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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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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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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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 ...
Read More

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 - ...
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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 ...
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Tax Diary September/October 2023

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

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 ...
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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 ...
Read More

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 ...
Read More

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 ...
Read More

Gambling white paper reforms

A public consultation process has been launched to look at how to conduct financial risk checks for problem gambling and ...
Read More

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 ...
Read More

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 ...
Read More

Alcohol duty changes

Changes in the way alcohol is taxed came into effect on 1 August 2023. The new system of calculating alcohol ...
Read More

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 ...
Read More

Pension Credits

Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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

Working out capital gains

As with the Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is ...
Read More

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 ...
Read More

How copyright protects your work

Copyright protects your work and stops others from using it without your permission. You get copyright protection automatically - you ...
Read More

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 ...
Read More

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) ...
Read More

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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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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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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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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

Business Relief for IHT

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

What is a P11D?

A P11D form is a form used by employers to list certain ‘benefits in kind’ provided to directors or employees ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

The Let Property Campaign

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with ...
Read More

Tax Diary May/June 2023

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

What is profit?

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

Letting relief

In general, there is no Capital Gains Tax (CGT) due on the disposal of a property which has been used ...
Read More

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 ...
Read More

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 ...
Read More

Students and tax

Students that work may need to pay Income Tax and National Insurance. Employers are required to calculate the amount of ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

Spring Finance Bill published

The government published the Spring Finance Bill 2023 on 23 March 2023. The Bill is officially known as the Finance ...
Read More

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 ...
Read More

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 ...
Read More

Tax Diary April/May 2023

1 April 2023 - Due date for Corporation Tax due for the year ended 30 June 2022. 19 April 2023 ...
Read More

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, ...
Read More

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 ...
Read More

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 ...
Read More

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) ...
Read More

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 ...
Read More

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, ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

Spring Budget summary 2023

As expected, the Chancellor, Jeremy Hunt, resisted pressure to reduce taxes in any significant way, and the majority of his ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

Why credit control is vital

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

Incentive to invest

Next week, 15 March, the Chancellor will deliver his first Spring Budget. It will provide an opportunity to cushion companies ...
Read More

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

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 ...
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The digital pound

A new consultation has been published jointly by HM Treasury and the Bank of England to consider the launch of ...
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Tax Diary March/April 2023

1 March 2023 - Due date for Corporation Tax due for the year ended 31 May 2022. 2 March 2023 ...
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Balancing your budget

Homeowners and landlords will have seen a significant increase in their mortgage payments due to the rise in the Bank ...
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Closing a limited company

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

The government introduced new passport fees for all applications from 2 February 2023, the first time in 5 years that ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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VAT – unpaid tax collectors

If you are required to register your business for VAT purposes you are joining that reluctant band of business owners ...
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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 ...
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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 ...
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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 ...
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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 ...
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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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Mortgage payment support

The Chancellor, Jeremy Hunt, recently hosted a meeting at 11 Downing Street to discuss what help may be available to ...
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Collecting tax from wealthy taxpayers

An updated briefing which looks at how HMRC deals with wealthy individuals has been published. The briefing looks at helping ...
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Post-cessation receipts and expenses

Tax relief may be available for post-cessation expenses of a trade. In order to be an allowable post-cessation expense, the ...
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The Rent a Room Scheme

The rent-a-room scheme is designed to help homeowners who rent-a-room in their home. If you are using this scheme, you ...
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Tax on property you inherit

If you inherit property, you are usually not liable to pay tax on the inheritance. This is because any Inheritance ...
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Companies with 31 December year-end date

Have you considered any last-minute planning options if your company has a 31 December 2022 year-end date? It is not ...
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Don’t forget those trivial benefits

Don’t forget to take advantage of tax-free trivial benefits. If you are an employer and looking to give your employees ...
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Super-deductions finish March 2023

Time is running out to claim the super-deduction offering 130% first-year tax relief. The deduction is available to companies until ...
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Claiming back pre-trading VAT costs

There are special rules that determine the recoverability of pre-trading VAT costs. Pre-trading VAT costs describe VAT that was incurred ...
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What is a salary sacrifice?

A salary sacrifice arrangement is an agreement to reduce an employee’s entitlement to pay, usually in return for a non-cash ...
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Use HMRC’s tax app to save time

A free HMRC tax app is available and offers some useful functionality. In fact, in the 12 months up to ...
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Low-cost broadband and phone tariffs

The Department for Digital, Culture, Media & Sport (DCMS) has published a new press release to confirm that they have ...
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Filing abridged company accounts

Companies that are dormant or qualify as a small company or ‘micro-entity’ can choose to send a simpler set of ...
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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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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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Autumn Finance Bill published

The government published the Autumn Finance Bill 2022 on 22 November 2022. The Bill is officially known as Finance Bill ...
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CGT tax-free allowance reducing

In the Autumn Statement, the Chancellor announced that the annual exempt amount applicable to Capital Gains Tax (CGT) is to ...
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Personal tax allowances frozen to April 2028

Chancellor Jeremy Hunt announced as part of the Autumn Statement measures that the Income Tax thresholds will be maintained at ...
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Corporation Tax increases from April 2023

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

One of the more ‘niche’ measures introduced as part of the Autumn Statement measures related to Capital Gains Tax: Share ...
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MTD for ITSA

The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is set to commence from April 2024. This ...
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Reminder of working from home allowances

Employees who work from home may be able to claim tax relief for bills they pay that are related to ...
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Fiscal drag

You may have encountered this phrase, fiscal drag, in recent weeks, particularly if following the Autumn Statement announcements last week ...
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Tax Diary December 2022/January 2023

1 December 2022 - Due date for Corporation Tax payable for the year ended 28 February 2022. 19 December 2022 ...
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Autumn Statement Summary

The new Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons against a ...
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Basis of assessment changing

Forthcoming 'basis of assessment' reforms will change the way trading income is allocated to tax years for the self-employed. The ...
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More on HMRC payment plans

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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Declare COVID support payments received

HMRC is reminding Self-Assessment taxpayers that they must declare COVID-19 grant and support payments in their tax return for the ...
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VAT – partly exempt businesses

A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that ...
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Private pension contributions tax relief

Under current rules, you can claim tax relief for your private pension contributions within certain limitations. The current annual allowance ...
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3-months to Self-Assessment filing deadline 2021-22

There are now less than 3-months to file your 2021-22 Self-Assessment tax return electronically. Last year over 12.5 million taxpayers ...
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Gifts to spouse or charity

In most cases, there is no capital gains tax (CGT) to be paid on the transfer of assets to a ...
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IHT claiming business relief

There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) if you inherit the estate ...
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Paying stamp duty on share transfers

Stamp Duty is paid on shares bought on a stock transfer form. A stock transfer form is the standard form ...
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Directors and National Minimum Wage

Company directors or any other person who has been appointed to a position by a company or organisation but doesn’t ...
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What qualifies for First Year Allowances

Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). The cash-flow ...
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Tax Diary November/December 2022

1 November 2022 - Due date for Corporation Tax due for the year ended 31 January 2022. 19 November 2022 ...
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SA taxpayers target for fraudsters

Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for submission of Self-Assessment returns for ...
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Flexible subsidies for businesses from 2023

The Department for Business, Energy and Industrial Strategy has announced that the new UK subsidy regime will come fully into ...
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Half-term help with childcare costs

HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for October half-term holiday ...
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New VAT Registration process for agents

A new VAT registration process known as the VAT Registration Service or VRS was made available to agents from 1 ...
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Private Residence Relief garden and grounds

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family ...
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IHT gifts with reservation of title

The majority of gifts made during a person's life are not subject to tax at the time of the gift ...
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Donations through Gift Aid

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can ...
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Second cost of living payment

Back in May 2022, the then Chancellor Rishi Sunak announced a package of support measures targeted mainly to the most ...
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Deadlines 2021-22 Self-Assessment tax return

The 2021-22 tax return deadline for taxpayers who continue to submit paper Self-Assessment returns is 31 October 2022. Late submission ...
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VAT Flat Rate scheme

Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual ...
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Utilising CGT losses prior to death of taxpayer

Usually, if you sell an asset for less than you paid for it you would make a capital loss. As ...
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Unlawful estate agency businesses

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to ...
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Chancellor statements – 17 October 2022

The new Chancellor of the Exchequer, Jeremy Hunt, was only appointed on Friday 14 October 2022. However, following another turbulent ...
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Prime Minister’s statement – 14 October 2022

The Prime Minister, Liz Truss delivered a hastily arranged press conference on Friday 14 October. At the press conference, the ...
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NI Trader Support Service extended

The Trader Support Service was designed to help businesses moving goods under the Northern Ireland Protocol after the Brexit transition ...
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Final warning to use MTD for VAT

The Making Tax Digital (MTD) for VAT regime started in April 2019 when businesses with a turnover above the VAT ...
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Claiming Child Trust Fund cash

If you turned 18 on or after 1 September 2020 there may be cash waiting for you in a dormant ...
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Residential Property Developer Tax

The Residential Property Developer Tax (RPDT) is a new tax on large residential property developers that came into effect on ...
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Jeopardy amendments

A jeopardy amendment can be made to a taxpayer’s Self-Assessment return as part of an S9A general enquiry. A jeopardy ...
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What Self-Assessment items can be stoodover by HMRC?

A stand over can be used to postpone certain Self-Assessment payments due to HMRC. There are two types of stand ...
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Government U-turn on 45p tax rate

The Chancellor, Kwasi Kwarteng has announced plans to scrap the proposed removal of the 45p tax rate from April 2023 ...
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IR35 reforms

One of the measures the Chancellor of the Exchequer, Kwasi Kwarteng referred to in the delivery of the Growth Plan ...
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Changing a will after death

In certain circumstances, a will can be changed after death. This can be done by using what is known as ...
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Minimum wage for different types of work

Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The ...
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Tax relief for job expenses

Employees who are working from home may be able to claim tax relief for bills they pay that are related ...
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Joining the MTD ITSA pilot

Many businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot ...
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Capital Allowance Pools

A Writing Down Allowance (WDA) is available for plant and machinery expenditure that exceeds the Annual investment allowance (AIA) and ...
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Private residence relief

In general, there is no CGT payable on a property disposal which has been used as the main family residence ...
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The Growth Plan 2022

The new Chancellor of the Exchequer, Kwasi Kwarteng, delivered a fiscal statement referred to as The Growth Plan 2022 on ...
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New Chancellor’s approach to economic priorities

The new Chancellor, Kwasi Kwarteng, recently met in London with various market and city leaders to set out the Prime ...
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Land Registry Property Alerts

HM Land Registry's property alert service is a free service to help protect property owners from fraud. The counter-fraud security ...
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The Customs Declaration Service

Businesses importing goods must submit import declarations from 1 October 2022 using the Customs Declaration Service (CDS). The CDS is ...
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Companies House new WebFiling account

Companies House has introduced a new WebFiling account. The new account represents a first step in creating a single sign-in ...
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Creditor bankruptcy and liquidation cost changes

The Insolvency Service is a government agency that provides services to those affected by financial distress or failure. The Insolvency ...
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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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Energy Bill Relief Scheme launched

The Business Secretary Jacob Rees-Mogg has announced the launch of the new Energy Bill Relief Scheme to help cut energy ...
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Tax Diary October/November 2022

1 October 2022 - Due date for Corporation Tax due for the year ended 31 December 2021. 19 October 2022 ...
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Her Majesty Queen Elizabeth II’s State Funeral

It has been confirmed that the date of Her Majesty Queen Elizabeth II’s State Funeral will be Monday, 19 September ...
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Sponsoring a charity

There are special rules in place when a limited company gives to charity. This can include Corporation Tax relief for ...
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Goods sent from abroad

There are special rules to help ensure that goods sent from abroad are taxed appropriately and do not disadvantage UK ...
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PAYE Settlement Agreements

A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and National Insurance ...
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Back to school – help with childcare costs

As children have returned to school, HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to ...
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Interest rates on student loans from September 2022

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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UK residence and tax

UK Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions ...
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VAT Capital Goods Scheme

The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets ...
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Accommodation expenses and benefits

There are special rules for the provision of living accommodation to employees under certain circumstances. In most cases, employees will ...
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Tackling the cost-of-living crisis

The new Prime Minister, Liz Truss has, as promised, sought to tackle the cost-of-living crisis in her first few days ...
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How dividends are taxed

The dividend tax allowance was first introduced in 2016 and replaced the old dividend tax credit with an annual £5,000 ...
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Working from home

If you receive no compensation from your employer, you can still claim tax relief for certain costs that arise when ...
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Still time to claim super-deduction

There is still time to claim the super-deduction allowance that offers 130% first-year tax relief. The deduction is available to ...
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Farming – using the herd basis

There are special rules which can apply to farmers and market gardeners that prepare their accounts on accruals basis. This ...
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Overdrawn director’s loan account

An overdrawn director's loan account is created when a director (or other close family member) 'borrows' money from their company ...
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Company Share Option Plans

There are a number of government approved share schemes which offer tax advantages to employees. One of these schemes is ...
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Help for Households campaign

The new Chancellor, Nadhim Zahawi, has visited a school holiday club in London where he committed to continuing to help ...
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Retaining tax return records

There are no set rules for the way in which you keep your tax records, but they are usually evidenced ...
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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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IHT Business Relief

There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) when you inherit the estate ...
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CGT Rollover Relief

Business Asset Rollover Relief, usually referred to as ‘rollover relief’, is a valuable relief that allows for deferral of Capital ...
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Claiming Employment Allowance

The Employment Allowance reduces an employer's NIC liability. The current allowance is £5,000. An employer can claim less than the ...
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Overseas seller VAT check

Since 2018, online marketplaces (such as eBay or Amazon) have been required to help tackle online VAT fraud. These measures, ...
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Duty free limits if you are travelling abroad

Here is a reminder of any duty payable and tax-free allowances if travelling abroad this summer. If you are travelling ...
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Tax-free trivial benefits

There is a benefit in kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, ...
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Using Advisory Fuel rates

The easiest way to ensure that no car-fuel benefit charge (for private journeys in a company car) is payable, is ...
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Scope of Trade

There is no statutory definition of ‘trade’. The only statutory reference to the term is that ‘trade’ includes a ‘venture ...
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Using the Annual Investment Allowance

The Annual Investment Allowance (AIA) is a generous tax relief that was first introduced in 2008. The AIA allows for ...
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Miscellaneous income

There are special rules known as the miscellaneous income sweep-up provisions that seek to charge tax on certain income. This ...
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Gifts with reservation

The majority of gifts made during a person's life are not subject to tax at the time of the gift ...
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Tax relief on replacement of domestic items

The replacement of domestic items relief has been in place since April 2016. The relief allows landlords the ability to ...
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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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Construction services taxed at VAT zero or 5% rate

Whilst most businesses in the UK charge VAT at the standard rate of 20%, there are a number of different ...
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Settlement legislation – non-trust settlements

The settlement legislation seeks to ensure that where a settlor has retained an interest in property that the income arising ...
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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 tax ...
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NIC threshold increased

In the Spring Statement earlier this year, the then Chancellor, Rishi Sunak, announced an NIC tax-cut to take effect from ...
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Applying for Marriage Allowance

The marriage allowance can be claimed by married couples and those in a civil partnership where a spouse or civil ...
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Tax when you get your pension

There are special rules which allow individuals who have set up private pension scheme(s) to benefit from significant tax reliefs ...
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Qualifying for 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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Non-resident company taxation

Non-resident companies with a trading business in the UK are liable to pay UK Corporation Tax on their profits made ...
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Entitlement to National Minimum Wage

Employers must ensure they are paying staff the new National Minimum Wage (NMW) and National Living Wage (NLW) rates for ...
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Changes at HM Treasury

Last week saw the resignation of the previous Chancellor Rishi Sunak from the Government. The previous Chancellor said he could ...
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Tax gap remains at 5.1%

The tax gap for the 2020-21 tax year has been published and remains at 5.1%. This is the second lowest ...
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Tax credits renewal deadline reminder

31 July 2022 is the final day for families and individuals that receive tax credits to tell HMRC about any ...
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Childcare top-up to cover summer activities

As the school holidays fast approach, many parents face having to organise extra school holiday childcare over the summer months ...
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Pensions triple lock to be reinstated

The triple lock guarantee on pensions that was suspended for the current 2022-23 tax year is to be restored from ...
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Tax if living abroad and selling UK home

One of the most often used and valuable of the Capital Gains Tax (CGT) exemptions arises on the sale of ...
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Standards for tax agents

HMRC last published guidance on the standard for agents in January 2018 (updating the first set of standards published in ...
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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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Potential tax demand scam

The Office of Tax Simplification (OTS) is a well-known organisation that provides independent advice to the government on simplifying the ...
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Concerns about tax repayment agents

HMRC has launched a new consultation seeking views on proposed measures to address consumer protection issues for people who claim ...
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Claiming Child Trust Fund cash

HMRC has published their latest statistics on Child Trust Funds which reveal that whilst 320,000 accounts have now matured, 175,000 ...
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Corporation Tax – marginal relief from 1 April 2023

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A ...
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Taxpayers who return to the UK

There are tax implications that you will need to consider if you previously left the UK to live abroad and ...
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CGT during divorce or separation

If you are part of a couple that is about to separate or divorce, apart from the emotional stress, there ...
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New deal for private renters

The government has announced their intention to fundamentally reform the private rented sector marking the biggest shake up of the ...
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Reform of Consumer Credit Act

The government has announced new plans to modernise consumer credit laws to cut costs for businesses and simplify rules for ...
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Class 1A payment deadline

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a ...
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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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Submitting CIS nil monthly returns

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in ...
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Notifying cessation of self-employment

Any taxpayers that have ceased to be self-employed must notify HMRC of their change in status. There are a number ...
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Tax Diary July/August 2022

1 July 2022 - Due date for corporation tax due for the year ended 30 September 2021. 6 July 2022 ...
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What is tax avoidance?

There is a distinction to be drawn between tax avoidance and tax evasion. Tax evasion is illegal and describes a ...
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Right to Buy home scheme extended

The Right to Buy scheme has been available in various guises since it was first launched in the 1980s and ...
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New grant opportunities for farmers

New grant opportunities to help farmers have been announced. The new grants will help farmers boost their businesses and add ...
Read More

Business Start Up Loans

Financing a new Start Up business is one of the most crucial aspects of helping a new venture to succeed ...
Read More

Tax and duties on goods sent from abroad

There are special rules to ensure that goods sent from abroad are taxed appropriately and thus not disadvantage UK businesses ...
Read More

Changes in State Pension age

The State Pension age is currently 66 and two further increases are set out in legislation: a gradual rise to ...
Read More

Till fraud targeted by HMRC

In the Autumn Budget 2018, the government announced that they would launch a call for evidence to learn more about ...
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Stamp duty refunds scam

Over the past few years, there have been some interesting opportunities for making claims for Stamp Duty Land Tax (SDLT) ...
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Claiming for mobile phones

When an employer incurs costs for the provision of mobile phones to employees it is important to understand the correct ...
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Customs declaration service update

The Customs Declaration Service (CDS) is a new custom's IT platform that has been designed to modernise the process for ...
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Director banned for Bounce Back Loan abuse

The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses across the UK that ...
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UKs audit regime to be revamped

The government has announced plans to revamp the UK’s corporate reporting and audit regime. The main changes were summarised as ...
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Sign in to Childcare Account

HMRC’s Childcare account can be used to claim 30 hours free childcare or to pay for your Tax-Free Childcare. HMRC’s ...
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Deadlines for making voluntary NIC top-ups

In certain circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase entitlement to future benefits, ...
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Arranging to pay tax bill by instalments

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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Last year to claim super-deduction

A reminder that the super-deduction, offering 130% first-year tax relief, is available to companies until March 2023. The super-deduction is ...
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Business Asset Disposal Relief – deadlines and claims

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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