company

There are a number of reasons why you may consider closing your limited company. This could be because the limited ...
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Tax when you sell property

The annual exempt amount applicable to Capital Gains Tax (CGT) is currently £6,000 and is set to be reduced to ...
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Tracking down lost pension details

Ever had a nagging feeling that you have a pension pot somewhere but have no idea how to track it ...
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Companies urged to file accounts early

Companies House has issued a news update targeted at companies who are due to file accounts by the end of ...
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Self-Assessment threshold change

The £100,000 threshold for Self-Assessment change for taxpayers taxed through PAYE only, increased from £100,000 to £150,000 with effect from ...
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Pension tax relief at source

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on ...
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Higher rate tax relief on gifts to charities

The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of ...
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Current capital allowances for car purchases

If you are thinking about purchasing a company car through a limited company, there are many issues that need to ...
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Share buy-back clearance applications

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and be subject ...
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Reducing self-assessment payments on account

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments ...
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Are you a company director?

There is more to being appointed a company director than accepting the title. According to Companies House directors formal, statutory ...
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Do you need to submit a Self-Assessment tax return?

There are a number of reasons why you might need to complete a Self-Assessment return for the first time. This ...
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Class 2 and 4 NIC for the self-employed

There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 ...
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On your bike tax-free

The Cycle to Work scheme was introduced over 20 years ago to help promote the use of environmentally friendly modes ...
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Checking your Simple Assessment tax bill

Simple Assessment is a method by which HMRC can assess where additional Income Tax is due by a taxpayer. A ...
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VAT supplies for no consideration

In most cases, a supply of goods or services for VAT purposes is deemed to have taken place in return ...
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Giving money to charity in your Will

A reduced rate of Inheritance Tax (IHT) of 36% (reduced from 40%) applies where 10% or more of a deceased’s ...
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The best and worst of British banks

Personal and small business current account holders were asked how likely they would be to recommend their provider to a ...
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Access to cash to be protected

Recognising the need to maintain access to cash withdrawal facilities, the government is stepping in to set out a new ...
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Claiming tax relief on employment expenses

If you are an employee that needs to buy substantial equipment to use as part of your employment you may ...
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Let Property Campaign

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with ...
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Overview of private pension contributions

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on ...
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VAT recovery when leasing vehicles

The VAT treatment of motoring expenses is relevant to any business that incurs VAT on motor expenses. We have covered ...
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Capital Gains Tax and trusts

A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets - ...
Read More

Tax and duty on goods sent from abroad

There are special rules to help ensure that goods sent from abroad are taxed appropriately. The aim is to not ...
Read More

Tax Diary September/October 2023

1 September 2023 - Due date for corporation tax due for the year ended 30 November 2022. 19 September 2023 ...
Read More

Landlords’ obligation to repair property

Landlords have a legal obligation to keep their rented property in good condition, and any gas or electrical systems must ...
Read More

Who is your ideal customer?

If there is a particular type of customer that is ideally placed to benefit from the goods or services you ...
Read More

Scottish charities regulations

Charities in Scotland are regulated by an independent body. This body is called the Office of the Scottish Charity Regulator ...
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Searching for details about property

There are a number of online tools available to help find information about a property in England or Wales, even ...
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HMRC increases interest rates again

The Bank of England’s Monetary Policy Committee (MPC) met on 2 August 2023 and voted 6-3 in favour of raising ...
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VAT treatment of road fuel costs

There are four options for the VAT treatment of road fuel costs. Treat all of the VAT as input tax ...
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Need to tell HMRC about extra income?

There is an online tool that allows taxpayers to check if they need to notify HMRC about additional income. The ...
Read More

Being made bankrupt

The bankruptcy process applies to people living in England, Wales or Northern Ireland. There is a separate process known as ...
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The end of scam calls selling financial products?

Are we about to see the end of phone calls selling sham financial products? An 8-week consultation by the Home ...
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Corporation Tax Group Payment Arrangements

A Corporation Tax Group Payment Arrangement (GPA) is a special arrangement that allows groups of companies to make joint payments ...
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HMRC recommends early filing of tax returns

The 2022-23 tax year ended on 5 April 2023 and the new 2023-24 tax year started on 6 April 2023 ...
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State Pension if you retire abroad

If you are retiring abroad, you are still entitled to claim your UK State Pension as long as you have ...
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Carrying company losses back

Corporation Tax relief may be available where your company or organisation makes a trading loss. A qualifying trading loss may ...
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Characteristics of a valid Will

It is important to make a Will to ensure that your estate is divided amongst your beneficiaries in accordance with ...
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Transferring a VAT registration

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold ...
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Gambling white paper reforms

A public consultation process has been launched to look at how to conduct financial risk checks for problem gambling and ...
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Amazon offers to change Marketplace rules

Amazon has offered to change the way it treats third-party sellers using its Marketplace platform in the UK, by submitting ...
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New crackdown on illicit tobacco

HMRC has continued to tackle the UK’s most notorious hotspots for the sale and supply of illicit tobacco as part ...
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When you don’t have to pay Capital Gains Tax

In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a ...
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The Construction Industry Scheme

The Construction Industry Scheme (CIS) is a set of special tax and National Insurance rules for those working in the ...
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Draft legislation published for Finance Bill 2023-24

Legislation Day (L-Day), 18 July 2023, was the date when the government published the draft legislation for Finance Bill 2023-24 ...
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Check your State Pension forecast

The State Pension forecast provides an estimate of how much State Pension an individual can expect to receive when they ...
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Emergency tax codes

The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The ...
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HMRC pledges £5.5m in partnership funding

HMRC is awarding £5.5 million to voluntary and community organisations to support customers who may need extra help with their ...
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Check a UK VAT number is valid

The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK ...
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South Yorkshire first UK Investment Zone

It was announced as part of the Spring Budget 2023 measures that the government would establish twelve Investment Zones across ...
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Tax on savings interest

If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest ...
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Exempt company purchase of own shares

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions (usually described as ...
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Connected persons for tax purposes

The definition of a connected person for tax purposes can be complex. A statutory definition of “connected persons” for Capital ...
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Business 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 ...
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What do we mean by cost of living?

A simple dictionary definition of cost of living would probably say something like: The level of prices relating to a ...
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Tax Diary August/September 2023

1 August 2023 - Due date for corporation tax due for the year ended 31 October 2022. 19 August 2023 ...
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Alcohol duty changes

Changes in the way alcohol is taxed came into effect on 1 August 2023. The new system of calculating alcohol ...
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Tax on property you inherit

If you inherit property, you are usually not liable to pay tax on the inheritance you receive. This is because ...
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Getting a SA302 tax calculation

The SA302 tax calculation and tax year overview documents are commonly used as evidence of income for loan or mortgage ...
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Pension Credits

Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were ...
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Cannot pay your tax on time?

The second payment on account for Self-Assessment taxpayers for the 2022-23 tax year is due on 31 July 2023. Taxpayers ...
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Updating your tax return

There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change ...
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Ideas for increasing your cash flow

Business owners are not exempt from the effects of inflation, but unlike waged individuals, they may have more options to ...
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Tax credits renewal deadline reminder

The 31 July 2023 is the final day for families and individuals that receive tax credits to tell HMRC about ...
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Advising HMRC about changes in your income

There are a number of reasons why you might need to contact HMRC about changes in your income. HMRC’s guidance ...
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Filling gaps in your NIC record

National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers in building ...
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Tax relief for charitable donations

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can ...
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Working out capital gains

As with the Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is ...
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Changes to Scottish Bankruptcy law

The bankruptcy process applies to individuals living in England, Wales or Northern Ireland. There is a separate bankruptcy process sometimes ...
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How copyright protects your work

Copyright protects your work and stops others from using it without your permission. You get copyright protection automatically - you ...
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HMRC increases interest rates

The Bank of England’s Monetary Policy Committee (MPC) met on 21 June 2023 and voted 7-2 in favour of raising ...
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National Insurance credits

National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers to build ...
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Transfer of unused IHT nil rate band

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) ...
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Selling overseas property

As a general rule, if you are resident in the UK, you are liable to pay Capital Gains Tax (CGT) ...
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Marriage Allowance how it works

The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner ...
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Duty free limits if you are travelling abroad

If you are travelling from outside the UK and arriving home in Great Britain (England, Wales and Scotland), you are ...
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Protecting intellectual property

Having the right type of intellectual property protection helps you stop people stealing or copying: the names of your products ...
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Offshore taxpayers offered chance to come clean

HMRC is currently writing to UK residents who were named in the leaked Pandora Papers and offering them the chance ...
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Deadline to top-up NIC contributions extended

In certain circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase your entitlement to benefits, ...
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HMRC’s Self-Assessment line summer closure

HMRC’s Self-Assessment helpline closed on 12 June 2023 and will re-open on 4 September 2023. This closure is part of ...
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Regulated businesses hit with Anti-Money Laundering fines

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to ...
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Capital Gains Tax Gift Hold-Over Relief

Gift Hold-Over Relief is a tax relief that results in a deferral of Capital Gains Tax (CGT). The relief can ...
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VAT Exempt services

A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that ...
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New powers for charities

From 14 June 2023, the latest set of changes mandated by the Charities Acts 2022 came into force. Changes now ...
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Gift Aid small donations scheme

The Gift Aid Small Donations Scheme (GASDS) allows qualifying charities and Community Amateur Sports Clubs (CASCs) to claim a top-up ...
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Check when to expect reply from HMRC

HMRC has a useful online tool to help agents and taxpayers know when they can expect to receive a reply ...
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Passport delays and applications

A recent investigation by the House of Commons Committee of Public Accounts, in connection with the UK passport office, has ...
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New life sciences growth package announced

The Chancellor, Jeremy Hunt, has announced a new £650 million package of measures to help boost UK life sciences. The ...
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Tax exempt private medical costs

There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions ...
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Effects of settlement legislation

The settlement legislation is intended to prevent an individual from gaining a tax advantage by diverting his or her income ...
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Complexity may be double-edged sword

There does seem to be a trend to replace human interactions with automated AI systems. This is especially evident in ...
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What you can and cannot patent

The GOV.UK website offers the following guidance if you are considering a patent application. A UK patent may help if ...
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HMRC tax credits scam warning

Fraudsters often try to take advantage of the 31 July deadline for submitting tax credits renewal information. The fraudulent emails, ...
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Help with childcare costs

HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for childcare costs. The ...
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Check text messages from HMRC

HMRC has issued an updated version of their online guidance entitled ‘Check if a text message you've received from HMRC ...
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Overview of IHT agricultural relief

There are a number of reliefs available that can reduce liability to IHT. Of most interest to farmers is the ...
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Using Capital Gains Tax losses

If you sell an asset for less than you paid for it, you would make a capital loss. As a ...
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What you must tell HMRC

If your personal details change you may be required to notify HMRC as this can affect your entitlement to certain ...
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Tax Diary July/August 2023

1 July 2023 - Due date for corporation tax due for the year ended 30 September 2022. 6 July 2023 ...
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Voluntary “give-aways”

In a recent post we warned of the likely loss of billing opportunities if you give away service advice just ...
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HMRC strike causes CIS delays

Some 400 HMRC helpline service advisers who are members of the Public and Commercial Services (PCS) Union have been on ...
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Help to Save extended to April 2025

HMRC has confirmed that plans to extend the Help to Save scheme by 18 months, until April 2025 have been ...
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New employment rights for parents and carers

Three new pieces of legislation that received cross party support were granted Royal Assent on 24 May 2023. The Neonatal ...
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Selling your home – taxes to pay

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family ...
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Selling all or part of your company

If you are selling your company, there are important actions you must take to properly finalise your affairs. Please note ...
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Can a charity claim Gift Aid?

Charities can claim Gift Aid on donations made by eligible taxpayers. This can boost donations by an extra 25% if ...
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Involuntary “give-aways”

If you sell services, rather than supply goods, this usually involves you providing advice for a fee. If your advice ...
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Claim a tax refund for work expenses

HMRC has issued a press release to remind employees that may be able to claim a claim tax relief for ...
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New patents service

The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, ...
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Gift aid tax benefits

The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of ...
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Residence affects Income Tax in UK

There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the UK. Where ...
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Clearance to secure exempt distribution status

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be ...
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Transfer of Business as a Going Concern

The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a ...
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Action to contain cost of living pressures – groceries

The Competition & Markets Authority has issued an update on the action it is taking to ease price rises in ...
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The importance of being interested

Conversation takes a turn for the worse if you have an opinion that your client has no idea how to ...
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HMRC interest rates increase again

The Bank of England’s Monetary Policy Committee (MPC) met on 10 May 2023 and voted 7-2 in favour of raising ...
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Filing deadline for share scheme operators

There are a number of government approved share schemes which offer tax advantages to employees. The approved schemes are Share ...
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Check your NIC record

HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, ...
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Consultation on taxation of cryptoasset loans

In April 2022, the government announced a package of measures intended to make the UK a global cryptoasset technology hub ...
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Capital Gains during separation and divorce

The Capital Gains Tax (CGT) rules that apply during separation and divorce changed for disposals that occur on or after ...
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Tax on public transport season tickets

There are certain tax rules that it is important to be aware of where you pay for the public transport ...
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Tax by stealth

There is a plausible link between a rise in tax payments if tax rates increase or if tax allowances and ...
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Tax Diary June/July 2023

1 June 2023 - Due date for corporation tax due for the year ended 31 August 2022. 19 June 2023 ...
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Monthly chores for CIS contractors

The Construction Industry Scheme (CIS) is a set of special rules covering tax and national insurance for those working in ...
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Cost of living payments 2023-24

The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested ...
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Withholding tips from staff now unlawful

A new law that stops employers from withholding tips from people working in the hospitality, leisure and services sectors has ...
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National Insurance for company directors

Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceeds the Primary ...
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Business Relief for IHT

There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT). One of these reliefs is ...
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What is a P11D?

A P11D form is a form used by employers to list certain ‘benefits in kind’ provided to directors or employees ...
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The winds of change

A new King, the possibility of a change of government next year, and signs that we may, at last, be ...
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Simplified tax system for savers

The government has announced a number of new measures to help millions of people boost their future savings. One of ...
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New Bill to crack down on online fraud

New legislation aimed at cracking down on rip-offs, protecting consumer cash online and boosting competition in digital markets has been published ...
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Reminder to look out for tax credit renewal packs

HMRC is currently sending the annual tax credit renewal packs to some 1.5 million tax credit claimants and is encouraging ...
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Landlord responsibilities

There are a number of responsibilities that fall on a landlord that is renting out a property. These include the ...
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Company cars – working out taxable value

Where an employee with a company car is provided with fuel for their own private use by their employers, the ...
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Your tasks if a VAT-registered business

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. Businesses with turnover below ...
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More financial support for energy intensive sectors

Some businesses could see their bills slashed by as much as 20% off predicted wholesale prices, thanks to further government ...
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Paying tax by credit or debit card

HMRC has not accepted personal credit card payments since January 2018 when credit card surcharges on personal credit cards were ...
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Stamp Duty on shared ownership property

Stamp Duty Land Tax (SDLT) is payable whether you buy a freehold property, a new or existing leasehold property or ...
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Mobile phones and tax

When an employer incurs costs for the provision of mobile phones to employees it is important to understand the correct ...
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Retaining an interest in a gift

The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained ...
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VAT on imported vehicles

The Notification of Vehicle Arrivals (NOVA) is an online notification system for vehicles entering the country for permanent use on ...
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When do you pay tax at Scottish Income Tax rates?

The Scottish rate of Income Tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish ...
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Less could be more

Is there mileage in the old adage that it is unwise to keep all your eggs in one basket? Most ...
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A $3B bond fight can go to trial.

The Supreme Court granted Ukraine permission to go to trial to avoid repaying USD 3 billion in loans. Facts: The ...
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Rent-a-room relief

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you ...
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Scottish government announces new childcare initiatives

Scotland’s new First Minister Humza Yousaf has announced a new £15 million investment to help tackle child poverty. This investment ...
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Take advantage of new pension tax reforms

The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. The ...
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Starting a new business?

One of the issues you will need to consider if you are starting a new business is the business structure ...
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Tax-free savings interest

The Personal Savings Allowance (PSA) was launched in April 2016. For basic-rate taxpayers the first £1,000 of interest on savings ...
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The Let Property Campaign

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with ...
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Tax Diary May/June 2023

1 May 2023 - Due date for corporation tax due for the year ended 30 July 2022. 19 May 2023 ...
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What is profit?

When accountants or other interested parties refer to business profits, they are likely to mean the difference between sales and ...
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Letting relief

In general, there is no Capital Gains Tax (CGT) due on the disposal of a property which has been used ...
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Tax-free allowance on trading and property income

A reminder that there are two separate annual £1,000 tax allowances for property and trading income. If you have both ...
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Losing your personal income tax allowance

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 ...
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Exempt gifts paid out of income

There is a flexible exemption from IHT for taxpayers who make tax exempt gifts and payments that are paid as ...
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Students and tax

Students that work may need to pay Income Tax and National Insurance. Employers are required to calculate the amount of ...
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NMW non-compliance penalties

Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The ...
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Cause for optimism?

As we have moved into the new tax year, since 6 April 2023, the March hares have had their opportunity ...
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Tax when you sell property

The annual exempt amount applicable to Capital Gains Tax (CGT) has been reduced to £6,000 (from £12,300) for the new ...
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Full expensing started 1 April 2023

The new 100% first-year capital allowance for qualifying plant and machinery assets known as full expensing came into effect on ...
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VAT guidance for overseas sellers

New simplified VAT guidance for overseas sellers has been published by HMRC. The guidance also includes a new translation into ...
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Scotland’s increased social security benefits

There has been a 10.1% increase in twelve Scottish government grants that are delivered through Social Security Scotland. Seven of ...
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Shares and asset valuations for tax purposes

The Shares and Assets Valuations (SAV) team is a special section of HRMC that deals with enquiries in respect of ...
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Claim tax relief for charitable donations

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can ...
Read More

Pensioner Cost of Living Payment 2023-24

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested ...
Read More

Energy Bills Discount Scheme

The new Energy Bills Discount Scheme replaces the Energy Bill Relief Scheme which came to an end on 31 March ...
Read More

Bank of England and HMRC increase interest rates

The Bank of England’s Monetary Policy Committee (MPC) met on 22 March 2023 and voted 7-2 in favour of raising ...
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Company share buy-backs

Company share buy-backs are also commonly known as a company purchase of own shares. A company may decide to buy ...
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Associated companies and Corporation Tax

There are two rates of Corporation Tax effective from 1 April 2023. Taxable profits up £50,000 continue to be taxed ...
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Spring Finance Bill published

The government published the Spring Finance Bill 2023 on 23 March 2023. The Bill is officially known as the Finance ...
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Powering Britain from Britain

Britain’s rollout of clean, affordable, home-grown energy is moving full speed ahead, with the UK government offering £205 million in ...
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Solvency continues to be a pressing issue

The recent rise in inflation and interest rates underlines the fact that the UK and world economies are still suffering ...
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Tax Diary April/May 2023

1 April 2023 - Due date for Corporation Tax due for the year ended 30 June 2022. 19 April 2023 ...
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More time to top-up NICs

In some circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase your entitlement to benefits, ...
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Changes in VAT penalties

The first monthly returns and payments affected by HMRC’s new VAT penalty regime were due by 7 March 2023. The ...
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Scottish Parliament approves 3% rent cap

The Scottish Parliament has approved a new 3% rent cap for most private renters that will come into effect from ...
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Transferring nil rate band for Inheritance Tax

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) ...
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Do you need to file a tax return

There are a number of reasons why you might need to complete a Self-Assessment return. This includes if you are ...
Read More

Reduce CGT by claiming rollover relief

Business Asset Rollover Relief is a valuable relief that allows for deferral of Capital Gains Tax (CGT) on gains made ...
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Keep talking

During recent disruptions to trade, ascribed to Brexit, COVID, the war in Ukraine or other global economic challenges, we have ...
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Spring Budget 2023 – Childcare changes

One of the main areas targeted by the Spring Budget was changes to childcare. Billed as a revolution in childcare, ...
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Spring Budget 2023 – Capital allowances

Designed in part to help offset the increased Corporation Tax main rate, the Chancellor announced the introduction of a new ...
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Spring Budget 2023 – Energy Price Guarantee

The Chancellor had previously announced that the energy price guarantee cap, which will see the average household have their energy ...
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Spring Budget 2023 – Pension changes

One of the key measures of the Spring Budget was the announcement that the £40,000 cap on annual pension contributions ...
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Spring Budget 2023 – Alcohol and Tobacco Duty

As part of the Budget measures the Chancellor confirmed that the duty rates on beers, spirits, wines and ciders will ...
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Spring Budget 2023 – Creative industry tax reliefs

As part of the Spring Budget measures, the Chancellor announced that the government will extend the temporary higher rates for ...
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Spring Budget 2023 – Social investment tax relief to end

It was confirmed as part of the Spring Budget announcements that the Social investment tax relief (SITR) scheme will end ...
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Spring Budget summary 2023

As expected, the Chancellor, Jeremy Hunt, resisted pressure to reduce taxes in any significant way, and the majority of his ...
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New UK Data Protection rules

The Data Protection and Digital Information Bill was first introduced last Summer and paused in September 2022 so ministers could ...
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Get information about a company

There is a significant amount of information about companies that can be obtained from Companies House. Companies House is responsible ...
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National Insurance if working abroad

If you move abroad, it can often be advantageous to continue paying your UK National Insurance Contributions (NICs) in order ...
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Adding employees to a workplace pension scheme

Automatic enrolment for workplace pensions has helped many employees make a start on providing for their retirement with the advantage ...
Read More

NIC and company directors

Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary ...
Read More

Valuing an estate for IHT purposes

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s ...
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Corporation tax from 1 April 2023

Barring any unforeseen changes being announced at next week’s Budget, the Corporation Tax main rate will increase to 25% from ...
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Why credit control is vital

The ultimate financial objective of most trading companies is to convert their supply of goods and services into cash – ...
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Incentive to invest

Next week, 15 March, the Chancellor will deliver his first Spring Budget. It will provide an opportunity to cushion companies ...
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Scottish Winter Payments Support

The Scottish Winter Heating Payment is a new Scottish Government benefit that replaces the Department for Work and Pensions’ (DWP) ...
Read More

New VAT penalty regime

The first monthly returns and payments affected by HMRC’s new VAT penalty regime are due by 7 March 2023. The ...
Read More

Still time to claim Marriage Allowance

HMRC is reminding married couples and those in civil partnerships that there is still time to sign up for marriage ...
Read More

Tax when you sell shares

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% when you sell shares unless they ...
Read More

What is a Share Incentive Plan?

Share Incentive Plans (SIPs) were first introduced in July 2000 to give employees tax and NICs savings when they buy ...
Read More

National Living Wage rates from April 2023

New National Minimum Wage (NMW) and National Living Wage (NLW) rates come into effect on 1 April 2023. The new ...
Read More

Bereavement Support Payment

The amount of Bereavement Support Payment you can claim will depend on your relationship to the person who died and ...
Read More

Breaking even – checking the numbers

In previous newsfeeds we have described how you can calculate the level of turnover you need to create in order ...
Read More

The digital pound

A new consultation has been published jointly by HM Treasury and the Bank of England to consider the launch of ...
Read More

VAT – transfer of business as a going concern

The transfer of a business as a going concern (TOGC) rules concern the VAT liability of the sale of a ...
Read More

Beneficial loans that are exempt

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference ...
Read More

Miscellaneous benefits in kind

The list of miscellaneous company benefits that can be provided tax-free to employees is quite short. However, some of the ...
Read More

Properties not let at commercial rates

There are special rules where a property is let at less than a commercial rate or isn’t let on commercial ...
Read More

Tax codes for employees

The P9X form is used to notify employers of the tax codes to use for employees. The latest version of ...
Read More

Tax Diary March/April 2023

1 March 2023 - Due date for Corporation Tax due for the year ended 31 May 2022. 2 March 2023 ...
Read More

Balancing your budget

Homeowners and landlords will have seen a significant increase in their mortgage payments due to the rise in the Bank ...
Read More

Closing a limited company

There are a number of reasons why you may look to close your limited company. This could be because the ...
Read More

Gaps in your National Insurance record

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to ...
Read More

Scotland’s non-domestic rates reliefs

Business rates is the commonly used term for non-domestic property rates. Business rates are charged on most non-domestic premises, including ...
Read More

Moving goods to and from Northern Ireland

There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern ...
Read More

Newly self-employed taxpayers

Newly self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. However, HMRC must be ...
Read More

Making a claim on an unclaimed estate

There are special intestacy rules that govern how assets are divided if you die without making a will. If this ...
Read More

Passport fee increase

The government introduced new passport fees for all applications from 2 February 2023, the first time in 5 years that ...
Read More

Late tax payment interest rate rise

The Bank of England’s Monetary Policy Committee (MPC) met on 2 February 2023 and voted 6-3 in favour of raising ...
Read More

Record number of taxpayers file on time

HMRC has confirmed that more than 11.7 million people submitted their 2021-22 Self-Assessment tax returns by the 31 January deadline ...
Read More

Half-term help with childcare costs

HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for February half-term holiday ...
Read More

ATED for non-resident companies

The Annual Tax on Enveloped Dwellings (ATED) came into effect from 1 April 2013. The tax applies to certain Non-Natural ...
Read More

Have you utilised 2022-23 IHT allowances and reliefs?

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2022-23 ...
Read More

CGT reliefs much reduced from April 2023

The annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved from April 2023. This ...
Read More

Using the Gift Aid scheme

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can ...
Read More

Business rates list closing soon

Business rates are charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories ...
Read More

Setting up a salary sacrifice arrangement

A salary sacrifice arrangement is an agreement to reduce an employee’s entitlement to cash pay, usually in return for a ...
Read More

Protecting your business capital

All business owners, but predominantly retailers, leisure and entertainment trades, will have seen their hard-won capital all but exhausted by ...
Read More

VAT – unpaid tax collectors

If you are required to register your business for VAT purposes you are joining that reluctant band of business owners ...
Read More

New Green Freeports for Scotland

The UK and Scottish governments have jointly announced that Inverness and Cromarty Firth Green Freeport and Forth Green Freeport have ...
Read More

Corporation Tax changes April 2023

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A ...
Read More

New business Energy Bills Discount Scheme

The new business Energy Bills Discount Scheme will replace the current Energy Bill Relief Scheme which is coming to an ...
Read More

R&D tax consultation launched

There are currently two schemes for claiming R&D tax relief - the Small or Medium-sized Enterprise (SME) Scheme and the ...
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Five more tax avoidance schemes named by HMRC

HMRC has powers introduced in the Finance Act 2022 to name tax avoidance schemes and their promoters. Under this legislation ...
Read More

What is a Post Transaction Valuation Check?

A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a Capital Gains ...
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Ways you can count on us…

Leaving politics to one side, how can we deal with the current pressures on businesses? Rising costs, reducing revenues as ...
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Exempt transfers between siblings

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s ...
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Scottish Child Payment

The Scottish Child Payment increased to £25 per week from 14 November 2022. The payment is available to qualifying applicants ...
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PAYE and overseas employees

There are a multitude of rules and regulations that you must be aware of when you employ someone from abroad ...
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Registering as an overseas company

An overseas company must register with Companies House if they want to set up a place of business in the ...
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Check if a company is being liquidated

There are a number of ways you can check if a company is in liquidation. This can include searching the ...
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Actors and entertainers – profession or employment

There is a particular section of internal HMRC’s manuals that deals specifically with how to view the rules for measuring ...
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Tax Diary February/March 2023

1 February 2023 - Due date for corporation tax payable for the year ended 30 April 2022. 19 February 2023 ...
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New laws to mitigate disruption during public service strikes

Working people across the UK will be protected from disruptive strikes thanks to new laws introduced recently. They will allow ...
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Check your National Insurance Record

HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, ...
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When you must register for VAT

The taxable turnover threshold, that determines whether businesses should be registered for VAT, is currently £85,000. The taxable turnover threshold ...
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IHT – estimating an estate’s value

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s ...
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Dissolved companies and bona vacantia

A company comes to a legal end when it is dissolved. However, one if the important points to be aware ...
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New Energy Bills Discount Scheme

The government has published details of a new Energy Bills Discount Scheme which will replace the current Energy Bill Relief ...
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A definition of trusts

HMRC’s internal manuals states that the word `trust’ describes a relationship between certain persons which is recognised by the law; ...
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Which way to turn

Inflation and recession are cruel task-masters. If you provide goods or services that can be readily sourced from alternative suppliers, ...
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Limits to tax relief for pension contributions

Under current rules, you can claim tax relief for your private pension contributions. The annual allowance for tax relief on ...
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Customs Declaration Service deadline extended

The Customs Declaration Service (CDS) is a customs IT platform designed to modernise the process for completing customs declarations for ...
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Did you file your tax return on Christmas Day?

A new press release by HMRC has highlighted the fact that 3,275 taxpayers took the time to file their tax ...
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What is the VAT One Stop Shop?

The VAT One Stop Shop is an EU wide scheme that allows a VAT registered business to register in only ...
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Mortgage Guarantee Scheme extended

The Mortgage Guarantee Scheme was set to end on 31 December 2022. In a last-minute announcement from HM Treasury, it ...
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Applying for National Insurance number

If you do not already have a National Insurance number you will normally need to apply for one if you ...
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New VAT penalty regime from 2023

A new VAT penalty regime will affect all VAT registered businesses from 1 January 2023. The changes will apply to ...
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Vehicle benefit charges from April 2023

The vehicle benefit charges for 2023-24 have been announced. Where employees are provided with fuel for their own private use ...
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HMRC interest rate changes

The Bank of England’s Monetary Policy Committee (MPC) met on 15 December 2022 and voted 6-3 in favour of raising ...
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Redundancy pay

If you have been in the same job for two or more years and are made redundant you will usually ...
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Exempt company cars and fuel benefits

Most employers and employees are aware of the additional costs of providing company cars and the tax implications they create ...
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Tax Diary January/February 2023

1 January 2023 - Due date for Corporation Tax due for the year ended 31 March 2022. 19 January 2023 ...
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Budget date 2023 announced

The Chancellor of the Exchequer, Jeremy Hunt has confirmed, in a written statement, that the next UK Budget will take ...
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Are you ready for 31 January 2023?

The deadline date to file your 2021-22 Self-Assessment tax return is fast approaching. Last year over 12.5 million taxpayers were ...
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Digitisation of tax postponed

A statement was made by the Financial Secretary to the Treasury on 19 December 2022. It confirmed that the roll-out ...
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Using the HMRC app to make Self-Assessment tax payments

A new press release from HMRC has revealed that more than 50,000 taxpayers have used the HMRC app to make ...
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