Client Portal
Why disregarding the minimum wage constitutes modern slavery
The National Minimum Wage (NMW) Act 1998 remains contentious, especially after the introduction of the NMW (Amendment) Regulations 2025, as ...
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Spring Statement 2026
The Chancellor’s Spring Statement, presented to Parliament 3 March 2026, was packed with political content that has no real impact ...
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AI and the future of work: why healthcare remains resilient
As artificial intelligence becomes embedded in everyday business activity, many clients are asking how it might affect their industry and ...
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Renewed conflict in the Middle East
Renewed conflict in the Middle East is already having knock on effects for the global economy, and UK business owners ...
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How to claim child benefits
An application to claim child benefits can usually be made 48 hours after you have registered the birth of your ...
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Filling in NIC contribution gaps
National Insurance credits can help qualifying applicants to fill contribution gaps in their National Insurance record. This can help taxpayers ...
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When not to charge VAT
When issuing invoices, it is important to apply the correct VAT treatment. In some cases, that means not charging VAT ...
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Tax effects of letting out part of your home
If you have tenants living in your property, it is important to understand the Capital Gains Tax (CGT) implications. In ...
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Which supplies are zero rated for VAT?
Understanding which supplies are zero rated for VAT is essential for any business. A zero-rated supply is still a taxable ...
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Meaning of trade for tax purposes
The meaning of trade for tax purposes, often referred to as HMRC’s “badges of trade” test helps determine whether an ...
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Why inflation matters when funding pension funds
When planning pension funding, inflation is often acknowledged but not always fully reflected in contribution decisions. Using an average inflation ...
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Creative businesses to benefit from government finance package
The government has announced a new package of measures designed to improve access to finance for creative businesses across the ...
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Check how to claim a tax refund
If you believe that you have overpaid tax to HMRC, you may be entitled to claim a tax refund. Overpayments ...
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HMRC reminder for self-employed and landlords
If you have not yet checked whether you need to use Making Tax Digital (MTD) for Income Tax, you should ...
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Who needs to file a self-assessment tax return
There are several reasons why you might need to file a self-assessment tax return. This could apply if you are ...
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Claiming the Annual Investment Allowance
The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of qualifying expenditure on ...
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Simplified expenses on motor vehicles
There are simplified expenses arrangements available for sole traders and business partnerships (with no corporate partner) that allow the use ...
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Workplace pensions
Automatic enrolment for workplace pensions has helped many employees to start making provision for their retirement with employers and government ...
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Intimidating claimants with costs orders may be at an end.
A claimant made allegations of unfair dismissal, discrimination, and detriment resulting from whistleblowing. While his claim against the Council was ...
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Business exit planning matters
For many business owners, the focus is firmly on growth, profitability and day to day operations. Exit planning is often ...
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Business exit planning matters
For many business owners, the focus is firmly on growth, profitability and day to day operations. Exit planning is often ...
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New business formations exceed business “deaths”
The latest figures from the Office for National Statistics show that in 2025 the number of UK business births exceeded ...
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31 January deadline met by more than 11.48 million people
HMRC has confirmed that more than 11.48 million people submitted their 2024-25 self-assessment tax returns by the 31 January deadline ...
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Sign up for online services
HMRC online services allow individuals, businesses and agents to manage tax matters securely over the internet. Using an HMRC online ...
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Inheriting Additional State Pension
The Additional State Pension is only available to those who reached the state pension age before 6 April 2016 and ...
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Claiming Business Asset Rollover Relief
Claiming Business Asset Rollover Relief allows for the deferral of Capital Gains Tax (CGT) when taxpayers sell or dispose of ...
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Entertaining employees
In general, entertaining employees is an exception to the normal rule that business entertainment costs are not allowable for tax ...
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Tax and property when you separate or divorce
When a couple separates or divorces, most attention focuses on the emotional and practical aspects. However, it is important to ...
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Tax Diary March/April 2026
1 March 2026 - Due date for Corporation Tax due for the year ended 31 May 2025.2 March 2026 – ...
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Budgeting and forecasting in a period of lower confidence
Many business owners are entering the new year with a sense of caution. Confidence across the UK business community has ...
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Business rates support and cash flow for hospitality businesses
Hospitality businesses continue to operate in a challenging environment. Rising wage costs, energy prices and supply chain pressures have all ...
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What is a UK property business
The income generated from land or property in the UK is treated as arising from a UK property business. The ...
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What is a salaried member of an LLP
The salaried member legislation applies to certain members of a Limited Liability Partnership (LLP) whose terms of membership are more ...
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Car and travel costs if self employed
If you are self-employed, it is important to understand which car and travel costs can be claimed. You can claim ...
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Eligibility for Business Asset Disposal Relief
Business Asset Disposal Relief (BADR) can significantly reduce the Capital Gains Tax due when selling a business or shares, but ...
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New employee starter checklist
Setting up the correct tax code when a new employee starts is essential, as even small payroll errors can lead ...
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Do you charge VAT when you sell a company car?
The question of whether or not you are required to charge VAT when selling a company car depends on how ...
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Payments made into employee benefit trusts constitute taxable income
A Tribunal recently ruled that payments made for work into a third-party trust constitute immediate employment earnings. This decision effectively ...
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The rise of the silver economy
The term “silver economy” is used to describe the growing economic activity linked to an ageing population. In the UK ...
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Turning waste disposal into an income stream
For many businesses, waste disposal is seen purely as a cost, an unavoidable expense required to stay compliant and keep ...
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Construction Industry Scheme: tackling fraud
Tackling fraud in the Construction Industry Scheme (CIS) was one of the measures addressed in the recent Budget. The changes ...
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Scottish Budget Statement 2026-27
Scotland’s Finance Secretary, Shona Robison delivered her third Budget statement to the Scottish parliament on 13 January 2026. This is ...
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MTD for Income Tax – check if and when you need to use it
If you have not yet checked if and when you need to use Making Tax Digital (MTD) for Income Tax, ...
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Welsh Budget 2026-27
The Welsh Final Budget for 2026-27 was published on 20 January 2026. The Budget sets out the Welsh government’s revenue ...
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New 40% First Year Allowance now in force
The new 40% First Year Allowance came into force from 1 January 2026. This marks an important development for businesses ...
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PAYE rules for labour supply chains (umbrella companies)
From 6 April 2026, significant changes to PAYE rules will affect umbrella companies, recruitment agencies, and end clients, increasing shared ...
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Check your National Insurance record
It is recommended to check your National Insurance record as this can affect your future entitlement to the State Pension ...
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Protecting your online passwords
With so many online accounts now in daily use, including banking, shopping, email and HMRC services, password security has never ...
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Do you need a company audit in the UK?
Not every UK limited company needs a statutory audit. Many smaller companies qualify for audit exemption, but it is important ...
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Basis period reform – spreading rules for payment
If your business has transitional profits from basis period reform, spreading over five years may reduce the cash flow impact, ...
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Struggling to meet tax payments this month?
With the balancing payment and first payment on account both due on 31 January 2026, it is worth checking your ...
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Selling a second property?
CGT on certain UK residential property sales often has a strict 60-day reporting and payment deadline, so early planning can ...
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Saving tax using the Marriage Allowance
If one partner earns under £12,570, you could transfer part of their unused personal allowance and cut your tax bill ...
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Annual payroll reporting chores
There are a number of annual payroll reporting issues that employers are required to complete. With the tax year ending ...
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Corporation Tax 19% or 25%?
If your company profits sit between £50,000 and £250,000, marginal relief can soften the jump from 19% to 25% Corporation ...
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Spring Statement 2026
The Chancellor, Rachel Reeves has confirmed that she will deliver the Spring Statement to the House of Commons on Tuesday, ...
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Take care when labelling a bonus as discretionary in a contract
The High Court recently ruled on the interpretation and enforceability of "discretionary" bonus provisions in employment contracts. Mr. Gagliardi brought ...
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What banks look at when a small business applies for a loan
When a small business applies for a bank loan, the bank is mainly trying to answer one question, “How likely ...
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What factors affect a person’s credit rating?
A person’s credit rating (often referred to as a credit score) is a measure used by lenders to assess how ...
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Tax Diary February/March 2026
1 February 2026 - Due date for Corporation Tax payable for the year ended 30 April 2025.19 February 2026 - ...
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Pre-trading expenditure for companies
Starting a new business can be expensive, but many of your pre-trading costs may qualify for tax relief if they ...
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Company information in the public domain
Did you know you can monitor any UK company for free and get email alerts when key details change, which ...
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MTD for Income Tax – what’s required from April 2026
From April 2026, Making Tax Digital for Income Tax (MTD for IT) will become mandatory for many self-employed persons and ...
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What is the advance tax certainty service?
If your business is planning a major UK investment, HMRC’s new advance tax certainty service could give you binding clarity ...
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Creative Industry Corporation Tax reliefs
If your business works in film, TV, games or the arts, Creative Industry Tax Reliefs could reduce your Corporation Tax ...
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Expenses for the self-employed
If you are self-employed, knowing which everyday costs you can legitimately claim can make a real difference to how much ...
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Company liquidations and insolvencies are still elevated
The Insolvency Service data for England and Wales shows monthly company insolvencies remain high by historical standards, even though they ...
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Pre-tax year end planning
Pre-tax year end planning is one of the most practical and controllable ways for UK businesses and higher rate taxpayers ...
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New First Year Allowance from 1 January 2026
The new 40% First Year Allowance (FYA) for qualifying main-rate plant and machinery expenditure first announced at Autumn Budget 2025 ...
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Changes to Agricultural and Business Property Relief reforms
The government recently announced significant changes to the planned reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR) ...
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Did you file your tax return over the festive period?
HMRC’s figures show thousands of taxpayers are filing over the festive period, but leaving your return until late January risks ...
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Company car expenses and benefits – what’s exempt?
While company cars often come with tax implications, there are specific situations where the associated benefits may be exempt. There ...
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Starting or changing jobs
Providing the right information when you start a new job helps ensure your tax code is correct from the first ...
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Check a UK VAT number is authentic
Verifying a VAT number before reclaiming VAT can protect your business from rejected claims, repayments, and unnecessary penalties.The online service ...
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The scope of the trivial benefits legislation
The trivial benefits legislation provides a simple and practical tax exemption that allows employers to give small non-cash benefits to ...
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Suing whistleblowers for a breach of confidence is not a viable strategy
The Court of Appeal has ruled that the initiation of legal or arbitral proceedings by an employer against a ‘whistleblower’ ...
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Learning from mistakes in business
Making mistakes in business is unavoidable. No matter how experienced or careful someone is, decisions are made with imperfect information, ...
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Saving to pay tax
For many individuals and business owners, paying tax is one of the largest regular financial commitments they face. Yet tax ...
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Bank of England delivers narrow vote rate cut
The Bank of England’s Monetary Policy Committee (MPC) last met on 18 December and, in a narrow 5–4 vote, decided ...
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Are you ready for Making Tax Digital for Income Tax?
Are you ready for Making Tax Digital for Income Tax (MTD for IT)? This new way of reporting will become ...
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Payroll annual reporting obligations
As we move into the start of 2026, it is not that long until the current 2025–26 tax year comes ...
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VAT Annual Accounting – filing your return
For eligible businesses, the VAT Annual Accounting Scheme can reduce paperwork, smooth cash flow and replace quarterly returns with a ...
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Nominating a property as your home
Owning more than one home can create valuable Capital Gains Tax planning opportunities, but only if you understand how and ...
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Avoiding the car fuel benefit charge
Employees with company cars may be paying unnecessary tax on private fuel, when reimbursing the cost of private fuel in ...
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HMRC’s Time to Pay service
With the 31 January deadline approaching, thousands of taxpayers are using HMRC’s Time to Pay service to spread the cost ...
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Construction Industry Scheme changes
As part of the Budget measures, the government confirmed plans to make some changes to the Construction Industry Scheme (CIS) ...
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Extension of FYA for zero-emission cars and charge points
An extension of First-Year Allowances (FYA) for zero-emission cars and charge points was announced as part of the recent Budget ...
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Selling your UK home and living abroad
If you live abroad and sell your UK home, you may have to pay Capital Gains Tax (CGT) on any ...
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Could you claim the Small Pool Allowance?
Writing-down allowances (WDAs) are a type of capital allowance that let you deduct a percentage of an asset’s value from ...
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Student jobs paying tax
Students that work may need to pay Income Tax and National Insurance. Employers are required to calculate the amount of ...
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Taxable company benefits
As an employee, you pay tax on certain company benefits, such as cars, accommodation, and loans. Your employer calculates the ...
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Employers may now be personally liable for unfair dismissal claims
A recent ruling has increased the scope of statutory protection for whistleblowers to include covered detriments against co-workers under the ...
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Tax Diary January/February 2026
1 January 2026 - Due date for Corporation Tax due for the year ended 31 March 202519 January 2026 - ...
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Cash flow pressures
Cash flow remains one of the most pressing concerns for small businesses, even where trading appears stable. Many businesses are ...
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Funding options for asset acquisition
Acquiring new assets is often essential for small businesses looking to grow, improve efficiency or remain competitive. Whether the investment ...
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Property and savings income subject to new tax rates
The government announced at Budget 2025 that dividend income, property and savings income, will be subject to new tax rates ...
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VCT and EIS changes
The new rules will allow companies to raise more capital under the following schemes although investors will need to factor ...
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Winter Fuel Payment tax charge
The June 2025 reforms introduce a £35,000 income limit for keeping the Winter Fuel Payment, with HMRC recovering the payment ...
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Agricultural and business property relief changes
Agricultural and business property relief changes that were first announced at Autumn Budget 2024 will come into effect from 6 ...
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IHT treatment of unused pension funds and death benefits
The 2027 reforms will shift more responsibility to personal representatives, who may need to manage withholding arrangements and settle any ...
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Expanding workplace benefits relief
From 6 April 2026, new tax rules will expand workplace benefits relief. The changes will simplify the treatment of certain ...
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Avoid over-stocking
Accountants often see the impact that excess stock has on a business long before the business owner realises what is ...
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The value of an overhead audit
Many businesses regard their overheads as fixed, predictable, and largely outside their control. In reality, an overhead audit often uncovers ...
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Increase in savings guarantee for bank deposits
The Financial Services Compensation Scheme (FSCS) has raised its savings guarantee for bank deposits, increasing the deposit protection limit from ...
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Update from HMRC on MTD testing
HMRC has published a new Making Tax Digital newsletter. This newsletter is mainly intended for taxpayers and agents who are ...
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Less than 1 month to self-assessment filing deadline
There is now less than 1 months to the self-assessment filing deadline for submissions of the 2024-25 tax returns. We ...
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Work out your VAT fuel scale charge
VAT road fuel scale charges are fixed, standardised amounts that businesses must use to account for output VAT when they ...
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Defer paying Class 1 National Insurance on a second job
Employees with a second job, third job or more may be able to defer or delay paying Class 1 National ...
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Who pays Income Tax in Scotland
The rules that govern who pays Income Tax in Scotland is determined by whether an individual is considered a Scottish ...
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When disciplinary processes and non-compete clauses implode
Many modern companies insist on the inclusion of restrictive covenants to limit the freedoms of employees upon the termination of ...
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Outlook For Food And Energy Prices In The Year Ahead
Food and energy costs remain central concerns for households and businesses because they influence everything from wages to margins to ...
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The likely direction of interest rates in 2026
As we look ahead to 2026, there is growing speculation about how the Bank of England will manage interest rates ...
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Autumn Budget 2025 – Personal Tax changes
The chancellor Rachel Reeves announced as part of the Autumn Budget measures that the Income Tax thresholds will be maintained ...
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Autumn Budget 2025 – Minimum Wage increases
The Chancellor of the Exchequer, Rachel Reeves announced increases to the Minimum Wage rates on the eve of the Budget ...
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Autumn Budget 2025 – Pension changes
The Chancellor has kept the main pension allowances unchanged but has confirmed a new cap on salary sacrifice arrangements that ...
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Autumn Budget 2025 – Alcohol and Tobacco Duty
The Chancellor has confirmed a series of duty increases on tobacco, vaping liquid, and alcohol that will take effect over ...
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Autumn Budget 2025 – Fuel Duty rates
In the Autumn Budget, the Chancellor had been expected to increase fuel duty rates. However, she has extended the fuel ...
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Autumn Budget 2025 – High Value Council Tax Surcharge
Starting in 2028-29, the government will introduce a High Value Council Tax Surcharge (HVCTS) for residential properties in England valued ...
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Budget Summary 26 November 2025
The degree of speculation about this year’s Budget announcements was further compounded when the Office of Budgetary Responsibility uploaded their ...
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The link between planning and progress
Most business owners know that progress matters, but many still hesitate when it comes to planning. It can feel like ...
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How a business grows financially by retaining profits
Many business owners focus on sales as the main driver of growth. Sales matter, but they are only part of ...
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MTD – qualifying income
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you are ...
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Christmas crafters and tax
If you earn fees or sell goods as a side hustle, you may need to pay tax on your profits ...
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What is a demerger?
A demerger involves splitting the trading activities of a single company or group into two or more independent entities. This ...
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Taxable & tax-free state benefits
While there are many state benefits available, it is not always clear which of these are taxable and which are ...
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National Insurance credits and Child Benefit
Claiming Child Benefit can provide an important benefit by granting National Insurance credits. If you claim Child Benefit and your ...
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Claim flat rate expenses for work clothing and tools
If you use your own money to buy items for work, you may be eligible to claim tax relief as ...
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Early termination of probation can constitute wrongful dismissal
The claimant began employment as a Contracts Coordinator on 23 January 2023, subject to a contractual 6-month probationary period, one ...
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Increase in the London congestion charge from January 2026
The daily charge for driving within the London Congestion Charge zone will rise from £15 to £18 from 2 January ...
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Preparing for tighter credit conditions in 2026
Many small businesses rely on a mix of overdrafts, card facilities and short term loans to maintain day to day ...
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Enforcement of the minimum wage
The Department for Business & Trade has recently published a report that outlines the government's enforcement of the National Minimum ...
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HMRC contacting sole traders
HMRC is currently contacting certain sole traders by email to reiterate the importance of adjusting business expenses for personal use.The ...
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Check when you can expect a reply from HMRC
HMRC offers a helpful online tool that allows agents and taxpayers to check when they can expect a response to ...
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Set up your tax app with HMRC
The free HMRC tax app now provides quick access to tax codes, income history, self-assessment details, National Insurance records and ...
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Paying tax arrears using HMRC payment plans
If you are unable to pay your tax bill, it's important to reach out to HMRC as soon as possible ...
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Penalty points for late filing of VAT returns
Many businesses are still unaware that the VAT late filing and late payment rules now operate on a points-based system, ...
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Directors liability for company debts
A limited company is a separate legal entity. In normal circumstances, its debts belong to the company, not to the ...
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How many businesses are there in the UK?
Current estimates suggest that there are around 5.6 million businesses operating in the UK. This figure comes from the Department ...
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Tax Diary December 2025/January 2026
1 December 2025 - Due date for Corporation Tax payable for the year ended 28 February 2025. 19 December 2025 ...
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Tell HMRC about unpaid tax on cryptoassets
Where cryptoasset tokens (also known as cryptocurrency) are held personally, this investment is usually undertaken in the hope of making ...
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Pay for imports declared via the CDS
If your business imports goods into the UK, it is important to be familiar with the Customs Declaration Service and ...
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Tax and trivial benefits
There is a trivial benefit-in-kind (BiK) exemption that applies to small, non-cash gifts (such as a bottle of wine or ...
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Company Voluntary Arrangements
A Company Voluntary Arrangement (also known as a CVA) is a special arrangement that allows a company with debt problems ...
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P45s, P11Ds and P60s – what are they?
Most employees will come across forms such as the P45, P11D and P60 during their working life, and knowing what ...
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Updating your tax code
It is quite common for tax codes to be wrong, particularly if your income or employment situation has changed, so ...
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Tread carefully when using temporary contracts to confer tax breaks
A recent ruling has established that temporary worker arrangements do not constitute a single, continuous employment relationship in which workers ...
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Reviewing insurance cover
Many businesses arrange insurance in the early days and then only look at it again when something changes, or when ...
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Understanding the responsibilities of company directors
Taking on the role of a company director is more than holding a title. Directors have legal duties that shape ...
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Why ID verification is supposedly good for business
Last week, we covered the new requirement for directors and persons with significant control (PSCs) to verify their identities from ...
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Business Asset Disposal Relief – the present rates
If you are thinking about selling a business or shares, it is important to understand how Business Asset Disposal Relief ...
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Taxable benefits for use of company car
The tax you pay on the use of a company car depends largely on its CO2 emissions, so choosing a ...
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Advantages of VAT Flat Rate Scheme
If your business has relatively low VATable expenses, the VAT Flat Rate Scheme can simplify your VAT reporting and may ...
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When you don’t need to make payments on account
If you file a Self-Assessment return you may need to pay your tax in three instalments, so it is useful ...
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Paying Class 4 NICs
If you are self-employed and your profits are above £12,570, you may need to pay Class 4 National Insurance, so ...
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Beware of the risks of engaging employees as sham contractors
Recently, a clear legal precedent confirmed that the nature of an individual's work is determined by the reality of the ...
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Facing change with confidence
Change is part of every business journey. Whether it is prompted by new technology, regulation or shifts in the market, ...
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Valuing and pricing goods and services
For any business, knowing how to value and price what it sells is fundamental to success. Yet many small firms ...
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Have you verified your ID at Companies House?
From 18 November 2025, all company directors and people with significant control (PSCs) will be legally required to verify their ...
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Report and pay Capital Gains Tax
If you have sold a UK residential property since 6 April 2020, it is important to be aware that the ...
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Reliefs and allowances for Corporation Tax purposes
Companies can reduce their Corporation Tax bill through a range of reliefs, including R&D credits, Patent Box, and creative industry ...
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Reporting foreign income to HMRC
If you are UK resident and receive income from abroad, such as overseas wages, rent, or investments, you may need ...
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Claiming lettings relief
If you have tenants in your home, it’s essential to understand the Capital Gains Tax (CGT) implications. Typically, there is ...
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Claiming for working at home
Employees who are working at home may be entitled to claim tax relief on certain work-related expenses. Where such costs ...
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Don’t be tempted to withhold pay as a form of leverage
Ms Constantine had been a veterinary surgeon since 2017. Initially, she had worked every day with two half days rest, ...
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UK productivity remains disappointingly weak
The UK continues to struggle with low productivity growth, a long-running challenge that shows little sign of improvement. In the ...
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Why solvency is the true test of business strength
Every successful business, no matter how innovative or fast-growing, ultimately depends on one simple measure: solvency. A solvent business is ...
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CIS – qualifying for gross payment status
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in ...
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VAT on goods you export
Exports from Great Britain or Northern Ireland can be zero-rated for VAT, provided businesses obtain valid export evidence within three ...
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Claiming 4-years Foreign Income and Gains relief
The remittance basis of taxation for non-UK domiciled individuals (non-doms) was replaced with the new Foreign Income and Gains (FIG) ...
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Business Asset Disposal Relief changes
Business Asset Disposal Relief (BADR) offers a significant tax benefit by reducing the rate of Capital Gains Tax (CGT) on ...
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Deduction of tax on yearly interest
The tax legislation requires the deduction of tax from yearly interest that arises in the UK. This typically refers to ...
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Loss of personal allowance – the £100k ceiling
For the current tax year, taxpayers with adjusted net income between £100,000 and £125,140 will face an effective marginal tax ...
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Business meetings – Face to face or online?
The way we meet has changed dramatically in recent years. Technology now makes it possible to discuss projects, close deals ...
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Winning new contracts without offering punitive credit terms
In today’s competitive market, many businesses feel pressured to extend generous payment terms to win new contracts. However, offering long ...
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Check if you can cash in a Child Trust Fund
HMRC has issued a press release urging 18-23 year olds who have yet to claim their Child Trust Fund (CTF) ...
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Inheritance Tax and CGT relief for national heritage assets
Certain buildings, land, works of art, and other objects of national significance may be exempt from Inheritance Tax and Capital ...
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Understanding the tax implications of divorce
When a couple is separating or undergoing divorce proceedings, tax issues are often not the first thing on their minds ...
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The Marriage Allowance if circumstances change
Married couples and civil partners could save up to £252 a year by transferring part of one partner’s unused personal ...
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What is the High Income Child Benefit Charge?
If your income exceeds £60,000 and you or your partner receive Child Benefit, you can now choose to pay the ...
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Benefits of the VAT Cash Accounting Scheme
Waiting to be paid but still having to hand over VAT? The VAT Cash Accounting Scheme potentially lets you pay ...
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Risks of engaging employees as sham contractors
Recently, a clear legal precedent confirmed that the nature of an individual's work is determined by the reality of the ...
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Tax Diary November/December 2025
1 November 2025 - Due date for Corporation Tax due for the year ended 31 January 2025. 19 November 2025 ...
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Building financial resilience in uncertain times
Every business faces unexpected challenges. Rising costs, supply delays, late payments and sudden changes in demand can all place pressure ...
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Profitability through better management information
Many business owners make decisions based on instinct, but intuition alone can be unreliable. Having timely, accurate management information replaces ...
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Check your State Pension forecast
Your State Pension forecast shows how much you could receive, when you can claim it, and how to boost it ...
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State benefits taxable and non-taxable
Many people rely on state benefits, but it is not always obvious which payments are taxable and which are tax-free ...
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Heads up for company directors
As of April 2025, directors of close companies and self-employed taxpayers face new mandatory reporting requirements on their Self-Assessment returns ...
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The present limits for Business Assets Disposal Relief
Business Asset Disposal Relief (BADR) still offers a valuable tax break, but the CGT rate has risen to 14% from ...
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The Enterprise Investment Scheme tax benefits
The Enterprise Investment Scheme (EIS) is designed to help smaller, higher-risk trading companies raise finance by offering a range of ...
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Register an offshore property developer for Corporation Tax
Non-UK resident companies that buy, develop, or sell UK land must register for Corporation Tax within three months of a ...
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Bank deposit protection limits set to rise
The UK’s financial regulator has proposed an increase to the level of savings protection available under the Financial Services Compensation ...
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Five goals every small business owner should set
Running a small business can feel like juggling endless priorities, but taking time to set clear goals is essential if ...
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Sharing income from jointly held property
The standard tax treatment for couples living together, whether married or in a civil partnership, is that income from jointly ...
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Tax-free income from letting a room in your home
Homeowners can earn up to £7,500 tax-free under the rent-a-room scheme, with simple reporting and flexible tax options. This set ...
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Two important 2025 self-assessment deadlines
Paper tax returns are due 31 October 2025, and new registrants must notify HMRC by 5 October 2025. Act early ...
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Are casual payments taxable?
Not all casual payments are tax-free; HMRC’s miscellaneous income rules may apply depending on the circumstances. The special miscellaneous income ...
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Exception from VAT registration
Businesses over £90,000 turnover must register for VAT, but HMRC may grant exceptions if the increase is temporary. A business ...
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VAT – Entertainment provided to directors and partners of a business
When considering VAT on entertainment provided solely to directors or partners of a business it is generally not recoverable as ...
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Choosing the right way to buy a vehicle for your business
For many business owners, a vehicle is an essential tool. Whether it is for visiting clients, delivering goods, or simply ...
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What is the recent £150bn tech investment deal?
During the State Visit by President Trump, the UK secured a record-breaking £150 billion of inward investment from US firms ...
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Who needs to register for anti-money laundering supervision
If your business operates in a sector covered by the Money Laundering Regulations, you must be monitored by a supervisory ...
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Tax relief for employer contributions to a pension scheme
Employers can generally claim tax relief on contributions made to a registered pension scheme by deducting those payments as an ...
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Dividend taxes will they increase?
Speculation is growing that rates or allowances applied to dividend income may change in the next Budget. The current tax ...
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War Widows Recognition Payments Scheme
Bereaved spouses who lost service pensions before 2015 have until 15 October 2025 to claim a one-off £87,500 recognition payment ...
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Beware scams pretending to be HMRC
Fraudsters are continuing to target taxpayers with scam emails as the deadline for submission of self-assessment returns for the 2024-25 ...
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Unauthorised issue of a VAT invoice
Issuing a VAT invoice without registration or authorisation can lead to HMRC penalties, even if it is done by mistake ...
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Don’t rush to judgement over pending tribunal claims
Mr. Aslam, a former Metroline employee, applied to another bus company on 13 April 2019, disclosing that he suffered from ...
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Understanding working capital and why it matters
Working capital is a simple but powerful measure of a business’s financial health. It is the difference between current assets ...
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Why you should maintain a tax reserve
Every business has a duty to pay tax, whether that is Corporation Tax, VAT, PAYE, or personal tax liabilities for ...
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How to pay corporation tax online
Paying Corporation Tax? Always use the correct reference or risk delays and penalties. To pay Corporation Tax via online or ...
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When you cannot charge VAT
Not all goods and services carry a 20% VAT, knowing the right rate can save costly mistakes. When a VAT-registered ...
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Using your own car for work purposes
Using your own car or bike for work travel? You may be able to claim tax relief for business mileage ...
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How do HMRC define “wholly and exclusively” for tax purposes
Not sure if a business cost is deductible? HMRC’s ‘wholly and exclusively’ rule is the key test. When deciding whether ...
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What is the settlement legislation?
Thinking of gifting income to a spouse or partner? HMRC’s settlements rules may still tax it as your own. The ...
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16 years old – the minimum age for a company director
Thinking of starting a company at 16? Know the rules, risks and responsibilities before you take the leap. The Companies ...
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Budget date announced
The Chancellor of the Exchequer, Rachel Reeves confirmed, in a video message, that the next UK Budget will take place ...
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Tax Diary October/November 2025
1 October 2025 - Due date for Corporation Tax due for the year ended 31 December 2024. 19 October 2025 ...
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GOV.UK One Login – enhanced security from 13 Oct 2025
From 13 October 2025, access to Companies House WebFiling will require GOV.UK One Login. This replaces the older Government Gateway ...
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What insurance cover should a company consider?
Running a small business comes with plenty to juggle, and while insurance might not be the most thrilling task, it ...
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Are you selling goods or services on a digital platform?
From 2024, platforms like eBay, Vinted and Airbnb must report seller data to HMRC, so check your tax responsibilities. If ...
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Why your tax code might change
The letters in your tax code indicate whether you are entitled to the annual tax-free personal allowance. These codes are ...
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What counts as working time for minimum wage purposes
Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The ...
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Holding over gains on gifts
Gift Hold-Over Relief is a form of Capital Gains Tax (CGT) relief that allows you to defer paying CGT when ...
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Gifts with reservation of benefit
Gifting assets can cut inheritance tax, but traps like “gifts with reservation of benefit” may undo the plan. The majority ...
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VAT late filing penalties
New rules mean late VAT filings and payments now trigger points, fines and interest charges. The VAT late filing penalties ...
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Balancing access to justice and abuse of process
An extended civil restraint order (ECRO) was issued against a prolific Employment Tribunal (ET) litigant for presenting repeated and baseless ...
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Cash flow resilience and access to funding
Running a small business often feels like walking a financial tightrope. Cash can be flowing in nicely one month, only ...
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Keeping your best people with flexible working
For many small business owners, finding and keeping good staff is one of the biggest headaches. Recruitment is costly, time-consuming ...
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MTD for IT taxpayer exemption
From April 2026, the self-employed and landlords must use MTD for IT, but exemptions may apply in limited cases. If ...
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What if your pension contributions are excessive?
You can claim tax relief on pension contributions up to 100% of earnings, but exceeding the annual allowance may trigger ...
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Unused pension funds and IHT from April 2027
From 6 April 2027, new measures first announced in the Autumn Budget 2024 will come into force. These changes will ...
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Fixing problems with running payroll
Employers must report pay and deductions correctly to HMRC, but errors can usually be fixed in your next FPS. Employers ...
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What are the current Income Tax bands and allowances?
Income Tax applies to earnings, pensions, savings, dividends and more, with different bands across the UK nations. Individuals can be ...
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Corporation tax roadmap
With a £50bn shortfall looming, the Chancellor may need to revisit last year’s Corporation Tax roadmap commitments. As this year’s ...
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Why increasing an overdraft to fund losses is a dangerous game
Many business owners see their bank overdraft as a flexible safety net. When cash runs short, the temptation is to ...
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How to gain a competitive advantage
In every market, businesses face competition. Some competitors may be larger, others may have deeper pockets, but gaining a competitive ...
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Company director disqualification
Company directors have a legal duty to act responsibly and in the best interests of their business. If a director ...
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What happens if you cannot pay your tax bill?
If you cannot pay your tax bill, it’s crucial to contact HMRC as soon as possible. They may offer support ...
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What is the pension’s Money Purchase Annual Allowance?
The Money Purchase Annual Allowance (MPAA) is a pension rule designed to prevent individuals from gaining double tax relief on ...
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When dividends cannot be paid
Under the Companies Act 2006, dividends can only be paid from realised profits, never from capital, no matter what a ...
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Using the 159 helpline
If a call from your bank feels suspicious, just hang up and dial 159 to be connected safely to your ...
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Applying for Home Responsibilities Protection
Did you know a missing Home Responsibilities Protection (HRP) record could reduce your State Pension, but you may still have ...
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Tax Diary September/October 2025
1 September 2025 - Due date for corporation tax due for the year ended 30 November 2024. 19 September 2025 ...
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Tripartite arrangements don’t necessarily enable an agency to escape accountability
The question was raised as to whether, in a tripartite agency relationship, an employment relationship exists between an employee and ...
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Improve cash flow with smarter invoicing habits
Why cash flow matters Profit is important, but cash pays wages, suppliers and loan repayments. Even strong businesses can struggle ...
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Management buyouts: benefits for owners and teams
A management buyout keeps the business in familiar hands. The team that already understands customers, systems, and culture steps into ...
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Help with outstanding tax bills
HMRC’s Time to Pay lets eligible taxpayers spread tax bills over time, avoiding immediate enforcement. If you owe tax to ...
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What is Support for Mortgage Interest?
SMI loans can help pay mortgage interest for those on benefits, but repayment is due when the home is sold ...
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Rules to protect effects of debanking
Banks must now give 90 days’ notice before closing accounts, giving customers more time to respond. Since April 2026, new ...
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Trusts and Income Tax
Trustees must manage assets, follow tax rules, and register with HMRC where required. A trust is a legal arrangement in ...
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VAT – digital record keeping
HMRC requires businesses to maintain accurate VAT records to ensure correct tax payments. While all businesses must retain general records ...
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Definition of a building sub-contractor
Know the rules for contractors & subs under CIS to avoid issues with HMRC. Under the Construction Industry Scheme (CIS), ...
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A magical clause does not necessarily nullify employment status
A recent ruling has provided a timely reminder that substance trumps form in employment status disputes, and the mere insertion ...
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Pre-Budget tax planning – act now
With the next UK Budget approaching, there is speculation about changes to tax rates, allowances, and reliefs. Acting now can ...
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Building value in your business
For many small business owners, the focus is on day-to-day operations. However, building long-term value is just as important, whether ...
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HMRC to increase anti-money laundering fees
Fit and proper test fee to jump from £150 to £700 under HMRC’s proposed AML supervision changes Many businesses are ...
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Homebuyers warning
Properties needing repairs still count as homes and false claims to recover Stamp Duty Land Tax could mean big tax ...
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Reclaiming duty moving goods to Northern Ireland
Businesses can reclaim duties on qualifying goods moved to or through Northern Ireland since 2021 The Northern Ireland Duty Reimbursement ...
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Who can claim the IHT residence nil rate band
With the Residence Nil Rate Band (RNRB), families can pass on up to £1 million without IHT The RNRB is ...
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Challenging your Council Tax band
If your property has changed or seems mis-banded, you may have the right to request a Council Tax review. Properties ...
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Interactive online tool for tax compliance check
HMRC’s new Q&A tool guides you through each step of a compliance check. The free interactive online tool is designed ...
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Bank Rate trimmed to 4%
The Bank of England has knocked the main interest rate down to 4% today, cutting it by a quarter‑point from ...
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The value of retaining profits to support cash flow and growth
For small businesses and growing companies alike, one of the most reliable sources of funding is often the profits they ...
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Employing family members in your business
Many small business owners turn to family members when looking to fill roles in their team. It can seem like ...
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Making Tax Digital – important deadline dates
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you are ...
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Shared home ownership
Shared home ownership offers a more accessible route to owning a home for those who cannot afford the full deposit ...
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New self-assessment services announced by HMRC
New digital services have been launched that aim to make filing and managing tax returns quicker and less stressful. These ...
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Found objects and Capital Gains Tax
Items discovered lying on land or buried in the soil, such as antiques or historical objects, are treated as chattels ...
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Estate valuation for IHT purposes
Before probate begins, you must estimate the estate's value to see if Inheritance Tax applies. This includes valuing the deceased ...
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Taxation of entertainment expenses
Many business gifts and hospitality costs are not tax-deductible under current rules. Entertainment expenses including providing hospitality and business gifts ...
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Choosing a Business Rates Agency
The Valuation Office Agency (VOA) has issued updated advice to help business owners choose and monitor business rates agents more ...
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Red tape eased for new cafes and bars
Communities and town centres across the UK are about to get a serious boost. The Government has unveiled sweeping reforms ...
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Verifying your ID at Companies House
You now need to set up a verified GOV.UK One Login to confirm your identity with Companies House. To verify ...
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Current Inheritance Tax thresholds
Married couples can pass on up to £1 million tax-free if they plan their estates carefully. The Inheritance Tax (IHT) ...
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VAT relief for the disabled
VAT relief is available on goods and services for people with long-term illnesses or disabilities. There are special VAT reliefs ...
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Capital Gains valuations of goodwill
Who values goodwill when a business is sold? HMRC's Shares and Assets Valuation team takes the lead. Whether the goodwill ...
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IHT Agricultural and Business Property Relief changes confirmed
Despite intense lobbying by the farming community, the proposed reduction in IHT Business and Agricultural Property reliefs are included in ...
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IHT Unused Pension Funds and Death Benefits changes
It was confirmed with the publication of the draft Finance Bill 2025–26 that measures first announced in the Autumn Budget ...
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An employee’s emergency contact details are strictly private
A recent ruling affirms that an employer is directly liable for the unauthorised disclosure of an employee's private information. An ...
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UK Export Finance: Empowering UK Businesses to Go Global
UK Export Finance (UKEF) is the UK’s export credit agency and government-backed financier. Its mission is to ensure that no ...
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Big cuts to electricity network costs for heavy industries
The UK Government has unveiled a landmark plan to reduce electricity network charges for the country’s most energy intensive industries, ...
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Transfer pricing consultation
New UK transfer pricing rules could mean more reporting and fewer exemptions for mid-sized businesses. The government is consulting on ...
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Higher penalties for MTD filers
Making Tax Digital for Income Tax will become mandatory in phases from April 2026. If you are self-employed or a ...
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Helping family or friends with their tax
Need to help a relative or friend with tax? HMRC’s Trusted Helper service makes it quick and easy to support ...
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Applying for a National Insurance number
Working or claiming benefits in the UK? You may need to apply for a National Insurance number first. If you ...
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New requirements for Overseas Entities
Overseas property owners must now report earlier ownership changes or risk penalties from 31 July 2025. Under new rules introduced ...
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Double Tax Conventions and IHT
Double tax on estates can still hit families hard, even with treaties in place. When someone dies with ties to ...
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Choosing the right KPI’s for your business
Key Performance Indicators (KPIs) are not just numbers on a dashboard; they are tools to help business owners make better ...
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Why industry expertise matters when starting a business
Starting your own business can be an exciting and liberating decision. But passion and ambition alone are rarely enough. One ...
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The Employment Allowance – what you can claim
As of April 2025, more employers can claim the increased £10,500 Employment Allowance thanks to relaxed eligibility rules. This increase ...
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The impact of frozen personal allowances
The impact of frozen personal allowances often leads to fiscal drag, a situation where individuals pay more tax as their ...
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Goodbye remittance basis hello FIG
Since 6 April 2025, the remittance basis of taxation for non-UK domiciled individuals (non-doms) has been replaced by the Foreign ...
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Struggling to fund your July tax payment?
The second 2024-25 payment on account for self-assessment taxpayers is due on 31 July 2025. If you are finding it ...
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File and paying CGT after property sales
Capital Gains Tax on certain residential property sales must be reported and paid within 60 days to avoid penalties and ...
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Don’t forget to pay your Class 1A NIC
Employers must act now to meet the deadline for paying Class 1A NICs for 2024–25 to avoid HMRC penalties. These ...
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Tax Diary August/September 2025
1 August 2025 - Due date for corporation tax due for the year ended 31 October 2024. 19 August 2025 ...
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Being paid directly is not a confirmation that you are an employee
A Tribunal has provided a landmark ruling over employer-employee status in the context of direct payments made under the Care ...
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Autumn Budget 2025: What Changes Might Be on the Horizon?
As we look ahead to the Autumn Budget 2025, it is clear that the Chancellor, Rachel Reeves, will be under ...
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Why exit planning matters – even in the early years of your business
Starting and growing a business is an exciting and demanding challenge. It is easy to focus all your energy on ...
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Do you have additional income streams?
Side income over £1,000 may mean filing a tax return. HMRC is urging part-time earners to check their tax position ...
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Setting up a payroll scheme
Registering for payroll is essential when hiring staff. From HMRC registration to legal compliance, getting payroll processes right ensures your ...
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What if you no longer need to submit a tax return
You must tell HMRC if you no longer need to file a tax return. Whether you have stopped trading or ...
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Tax returns for a deceased taxpayer
You may need to submit tax returns for someone who has died. As the personal representative, you are legally responsible ...
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Pension contributions, net pay or relief at source?
Your pension scheme type affects your tax relief. Workplace pensions offer tax benefits, but the method used, net pay or ...
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Who is liable to Income Tax at Scottish rates?
Where you live determines if you pay Scottish Income Tax. The rules are not based on where you work, who ...
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Are you ready for Companies House ID checks?
From 2025, Companies House is rolling out new identity verification requirements for directors, people with significant control (PSCs), and anyone ...
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How AI is changing your business
Artificial intelligence (AI) is no longer something for big tech firms alone – it is becoming a practical tool for ...
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Tax gap estimated at 5.3% for 2023-24
HMRC missed out on £46.8bn in tax last year. Small businesses and Corporation Tax make up the biggest share of ...
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Use HMRC app and be job-ready this summer
Starting work this summer? Download the free HMRC app to get your NI number, check your tax code and stay ...
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Check your State Pension forecast online
Get a clear view of your future pension. Use the enhanced online service to check, boost, or track your State ...
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Using the VAT Cash Accounting Scheme
Struggling with late-paying customers? The VAT Cash Accounting Scheme helps protect cash flow by taxing only what you have received ...
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Accounting on a cash basis
From April 2024, the cash basis is the default method for sole traders and most partnerships when preparing Self-Assessment returns ...
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Claiming for uniforms, work clothing and tools
Buying tools or clothing for your job? You could claim tax relief. Check if you qualify and how to get ...
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Pivotal role of the union Certification Officer in addressing complaints
A recent tribunal clarified the procedural powers of the Certification Officer (CO), ruling that applications from trade union members cannot ...
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Winter Fuel Payments reinstated
The government has announced the reinstatement of Winter Fuel Payments for pensioners in England and Wales for winter 2025–26, reversing ...
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Redress for Post Office Capture victims
In a significant update, the UK government has unveiled a new compensation scheme targeting individuals affected by the earlier “Capture” ...
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Tax rules for savings interest
You could earn up to £18,570 in tax-free savings interest in 2025–26, thanks to the personal allowance, starting rate for ...
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Who must send in a tax return
From self-employment to rental income, there are many reasons you may need to file a Self-Assessment return. Know the triggers ...
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When do the higher rates of Income Tax apply
Once your income passes £100,000, your tax-free allowance starts to shrink. Between £100,000 and £125,140, the effective tax rate climbs ...
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2025 Spending Review published
The government’s 2025 Spending Review outlines a major funding boost for healthcare, defence, housing, and infrastructure to support long-term recovery ...
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Present rates of Corporation Tax
Corporation Tax rises with profit levels. Marginal relief bridges the gap, easing businesses from the 19% small profits rate to ...
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VAT Annual Accounting
Streamline your VAT reporting with fewer returns and smoother cash flow. The Annual Accounting Scheme makes VAT easier to manage ...
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Effects of Rachel Reeves’ Spending Review
Chancellor Rachel Reeves delivered her first Spending Review to Parliament last week, setting out the government’s financial priorities for the ...
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BT Eyes Deeper Job Cuts as AI Reshapes Telecoms
BT has announced that it may exceed its previously stated target of cutting 40,000 jobs by 2030, as artificial intelligence ...
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New requirement – verifying ID at Companies House
Identity verification is now rolling out for directors, PSCs, and agents, with more filing roles to be included soon under ...
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Business Asset Disposal Relief – forthcoming changes
The BADR Capital Gains Tax rate has risen to 14% from April 2025 and will increase further to 18% in ...
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Current IHT gift reliefs
Lifetime gifts can reduce Inheritance Tax, but survival for seven years and using key exemptions like the £3,000 annual allowance ...
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Do not forget to claim the marriage allowance
If one partner in a marriage or civil partnership earns under £12,570, you could save up to £252 a year, ...
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Private Residence Relief – when it applies
Selling your main residence? Private Residence Relief can exempt you from Capital Gains Tax. If you meet certain conditions, there ...
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Claim for a business journey in a private vehicle
Use your own vehicle for work? You could be entitled to a tax-free mileage allowance. Make sure you are not ...
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When changing a company’s name absolves a daughter company of its obligations
The Court of Appeal addressed the complexities of benefit scheme amendments and the lines of responsibility within corporate structures in ...
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The value of tax planning for high net worth individuals
For high net worth individuals (HNWIs), tax planning is not simply a compliance activity, it is a strategic tool to ...
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Four critically important KPIs
Gross profit margin This measures the profitability of your core operations by comparing gross profit (sales minus cost of goods ...
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Tax Diary July/August 2025
1 July 2025 - Due date for corporation tax due for the year ended 30 September 2024. 6 July 2025 ...
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IHT exemption – normal expenditure out of income
Make regular gifts from your income and avoid inheritance tax. If structured properly, surplus income gifts can support loved ones ...
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VAT – advantages of the VAT Flat Rate Scheme
Small business? The VAT Flat Rate Scheme could cut paperwork and improve cash flow. Pay VAT as a set percentage ...
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Can you reduce your 31 July tax payment on account
Expecting lower profits 2024-25 compared to 2023-24? You can ask HMRC to reduce your 31 July 25 tax payment on ...
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Tax write-offs for an electric car with zero emissions
Buying a zero-emission electric car through your limited company could mean 100% tax relief in year one. Understand the capital ...
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Claiming tax relief on pension contributions
Private pension contributions can attract up to 45% tax relief, if you know how to claim it. Use your £60,000 ...
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VAT exempt supplies
Not all VAT-free sales are the same. Understanding the key difference between zero-rated and VAT-exempt supplies could save your business ...
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Government sells last Nat West shares
The UK government has officially concluded its involvement with NatWest Group, formerly known as the Royal Bank of Scotland (RBS), ...
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How working capital is funded
Working capital refers to the day-to-day funds a business uses to manage its operations. It is the difference between current ...
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What is a FIG?
From 6 April 2025, non-doms face a major shift as the remittance basis is replaced by the Foreign Income and ...
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Employing your family
Employing family members can work well, but it does not mean you can skip the rules. HMRC expects full compliance ...
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Company changes you must report
Certain company changes—like a new registered address, email, or director—must be reported to Companies House promptly. Failure to update records ...
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Repay private fuel provided for company cars
Employees using company fuel for private journeys can sidestep a hefty benefit charge by repaying the full private fuel cost ...
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Employers, don’t forget to pay Class 1A NIC
Employers must pay Class 1A NICs for 2024–25 benefits by 19 July (post) or 22 July (electronic). These apply to ...
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Rolling Over Capital Gains
Business Asset Rollover Relief, allows taxpayers to defer Capital Gains Tax (CGT) on gains arising from the sale or disposal ...
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Buying a business – a simple due diligence checklist
Before you agree to buy a business, it is essential to carry out due diligence. This means carefully checking the ...
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Top 10 skills every business owner should acquire
Running a business involves wearing many hats. Whether you are just starting out or looking to grow, developing the right ...
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A return to gender rationality in the office? What does the Supreme Court ruling mean for trans people in the workplace?
In a landmark ruling, the Supreme Court clarified the legal interpretation of the words ‘sex’, ‘woman’ and ‘man’ in Sections ...
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Could you extend Child Benefit claim?
Parents of 16–19-year-olds: confirm your child’s continued education or training by 31 August 2025 to keep Child Benefit payments going ...
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How should multiple self-employed incomes be treated
Running more than one self-employed business? HMRC will not always treat them as separate. Whether they are taxed as one ...
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Changes to IHT from April 2025
From April 2025, Agricultural Property Relief from Inheritance Tax now extends to land under qualifying environmental agreements. This means landowners ...
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Changes to tax status of non-UK domiciles
From 6 April 2025, the remittance basis for non-doms is abolished. A new UK tax regime now applies to non-domiciled ...
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Deferring gains using Incorporation Relief
Thinking of transferring your sole trader or partnership business into a limited company? Incorporation Relief can help defer any capital ...
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Pension tax-free lump sums
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Why filing early makes sense
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Save up to £2,000 a year on childcare costs
Is your child starting school this September? Tax-Free Childcare could save you up to £2,000 a year. Check your eligibility ...
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MTD for Income Tax deadline is approaching
MTD for Income Tax starts 6 April 2026 for the self-employed and landlords with £50k+ income. Plan early to stay ...
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HMRC interest rates following Bank of England rate cut
Following a Bank Rate cut to 4.25%, HMRC late payment and repayment interest rates will drop from 19 and 28 ...
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Deadline for paying Class 1A NIC
Employers must pay Class 1A NICs on 2024–25 benefits by 19 July (22 July if paying electronically). Avoid penalties by ...
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The transition from FHL to Property Rental business
Tax perks for Furnished Holiday Lets have ended. From April 2025, lettings fall under standard rental rules. Check the transition ...
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When can you deregister for VAT?
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The importance of discretion – don’t send inappropriate messages during working hours!
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Still recording your accounts on spreadsheets?
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How to check employment status
HMRC’s CEST tool gets a revamp from 30 April 2025, with clearer questions and updated guidance to help users decide ...
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Reversal of requirement to report more detailed employee hours paid
The government has scrapped plans for detailed PAYE reporting of employee hours from April 2026, citing concerns over cost, complexity, ...
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Mandating the Payrolling of benefits in kind update
HMRC has delayed mandatory payrolling of benefits in kind by a year to April 2027, giving employers and software providers ...
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Income reporting threshold increased
The £3,000 reporting threshold for trading, property, and other income will simplify tax returns—300,000 people could be freed from filing ...
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Changes to VAT on donations to charities
The government is consulting on new VAT relief for goods donated to charities for free use. Could this fix an ...
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Electronic invoicing consultation
The government wants your say on e-invoicing. Quicker payments, fewer errors, and better VAT reporting are on the table. A ...
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How to Increase Gross Profit Returns
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Fresh Ideas for Additional Revenue Streams
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Tax Diary June/July 2025
1 June 2025 - Due date for corporation tax due for the year ended 31 August 2024. 19 June 2025 ...
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State Benefits – What is taxable and what is not
Not all state benefits are tax-free! Some, like the State Pension and Carer’s Allowance, are taxable, while others, like PIP ...
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Is income from hobbies taxable?
Not every money-making hobby counts as a business for tax purposes. Knowing when a hobby crosses into trading territory is ...
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Tax relief if required to work from home
If employees must work from home and their employer does not reimburse certain costs, they may be entitled to claim ...
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Tax refunds for dissolved companies
Dissolving a company ends its legal existence — but unresolved assets become property of the Crown under bona vacantia. Directors ...
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Tax treatment of income after cessation
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Definition of R&D for tax purposes
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Access to Funding and Credit
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Cybersecurity
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More in line for savings boost
From April 2025, more low-income workers on Universal Credit can join Help to Save. Save up to £50/month and get ...
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Have you set up your Personal Tax Account yet?
Skip the phone queues. Your Personal Tax Account lets you manage everything from tax codes to refunds online. Quick, secure, ...
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Less than a year before MTD for Income Tax starts
MTD for Income Tax kicks off in April 2026 for those earning over £50k. Digital records, quarterly updates, and tougher ...
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Reminder of Employer NIC changes from April 25
A reminder that increases to the rate of National Insurance contributions (NICs) that are paid by employers came into effect ...
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Repeal of furnished holiday lets regime
From April 2025, holiday lets lose their special tax treatment. Landlords must prepare for new Income, Capital Gains, and Corporation ...
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VAT Road Fuel Scale Charges
The new VAT road fuel scale charges applicable from 1 May 2025 to 30 April 2026 have been published. The ...
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The innocent touch – where a lack of clear guidelines and policies makes a dismissal more likely to be unfair
A school inspector dismissed for brushing water off a pupil’s head won his unfair dismissal claim against OFSTED. Mr. Hewston ...
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Higher rate tax relief on pension contributions
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Understanding VAT Bad Debt Relief
Struggling with unpaid invoices? If you've paid VAT to HMRC but never received payment from your customer, you may be ...
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Still time to repay private fuel costs and avoid tax charge
Use a company car for personal trips? Avoid a hefty tax charge by reimbursing your employer for private fuel by ...
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Tax and employee suggestion schemes
Have you set up a suggestion scheme for ideas that could save or earn you money? Employee suggestion schemes can ...
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Tax relief for landlords replacing domestic items
Swapped an old fridge or carpet in your rental property? Landlords can claim tax relief on replacing domestic items – ...
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Statutory Redundancy rights
Redundant? You could receive up to £30,000 tax-free, whether it’s statutory pay or a better deal from your employer. Know ...
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UK Responds to New US Tariffs
The UK’s Business and Trade Secretary, Jonathan Reynolds, has set out the government's position following the United States' recent imposition ...
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£13.9bn of R&D funding
The UK government has announced a record-breaking £13.9 billion in research and development (R&D) funding for the coming year. This ...
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Child Benefit increases April 2025
Child Benefit has risen for 2025–26: £26.05 for eldest, £17.25 for others. Claim continues to age 20 in approved education ...
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Don’t forget to update your NMW and NLW wage rates
Minimum wage rates rose on 1 April 2025. NLW now £12.21, and big increases for younger workers too. Make sure ...
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Frozen tax allowances and fiscal drag
Tax thresholds frozen till 2028? That’s fiscal drag in action – more tax paid without rate rises. It’s a stealthy ...
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Checking your tax code for 2025-26
Do you know what your 2025–26 tax code means? It affects how much tax is taken from your pay or ...
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Filing ATED return April 2025
From April 2025, updated ATED rates apply to residential properties held by companies and other Non-Natural Persons (NNPs). Make sure ...
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Make the most of trivial benefit payments 2025-26
Small gifts can mean big tax savings! Use the trivial benefits exemption in 2025–26 to reward employees with non-cash perks ...
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Employment Restrictions After Termination: Be Cautious
Kau Media Group (KMG) Ltd. sought to enforce two post-termination employment restriction (PTRs) contained in a contract of employment to ...
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Tax Diary May/June 2025
1 May 2025 - Due date for corporation tax due for the year ended 30 July 2024. 19 May 2025 ...
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Dealing with supply line interruptions
Supply line interruptions can be a nightmare for any business. Whether it’s a delay in deliveries, a shortage of materials, ...
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Managing gross profit returns
Gross profit is one of the clearest indicators of how well your business is performing. It’s the amount left after ...
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HMRC interest rate increases
HMRC has announced that interest rates for late payments will increase by 1.5% for all taxes starting 6 April 2025 ...
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Registering informal money transfer businesses
HMRC has launched a campaign targeting informal money transfer networks like Hawala, aiming to combat money laundering and protect communities ...
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R & D clearance consultation
Following the Spring Statement, HMRC is inviting feedback on the idea of expanding the use of advance clearances for R&D ...
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Verifying identity at Companies House – From April 2025
New rules under the Economic Crime and Corporate Transparency Act mean identity checks will soon be required at Companies House ...
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Business Asset Disposal Relief rates from April 2025
Business Asset Disposal Relief (BADR) provides a reduced Capital Gains Tax (CGT) rate on the sale of a business, shares ...
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HMRC time to pay arrangements
If you're facing financial difficulties and owe tax, HMRC’s Time to Pay service may offer breathing space. From self-assessment to ...
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Recycling changes
As of 31 March 2025, new regulations have come into effect in England, requiring workplaces to adopt simplified recycling practices ...
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Pubs and premises insurance
In March 2025, the Pubs Code Adjudicator (PCA) wrote to all pub-owning businesses to reinforce the importance of complying with ...
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Applying for student loans
Student Loans help cover the cost of university or college in the UK. Whether you're full-time, part-time, or heading into ...
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Childcare grants
Juggling higher education and parenting? Childcare Grants can ease the pressure by covering up to 85% of your childcare costs ...
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Beneficial interests in jointly held property
Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you're married ...
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Making Tax Digital for Income Tax
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you’re self-employed ...
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LLP salaried members
Not all LLP members are taxed as partners. HMRC may treat them as employees if they meet certain conditions. Here's ...
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Time off for jury service
If your employee is called for jury service, you must allow them time off—but you're not required to pay them ...
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CGT holding over gains if you gift business assets
Gift Hold-Over Relief lets you defer Capital Gains Tax when giving away business assets or qualifying shares. It can be ...
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Spring Statement Summary March 2025
Spring Statement 2025: Key Tax Measures and Modernisation Initiatives Chancellor Rachel Reeves’ Spring Statement 2025, delivered on 26 March, arrived ...
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How Small Businesses Can Survive a Recession
Recessions can be tough on small businesses, but they do not have to spell disaster. With some smart thinking and ...
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How to Approach Your Bank for a Business Loan
Asking your bank for a business loan can feel daunting, but it doesn’t have to be. With the right preparation, ...
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Requesting evidence of earnings
If you're self-employed, lenders may require an SA302 and tax year overview as proof of earnings for mortgages or loans ...
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Tax liability if you sell a business asset
When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing ...
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Records you must keep if self-employed
If you are self-employed as a sole trader or a partner in a business partnership, you are required to maintain ...
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VAT if you sell your business
When selling a business, the Transfer of a Business as a Going Concern (TOGC) rules can allow the transaction to ...
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Rental business mortgage relief
Since April 2020, landlords can no longer deduct mortgage interest as an expense. Instead, tax relief is capped at 20% ...
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Claiming professional fees and subscriptions
Did you know you may be eligible for tax relief on professional fees and subscriptions? If your membership is required ...
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Business Advice: An Investment, Not a Cost
Flexible planning is essential for adapting to uncertainty, responding to challenges, and seizing new opportunities. The world is unpredictable, and ...
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Why Adequate Business Insurance is Essential for Small Businesses
For small business owners, especially those operating as sole traders or in partnerships without limited liability, having adequate business insurance ...
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Government backed Start-Up Loans
The Government-backed Start-Up Loans scheme offers unsecured loans of £500 to £25,000 per person (up to £100,000 per business) to ...
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Child Benefits for over 16s
From April 2025, Child Benefit increases to £26.05 for the eldest child and £17.25 for others. Payments stop after a ...
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How VAT Payments on Account Work
Businesses owing over £2.3 million in VAT annually must make advance payments on account. These are based on the previous ...
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Tax and Maintenance Payments
Maintenance Payments Relief reduces Income Tax for those making court-ordered payments to an ex-spouse or civil partner. To qualify, one ...
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Self-Employed National Insurance Contributions
Self-employed individuals earning £12,570 or more annually must pay Class 4 National Insurance Contributions (NICs). For 2024-25, rates are 6% ...
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Group relief for trading losses
Group relief helps reduce the overall Corporation Tax of a group of companies by allowing them to share losses. For ...
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Beware of rushing to judgement before terminating employment.
A Tribunal has ruled that a deputy security manager was unfairly dismissed, despite performing “no prescribed tasks” while ‘working from ...
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Why flexible planning is advisable
Flexible planning is essential for adapting to uncertainty, responding to challenges, and seizing new opportunities. The world is unpredictable, and ...
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Changes to online filing of accounts at Companies House
The Online Accounts and Company Tax Return (CATO) service is scheduled to close on 31 March 2026. This service ...
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Tax Diary April/May 2025
1 April 2025 - Due date for corporation tax due for the year ended 30 June 2024. 19 April 2025 ...
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Making a negligible value claim with HMRC
A negligible value claim lets taxpayers declare an asset worthless for tax purposes, realising a capital loss without selling. This ...
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More tax on business disposals from April 25
From April 2025, the Capital Gains Tax rate on Business Asset Disposal Relief rises from 10% to 14%, increasing to ...
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Letting out part of your home – claiming lettings relief
Renting out part of your home may affect Capital Gains Tax when you sell. While Private Residence Relief applies, Letting ...
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Inheriting spouse’s State Pension
If your spouse or civil partner has passed away, you may inherit part of their State Pension, depending on when ...
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VAT and the goods you use in your own business
Using business goods instead of selling them is usually VAT-free, but some cases require VAT payments. These "taxable self-supplies" include ...
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What is a salary sacrifice?
A salary sacrifice scheme lets employees swap cash salary for non-cash benefits, saving tax and National Insurance. But earnings must ...
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Sources of funding for small businesses
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Essential Credit Control for SMEs
A well-structured credit control system is crucial for small businesses to maintain cash flow and reduce the risk of bad ...
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Tax-free redundancy payments
If redundancy strikes, you could receive up to £30,000 tax-free. Whether it’s statutory or a more generous employer offer, understanding ...
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What’s included in your VAT return
With a £90,000 VAT registration threshold, many UK businesses might wonder whether to register voluntarily. Understanding how to balance output ...
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UK residence and tax issues
The UK's shift to the Foreign Income and Gains (FIG) regime from April 2025 changes how foreign income is taxed ...
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How far back can HMRC assess under-declared taxes?
From income tax to VAT, HMRC has specific time limits for issuing tax assessments. Depending on the circumstances—whether it’s standard, ...
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Treatment of post-cessation receipts and payments
When a trade ends, income doesn’t always stop. Post-cessation receipts can still arise, and knowing how they are taxed is ...
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Tax relief for structures and buildings expenditure
Maximise your tax relief with the Structures and Buildings Allowances (SBA). If you have invested in new or renovated commercial ...
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Women in leadership roles
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The benefits of benchmarking financial results
Benchmarking financial results involves comparing a business’s financial performance against industry standards or competitors. This process offers numerous benefits, helping ...
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Self-employment cannot be used as a tax smokescreen for contracted employees
A complex celebrity case arose recently in which the First-tier Tax Tribunal (FTT) was asked to consider the application of ...
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Is your extra income taxable?
HMRC has launched a new "Help for Hustlers" campaign to help people who are earning extra income, figure out if ...
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Probate waiting times halved
The Ministry of Justice (MOJ), together with HM Courts & Tribunals Service (HMCTS) and the Minister for Courts and Legal ...
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Claiming tax relief for job expenses
Employees working from home may be eligible to claim a tax deduction for certain job-related expenses. If your employer does ...
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E-invoicing consultation
HMRC together with the Department for Business and Trade (DBT) have launched a new consultation on e-invoicing to encourage its ...
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Business mileage with your own vehicle
Understanding the nuances of tax relief for using your personal vehicle for work can lead to significant savings. By familiarising ...
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Gifts exempt from Inheritance Tax
Navigating the intricacies of Inheritance Tax (IHT) can be daunting, but understanding the available gift exemptions and strategic planning can ...
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Exploring National Insurance Credits
Even if you have never been employed, you might have been eligible for NI credits without realising it. For example, ...
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Should you incorporate your business?
Deciding whether to incorporate your business in the UK involves evaluating several key factors: Limited Liability Protection Incorporating as a ...
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Health services exempt from VAT
Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily ...
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Cut in interest rates
The Bank of England’s Monetary Policy Committee (MPC) met on 5 February and in a 7-2 vote decided to reduce ...
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Tax when transferring assets during divorce proceedings
Separation and divorce can create tax implications, particularly Capital Gains Tax (CGT) on asset transfers. New rules from April 2023 ...
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Jointly owned property – no partnership
Tax on rental income from jointly owned property depends on ownership shares, unless part of a partnership. Married couples default ...
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Check or update company car tax details
If you use a company car for private travel, it's taxed as a Benefit in Kind (BIK). The tax rate ...
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CIS monthly returns obligations
The Construction Industry Scheme (CIS) requires contractors to deduct tax from subcontractor payments and file monthly returns with HMRC. Even ...
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Not all hurt feelings are uncapped & costly
The Employment Appeal Tribunal slashed a £10,000 award for injury to feeling by 80% after an original tribunal ruling was ...
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How to Stop Future Payments on Your Debit or Credit Card
Stopping future payments from being made on your debit or credit card is crucial for avoiding unwanted charges and managing ...
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How to Check the Creditworthiness of New Customers
Before extending credit to new customers, it’s essential to assess their financial reliability. Checking their creditworthiness helps protect your business ...
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Small duty cuts on draught products from 1 February 2025
From 1 February 2025, alcohol duty on draught pints has been cut for the first time in a decade, saving ...
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When is a hobby a business
Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity ...
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31 January deadline met by more than 11.5 million people
Over 11.5 million people met the 31 January 2025 self-assessment deadline, but 1.1 million taxpayers missed it. If you're one ...
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How umbrella companies work
Umbrella companies offer an easy way for freelancers and contractors to get paid without running a limited company. They handle ...
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Tax on inherited private pension pots
Private pensions can be a great way to pass on wealth, but tax implications depend on the age of the ...
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Tax chores if managing a deceased person’s estate
When someone dies, their personal representative (executor or administrator) must value their estate to determine if Inheritance Tax (IHT) is ...
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Tax Diary March/April 2025
1 March 2025 - Due date for Corporation Tax due for the year ended 31 May 2024. 2 March 2025 ...
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A Small Business Guide to Exporting and International Trade
Expanding into international markets can be a game-changer for UK small businesses, opening up new revenue streams and increasing business ...
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Late Payment Support for Small Businesses – How to Protect Your Cash Flow
Cash flow is the backbone of any small business, yet late payments continue to be a major challenge for entrepreneurs ...
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Student and postgraduate loan thresholds and rates
From 6 April 2025, new thresholds for student loan repayments will take effect, impacting borrowers across the UK. Whether you're ...
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Self-employed must report profits on tax year basis
Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old "current ...
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Who needs to register for an EORI number
If you are moving goods across borders, an EORI number may be essential for customs clearance. Whether trading with the ...
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How to check your tax code
Your tax code determines how much tax is deducted from your pay. While 1257L is the most common, different letters ...
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Reforms to taxation of non-doms from April 2025
From 6 April 2025, the remittance basis of taxation will be scrapped in favour of a residence-based system. A new ...
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Reminder of Employer’s NIC changes from April 25
From 6 April 2025, employers will face a 1.2% rise in National Insurance contributions, alongside a lower NICs threshold. However, ...
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Google to Tackle Fake Reviews Following CMA Investigation
In a significant move to enhance trust in online reviews, Google has agreed to implement substantial changes to combat fake ...
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Understanding the UK’s Bank Deposit Guarantee Scheme
The UK government offers a robust safety net for savers through the Financial Services Compensation Scheme (FSCS). This scheme is ...
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It is not always possible to mend fences – Reinstatement is not always a practicable option where there is a breakdown in employment relations
The Employment Appeal Tribunal (EAT) upheld claims of constructive dismissal and disability discrimination against Whyte & Mackay Limited (W&ML) in ...
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Rolling over capital gains
Business Asset Rollover Relief allows you to defer Capital Gains Tax (CGT) when reinvesting proceeds from selling business assets. By ...
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Dealing with company unpaid debts
Unpaid debts can put a limited company at risk of a winding-up petition, potentially leading to liquidation. Creditors may act ...
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Claiming VAT on pre-registration purchases
Businesses can reclaim VAT on pre-registration expenses if they relate to taxable supplies made after VAT registration. The rules differ ...
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Beware false business rates warnings
The 2023 Revaluation updates business property rateable values, based on April 2021 valuations. While challenges are open until March 2026, ...
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Designating a property as your main residence
Owning more than one property? You can claim Capital Gains Tax (CGT) relief on just one at a time. By ...
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How donations to charity can provide tax relief
Gift Aid transforms charitable donations by allowing charities and CASCs to claim 25p extra for every £1 given—at no additional ...
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Debt Management Plan
Navigating financial challenges can be daunting, but understanding the tools available can make a significant difference. One such tool is ...
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Investing in new equipment for your business?
Making a significant investment in new equipment can be a transformative step for a business, improving efficiency, productivity, and competitiveness ...
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Penalties for late filing of tax returns
HMRC reports over 63,000 taxpayers filed their returns over the New Year, but 5.4 million still need to act before ...
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Selling online and paying tax
Selling online? Whether it’s a hobby or a business, you may need to pay tax if your earnings exceed £1,000 ...
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Online information about a company
A significant amount of online information about companies is available to the public on the Companies House website. The information ...
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Tax-exempt employee loans
Beneficial loans, where employees benefit from cheap or interest-free loans from their employer, can trigger tax implications. However, certain exemptions, ...
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Payrolling employee benefits
Employers can voluntarily register to report and account for tax on certain benefits and expenses via the RTI system before ...
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Tax return for deceased person
Inheritance Tax (IHT) impacts estates over £325,000, with rates of 40% on death and 20% on certain gifts. A 36% ...
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Beware the legal minefield of the transferring of contractual undertakings
A recent case [London United Busways Ltd. (LUB) v De Marchi and Abellio London [2024] EAT 191] revealed the complexities ...
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Ticket touts’ days are numbered
The UK government has unveiled a series of proposals aimed at curbing exploitative practices in the ticket resale market, seeking ...
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Roll-out of new digital markets regime
The UK's Competition and Markets Authority (CMA) has initiated its new digital markets competition regime, effective from January 1, 2025, ...
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Last month to file 2023-24 tax return
The 31 January 2025 deadline for self-assessment tax returns is fast approaching. Avoid penalties and last-minute stress by filing your ...
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Finding your National Insurance number
Misplaced your National Insurance number? Do not worry! From checking payslips to using the HMRC app, there are many ways ...
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What expenses can be claimed against rental income
Are you a landlord? Maximise your rental income by knowing which expenses you can claim to reduce your tax bill ...
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Future increases in CGT on sale of a business
Planning to sell your business or shares? Capital Gains Tax rates for Business Asset Disposal Relief (BADR) are set to ...
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Tax relief for zero emission cars and electric charge points
Great news for businesses! Tax relief on zero-emission cars and EV charge points has been extended until 2026. This move ...
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Is your trade in goods or services a business
Selling goods or services? It’s vital to know if HMRC considers this a business. From regular sales to earning commissions, ...
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Perseverance is the key to sales success
The average number of touchpoints needed to secure a sale, or appointment generally falls between 7 and 12. However, this ...
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What to Expect from the Chancellor’s Spring Statement 2025
The Chancellor’s Spring Statement, scheduled for 26 March 2025, is expected to focus on navigating the challenges of public finances, ...
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Tax Diary February/March 2025
1 February 2025 - Due date for Corporation Tax payable for the year ended 30 April 2024. 19 February 2025 ...
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Cash-basis default position for self-employed
The cash basis is now the default for self-employed income reporting. Learn about the key updates, opt-out options, and how ...
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Capital Gains Tax – the new rates
Capital Gains Tax rates have increased for disposals from 30 October 2024, with further changes ahead. Stay informed on the ...
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Advising HMRC of employees’ company car details
Ensure compliance with HMRC rules when providing company cars. From P46(Car) submissions to benefit reporting, learn what steps to take ...
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Using the car fuel rates
Advisory fuel rates for company cars help employers and employees manage fuel costs without triggering tax liabilities. Learn how to ...
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Inheritance Tax thresholds and the RNRB
Inheritance Tax nil-rate bands remain frozen until April 2030. Learn how this affects estates, the residence nil-rate band, and planning ...
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Making Tax Digital for Income Tax volunteers
From April 2026, Making Tax Digital for Income Tax (MTD for ITSA) will transform tax compliance for businesses, self-employed individuals, ...
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WASPI claims – apology but no compensation
The UK government has recently addressed the Parliamentary and Health Service Ombudsman's (PHSO) report concerning the communication of changes to ...
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The UK economic outlook for 2025
The economic outlook for the UK in 2025 presents a mixed picture, with expectations of modest growth tempered by persistent ...
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Claiming Child Benefits online
Over one million parents have now claimed Child Benefit online or via the HMRC app, with 87% of new claims ...
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Spreading tax payments by using Time to Pay
Can’t pay your tax bill in full by 31 January 2025? HMRC’s online Time to Pay system lets self-assessment taxpayers ...
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New online tax tools for the self-employed
Navigating tax obligations can be daunting for small business owners and sole traders. To make life easier, HMRC has introduced ...
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When can you recover VAT on a car purchase
Reclaiming VAT on company cars isn’t as simple as it sounds. Generally, businesses can’t recover VAT unless the car is ...
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The Substantial Shareholdings Exemption
For companies selling shares, the Substantial Shareholdings Exemption (SSE) can mean significant tax relief. Introduced in 2002 and simplified in ...
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VAT Reverse Charge in Construction: What You Need to Know
Navigating VAT in the construction industry can feel like untangling scaffolding. Enter the VAT reverse charge—special rules that mean sub-contractors ...
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Government Forces Water Companies to Double Compensation
The UK government has announced significant reforms to enhance compensation for customers affected by water service failures. Under new regulations, ...
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Why Protecting Intellectual Property is Important
Intellectual property (IP) refers to creations of the mind, such as inventions, literary works, designs, brand names, and artistic outputs ...
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Just because an employee is a lawful resident of the UK does not give them the right to work
A restaurant in Middlesborough recently challenged a civil penalty notice of £15,000 issued by the Secretary of State for the ...
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Scottish Budget Statement 2025-26
Scotland’s 2024 Budget delivers on public priorities with investments in services, poverty reduction, and economic growth. Tax rates stay frozen, ...
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No tax changes for online sellers
Selling online? From 2024, digital platforms must report your information to HMRC if sales exceed £1,700 or 30 goods a ...
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Self-assessment scam warning
Scammers are on the rise as the Self-Assessment deadline nears! HMRC warns that HMRC never emails or texts about tax ...
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IHT nil rate band reduction for large estates
Married couples and civil partners may be able to pass on up to £1 million of their estate tax-free with ...
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Are you eligible to claim the Marriage Allowance?
Could you save up to £1,260 in tax this year? If one of you earns less than £12,570, the Marriage ...
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Could you claim R&D relief?
From April 2024, UK businesses can access enhanced R&D tax relief through the merged RDEC and new ERIS schemes. With ...
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Government Unlocks Success for Small Businesses
Small businesses across the UK can now access streamlined support and advice through the newly launched Business Growth Service, designed ...
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Launch Your Dream Business: 10 Must-Know Steps
Starting your own business is exciting but can be overwhelming if you’re not prepared. To help you navigate the journey, ...
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How to interpret your tax code
The letters in your tax code indicate whether you are entitled to the annual tax-free personal allowance. These codes are ...
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Apply for or locate a National Insurance number
If you have lost or forgotten your National Insurance number, there are several ways to retrieve it. You can find ...
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VAT Flat Rate Scheme overview
The VAT Flat Rate Scheme allows businesses to pay VAT as a fixed percentage of their total turnover, which includes ...
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Transfers of assets abroad
A new rule aimed at preventing individuals from using companies to avoid taxes through the Transfer of Assets Abroad (ToAA) ...
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Protect your land and property from fraud
It is important to take the necessary steps to protect your land and property from fraud. You are at a ...
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Tax if you live abroad and sell UK home
One of the most commonly used and valuable exemptions from Capital Gains Tax (CGT) is for the sale of a ...
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When it comes to pensions, it is of paramount importance to Re-DOC on time!
A tribunal recently ruled on the failure of a private limited company, El Recruitment Ltd., to submit its Re-DOC before ...
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Tax Diary January/February 2025
1 January 2025 - Due date for Corporation Tax due for the year ended 31 March 2024 19 January 2025 ...
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Fuel prices report by Competition and Markets Authority (CMA)
Fuel margins of retailers – the difference between what a retailer pays for its fuel and what it sells at ...
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The Likely Effects of Employers’ NIC Increases in 2025
The upcoming increase in Employers’ National Insurance Contributions (NICs) is set to have significant repercussions for UK businesses. Employers’ NICs ...
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Approaching the VAT registration threshold
When approaching the VAT registration threshold there are important matters to consider. The VAT registration threshold is the point at ...
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Landlords with undeclared Income
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with ...
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Seven year rule still applies – IHT PETs
There are specific rules regarding the liability to Inheritance Tax (IHT) on gifts made during a person's lifetime. In most ...
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Gifts of land and buildings to charities
There are special rules in place for taxpayers who make gifts of land and buildings to charity. This can include ...
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Changes to CGT Investors’ Relief
The rate of Capital Gains Tax (CGT) for Investors’ Relief will rise from 10% to 14% for disposals made on ...
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How Council Tax is calculated
To calculate your Council Tax, you need to know the following: The valuation band of your property in England, Wales, ...
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What does EBITDA stand for?
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortisation. It's a widely used financial metric that provides a measure ...
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What are your concerns?
According to the Office for National Statistics as of October 2024, the primary concerns among individuals in the UK are: ...
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Making Tax Digital – the next step
The mandatory rollout of Making Tax Digital (MTD) for Income Tax is set to begin in April 2026. MTD for ...
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Applying for business start-up loans
Securing funding for a new startup is one of the most critical steps in ensuring the success of a business ...
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Changes to rates of tax on carried interest
The 18% and 28% Capital Gains Tax (CGT) rates currently applied to carried interest gains remain unchanged for the current ...
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Close company anti-avoidance measure
As part of the Autumn 2024 Budget measures, the government introduced new anti-avoidance provisions to prevent the abuse of the ...
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What is a discretionary 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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Car and van fuel benefit charges from 6 April 2025
The vehicle benefit charges for 2024-25 were announced at Autumn Budget 2024. The government will introduce legislation by statutory instrument ...
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Bolt ruling seals the case against sham contracts
Despite an appeal, the Courts recently found against Bolt in relation to their attempts to evade the statutory entitlements of ...
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Subscription scams
New proposals to crack down on subscription traps, have been unveiled by the Department for Business and Trade as the ...
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What is an acceptable pensions income?
Determining an acceptable level of pension income for retirement depends on individual circumstances, including lifestyle expectations, health, and financial commitments ...
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HMRC promotes its app
HMRC has been busy promoting the benefits of using its app. A new advertising campaign launched by HMRC is targeted ...
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How to claim a tax refund
If you believe you have overpaid tax to HMRC, you can typically claim a tax refund for the excess amount ...
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Limits on Income Tax reliefs
The limit on Income Tax reliefs has applied since 6 April 2013. This measure was the first time a limitation ...
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Tax changes for Furnished Holiday Lets property owners
The current tax benefits for the letting of properties as short-term holiday lets (known as Furnished Holiday Lets - FHL) ...
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An overview of salary sacrifice arrangements
A salary sacrifice arrangement involves an agreement by an employee to lower their cash salary in exchange for non-cash benefits ...
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Types of tax allowances for capital expenditure
Capital allowances enable businesses to claim tax relief on certain capital expenditures. Different rules apply to various types of capital ...
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Bank of England eases base rate to 4.75%
The Bank of England's recent decision to reduce the base rate to 4.75% brings several potential benefits to various sectors ...
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EV or diesel – for and against
When evaluating the annual running costs of electric vehicles (EVs) compared to diesel cars, several key factors come into play: ...
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Tax Diary December 2024/January 2025
1 December 2024 - Due date for Corporation Tax payable for the year ended 28 February 2024. 19 December 2024 ...
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Budget confirms change in non-dom tax status
It was confirmed as part of the Autumn Budget measures that changes announced by the previous government at the Spring ...
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Payrolling of benefits in kind
At Autumn Budget 2024, the government confirmed that it will go ahead with a simplification measure first announced in January ...
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Taxation of double cab pick-ups
The tax treatment of double cab pick-up vehicles (DCPUs) has been clarified as part of the recent Budget announcements. This ...
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Changes to Agricultural and Business Property Relief
It was announced as part of the Budget measures that the government will reform these reliefs from 6 April 2026 ...
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Help to Save scheme extended
As part of the recent Budget measures, it has been confirmed that the Help to Save scheme is to be ...
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Changes to HICBC
It was announced as part of the Autumn Budget measures that the government will not now proceed with the reform ...
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Keeping an eye on competitors
Keeping an eye on competitors offers crucial advantages, especially in a dynamic market. Here’s why it pays off: Improving Market ...
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R&D receives a welcome boost in the Budget
As part of the October Budget the Chancellor announced the highest ever level of government investment of £20.4 billion in ...
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Autumn Budget 2024 – Capital Gains Tax
In the Budget it was announced that the rates of Capital Gains Tax (CGT) are to be increased with immediate ...
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Autumn Budget 2024 – Inheritance Tax changes
A number of changes to Inheritance Tax (IHT) were announced as part of the Budget measures. We have covered each ...
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Autumn Budget 2024 – Higher rates of SDLT
It was announced as part of the Budget measures that the higher rates of Stamp Duty Land Tax (SDLT) on ...
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Autumn Budget 2024 – Fuel Duty rates
In the Autumn Budget, the Chancellor had been widely expected to increase fuel duty rates. However, in a surprise announcement ...
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Autumn Budget 2024 – Alcohol and Tobacco Duty
As part of the Autumn Budget measures the Chancellor announced that the duty rates on tobacco products were increased by ...
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Autumn Budget 2024 – Minimum Wage increases
The Chancellor of the Exchequer, Rachel Reeves announced significant increases to the Minimum Wage rates on the eve of the ...
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Autumn Budget 2024 – NIC changes
As had been widely predicted, the Chancellor announced increases to the rate of National Insurance contributions (NICs) that are paid ...
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Budget summary 30 October 2024
The long awaited, much anticipated and dreaded first Budget of the new Labour government was delivered to Parliament yesterday – ...
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Crackdown on insurance fraud
Insurance companies have united to step up efforts to crack down on fraudsters seeking to manipulate the UK insurance market ...
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Is Income Tax morphing into a stealth tax?
It is rumoured that the Chancellor will delay any increase in the Income Tax higher rate tax threshold beyond the ...
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HMRC shares 5 common reasons for helpline calls
There are a little over three months remaining to file your self-assessment tax return online for 2023-24. The deadline is ...
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Changing a company’s year end date
There are specific rules that restrict changing a company’s year-end date, also known as the "accounting reference date". Initially, this ...
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Take goods with you to sell abroad
There are specific customs requirements for commercial goods that you take with you to sell abroad. You must declare any ...
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VAT recovery from car leasing payments
The VAT treatment of motor expenses is an important concern for any business that incurs VAT on these costs. Below, ...
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Changing your tax return
If you have submitted a self-assessment return and later realise you need to make changes, there are specific rules to ...
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Due date for paper self-assessment tax return
A final reminder that the 2023-24 tax return deadline for taxpayers who continue to submit paper self-assessment returns is 31 ...
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Managing business cashflow
Cash Flow Forecasting Creating a cash flow forecast helps you predict your inflows and outflows, allowing you to anticipate any ...
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Recent speculation on forthcoming Budget
There is unlikely to be much to celebrate when Rachel Reeves delivers her first Budget on the 30th of October ...
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Boosting your State Pension
HMRC has issued a new press release reminding readers of a limited-time opportunity to enhance their State Pension. Currently, there ...
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Payments on account for self-assessment
Self-assessment taxpayers typically need to pay their Income Tax liabilities in three instalments each year. The first two payments on ...
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Class 4 National Insurance payments
Self-employed individuals are usually required to pay Class 4 National Insurance contributions (NICs) if their annual profits exceed £12,570. For ...
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Who qualifies for Tax-Free Childcare?
The Tax-Free Childcare (TFC) scheme helps working families manage childcare costs by providing support through a wide network of registered ...
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Pension fund withdrawal options
Most personal pensions set a minimum age at which you can start withdrawing money, typically not before age 55. Some ...
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Deferring Class 1 NIC contributions
Employees with more than one job may be eligible to defer or delay paying Class 1 National Insurance in certain ...
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New brooms to deliver better pension frameworks
The Department for Work and Pensions has published an outline of the new Pensions Scheme Bill. There are three main ...
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An outline of the Employment Rights Bill
Legislation has been introduced in Parliament to upgrade UK workers’ rights. The legislation is wide ranging with the intention of ...
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New powers for banks to combat fraudsters
Banks will be granted new powers to delay and investigate payments suspected of fraud, enhancing consumer protection against scammers. Under ...
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Service tipping law now in force
New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on ...
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Using the GOV.UK ID Check app
The GOV.UK ID Check app is used to allow applicants to verify their identify when they sign in to a ...
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Construction industry – VAT reverse charge
There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into ...
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Chancellor unveils new measures
Chancellor Rachel Reeves has recently introduced a series of new measures aimed at advancing the priorities of the new government ...
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Will 10% tax on business disposals survive?
While there have been no specific announcements regarding changes to Business Asset Disposal Relief (BADR), the Chancellor may consider modifying ...
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Government crack-down on late payers
The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, ...
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New residence-based relief for non-doms
A reminder that the government has stated that it will remove preferential tax treatment based on domicile status for all ...
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Tax Diary November/December 2024
1 November 2024 - Due date for Corporation Tax due for the year ended 31 January 2024. 19 November 2024 ...
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Cash in Child Trust Funds
HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund (CTF) ...
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Check your State Pension age
HMRC’s 'Check your State Pension age' tool is available at www.gov.uk/state-pension-age/y. The online tool allows taxpayers to check the following: ...
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Starter checklist for PAYE
When hiring a new employee, employers must determine the appropriate tax code and starter declaration for their payroll software. Using ...
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Relief for company tax losses
Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale ...
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Tracing lost pension details
An online service is available on GOV.UK at www.gov.uk/find-pension-contact-details to help people find their lost pension funds. You can use ...
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When you must register for VAT
The taxable turnover threshold for VAT registration is currently £90,000 and has applied since April 2024. Businesses must register for ...
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Setting up a Civil Partnership
Civil Partners enjoy the same tax and other advantages as married couples. To set up a civil partnership in England ...
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Beware fake parking fine texts
The Driver and Vehicle Standards Agency (DVSA) is warning that scammers are sending text messages about fake DVSA parking penalty ...
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Gifts and Inheritance Tax
Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known ...
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Current rates for Capital Gains Tax (CGT)
CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are ...
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Higher rate relief pension contributions
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain ...
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What is fiscal drag?
The freezing of tax thresholds often leads to a phenomenon known as fiscal drag. When tax thresholds remain unchanged, taxpayers ...
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VAT group registration
There are special VAT rules that allow two or more companies or limited liability partnerships, commonly referred to as ‘bodies ...
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Redundancy pay and tax
There is a tax-free limit of £30,000 for redundancy pay regardless of whether it is your statutory redundancy payment or ...
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What is fuel duty?
The Office for Budget Responsibility (OBR) has offered the following explanation: “Fuel duties are levied on purchases of petrol, diesel ...
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Business cashflow
The government offers the following information regarding business cashflow. If you do not have enough money coming in to pay ...
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Don’t miss out on Home Responsibilities Protection
HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging tens of thousands of ...
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Fraudsters impersonating Insolvency Service staff
The Insolvency Service is a government agency that provides services to those affected by financial distress or failure by seeking ...
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Pension Credit action week
Pension Credits can provide extra income to those over State Pension age and on a low income. The Department for ...
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Two October self-assessment deadlines
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. Late submission of ...
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Not so Trivial Tax Benefits
There is a trivial benefit-in-kind (BiK) exemption for small, non-cash employee benefits. This exemption applies to BiKs classified as 'trivial,' ...
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Is there a partnership in place?
A partnership is a reasonably straightforward way for two or more legal persons to establish and operate a business with ...
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Trade Mark protection
To apply for trademark protection in the UK, you will need to follow these steps: Check if Your Trademark is ...
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What is a PSC?
PSC stands for Person with Significant Control. It is a legal term used primarily in the United Kingdom under company ...
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Claims to reduce 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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Myths about self-assessment
In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the ...
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MTD for Income Tax draws closer
The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026 ...
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Employing an apprentice
There are special rules to observe when employing an apprentice in the UK. Basically, an apprentice takes part in a ...
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When dividends cannot be paid
There is a basic principle that dividends or other distributions must not be paid out of capital even if the ...
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Higher rates of SDLT on residential property
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of ...
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Beware overtrading
Overtrading occurs when a business expands its operations at a pace that exceeds its available working capital and financial resources ...
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Ask for advice
Asking your accountant for advice offers a range of benefits, particularly in guiding both business and personal financial decisions. Here ...
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Tax Diary October/November 2024
1 October 2024 - Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 ...
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Penalties for late filing of company accounts
There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All ...
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Self-assessment deadlines 2023-24
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return ...
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Employing under 16-year-olds and young workers
When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ ...
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Present self-employed NIC rates
Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more ...
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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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Qualifying for 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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What is the new National Wealth Fund
The UK's new National Wealth Fund (NWF) represents a significant shift in the government's approach to fostering economic growth and ...
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Could an interest rate reduction reduce government expenditure?
A 1% reduction in the Bank Rate would reduce the UK government's annual interest charges on the national debt, but ...
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Advising HMRC about additional income
There is an online tool available on GOV.UK that allows taxpayers to check if they need to advise HMRC about ...
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Claim tax deduction for working from home
Employees who are working from home may be eligible to claim a tax deduction on certain work-related bills. If their ...
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Could you claim Pension Credits?
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were ...
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Carry forward a company trading loss
There are a significant number of reliefs available to businesses that suffer losses. Certain losses that your company has not ...
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Medical and dental care for employees
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions ...
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CGT Gift Hold-Over Relief
Gift Hold-Over Relief is a tax relief that defers the payment of Capital Gains Tax (CGT). It can be claimed ...
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Business sectors subject to AML regulation
In the UK, certain business sectors are required to register with a regulatory body, such as HM Revenue & Customs ...
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Negative equity
Negative equity occurs when the value of an asset, typically a property, falls below the outstanding balance on the loan ...
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What is an appropriate address for a company?
One of the key changes introduced as part of the Economic Crime and Corporate Transparency Act (ECCTA) was the introduction ...
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Update on High Income Child Benefit Charge
Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The income threshold at ...
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No change to Corporation Tax rates?
The Corporation Tax Main Rate applies to companies with profits exceeding £250,000 and is currently set at 25%. For companies ...
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Late filing penalties VAT returns
The VAT penalty regime that applies to the late submission and / or late payments of VAT returns changed for ...
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Definition of living together
There are many tax reliefs available to married couples or civil partners. In many cases, these reliefs are only available ...
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Tips at work
Tips received at work do not count towards your earning for the purposes of the National Minimum Wage. However, you ...
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Business leaders collaborate to Make Work Pay
British workers are set for better working conditions as the Government takes its first steps towards its Plan to Make ...
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Persistence pays off
Persistence in following up leads is a crucial trait in many fields, especially in sales and practice business development. It ...
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Check your State Pension forecast
The enhanced Check Your State Pension forecast service is available online. The service can be found on GOV.UK at the ...
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Checking employees DBS certificates
The Disclosure and Barring Service (DBS) is an executive non-departmental public body sponsored by the Home Office. The DBS helps ...
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Do you have a personal tax account?
HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in ...
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IHT unused Residence Nil Rate Band (RNRB)
The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when ...
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What is Gift Hold-Over Relief?
Gift Hold-Over Relief defers the payment of Capital Gains Tax (CGT). It can be claimed when assets, including certain shares, ...
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Paying tax via your tax code
You may be able to have tax underpayments collected via your tax code when you are in employment or in ...
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£32m for AI projects
Companies developing artificial intelligence (AI) to improve safety on construction sites, reduce time spent repairing the railways and cut emissions ...
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Guidance for charities on managing public disorder
The charity commission has offered the following guidance to charities following the recent public disorder events. The main points are ...
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Pension contributions – claiming higher rate tax relief
You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to ...
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Holiday Lets – the demise of tax concessions
It was announced as part of the Spring Budget measures that the present favourable tax benefits presently allowed for the ...
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More detail on VAT charge on private school fees
More details have been published regarding Chancellor Rachel Reeves' plans to impose a VAT charge on private school fees. The ...
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Corporate claims for charitable donations
When a limited company makes charitable donations specific rules apply. These may include Corporation Tax relief for donations to registered ...
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Tax relief for goodwill purchases
Goodwill is a concept frequently discussed, and yet it is seldom addressed in legislation. Typically, it is defined as the ...
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Don’t forget to report property gains
A higher rate of CGT applies to gains on the disposal of residential property (apart from a principal private residence) ...
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Living Wage rates to be overhauled
In a move to put more money in working people’s pockets, the government has overhauled the remit of the Low ...
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Road fuel costs still too high
The Competition and Markets Authority (CMA) has published an update on the widespread action it is taking to ensure that ...
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Government to deal with £22bn “black hole” in finances
The new Chancellor of the Exchequer, Rachel Reeves, delivered her widely anticipated House of Commons statement on 29 July 2024 ...
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HMRC launches VAT registration tool
A new digital VAT registration tool has been launched by HMRC that can be used to help businesses work out ...
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What qualifies for IHT Business Relief
There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be ...
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Review your State Pension estimate
You can access the Check Your State Pension forecast service on GOV.UK via this link: https://www.gov.uk/check-state-pension. This digital service is ...
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Sharing your home with tenants
If you have tenants in your home there can be Capital Gains Tax (CGT) consequences. Generally, there is no Capital ...
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Using the VAT Annual Accounting Scheme
The VAT Annual Accounting Scheme is available to most businesses with an annual turnover of up to £1.35 million. Key ...
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First interest rates cut in over four years
The Bank of England’s Monetary Policy Committee (MPC) met on 1 August and in a very close 5-4 vote decided ...
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AI expert to lead action plan
New UK Science Secretary, Peter Kyle, has put Artificial Intelligence or AI at the heart of the government’s agenda to ...
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Labour market stats not encouraging
The number of people classed as economically inactive has spiraled to 9.4 million. Data published by the Office for National ...
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Tax Diary September/October 2024
1 September 2024 - Due date for corporation tax due for the year ended 30 November 2022. 19 September 2024 ...
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Current CGT rates
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable ...
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The marginal rate of Corporation Tax
The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25% ...
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Let Property Campaign
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with ...
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Register for VAT One Stop Shop Scheme
The VAT Import One Stop Shop (IOSS) Scheme applies to goods imported in consignments with a value of £135 or ...
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Thinking of selling your business?
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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Considering a significant gift?
There are special rules concerning the liability to IHT of a transfer made during one’s lifetime. For example, most gifts ...
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The ‘fiscal’ goal posts will be moving
In the coming months we will start to see how our new government intends to change the UK tax rules ...
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Your stake in your business
Ever wondered how your stake in your business is represented in your accounts? The answer can be found at the ...
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When you cannot use the Property or Trading Allowances
Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types ...
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The NIC Employment Allowance
The Employment Allowance benefits eligible employers by reducing their National Insurance liability. The current allowance is £5,000. An employer can ...
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Child benefit for 16 to 19 year olds
The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate ...
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Gains on sale of shares
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you ...
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Taxable and non-taxable State Benefits
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable ...
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Ordering documents from Companies House
Companies House offers interested parties the ability to order certified copies of certificates and documents held on the Companies House ...
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The new Chancellor’s first speech
The Chancellor has promised to take immediate action to fix the foundations of the economy, rebuild Britain and make every ...
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Responding to a personal data breach
The Information Commissioner’s Office has a simple guide that explains what you need to do in the 72 hours following ...
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Labour win landslide election result
As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14 ...
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Inheritance and tax
As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the ...
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Company filing obligations
It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of ...
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Restarting a dormant company
HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for Corporation Tax purposes. Companies ...
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Business VAT responsibilities
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £90,000. Businesses with turnover below ...
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Are mega sized marshmallows zero-rated?
In the UK most basic food stuffs are zero rated. However, the definition of 'basic' is not straightforward and many ...
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New government
Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for raising the funds that our ...
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Exit plans
Exit can be seen as quitting, especially if the exit discussed is your business interests. But actually, business exit planning ...
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CGT Incorporation Relief
Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to ...
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What your tax code means
The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax ...
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Income Tax in Scotland
The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish ...
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Late night taxi for an employee
There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of ...
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Claim full expensing or 50% FYA
Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last ...
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Statutory redundancy pay
If you have been in the same job for two years or more and are made redundant you will usually ...
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Tax Diary August/September 2024
1 August 2024 - Due date for corporation tax due for the year ended 31 October 2023. 19 August 2024 ...
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Translation
If you receive documents from overseas customers or suppliers and you need to translate text into English, have you used ...
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Extracting profits from a small, limited company
It is pretty much universally accepted that shareholders (usually directors) of small companies take out their remuneration as a small ...
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Are you claiming the marriage allowance
The marriage allowance can be claimed by married couples and those in a civil partnership and where a spouse or ...
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Check your State Pension forecast
The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK at ...
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Finding your National Insurance number
If you have lost or forgotten your National Insurance number there are a number of ways to locate it. Firstly, ...
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Check employment status for tax
The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified ...
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How to check a UK VAT number
The online service for checking a UK VAT number is available at: www.gov.uk/check-uk-vat-number. This service can be used to check: ...
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Private rental deposits
There are special rules under the Tenancy Deposit Scheme that limits the amount of deposit that landlords in England can ...
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What is a group company structure?
A group is formed when one company has control of, owns, a number of subsidiary companies. A group is different ...
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Reclaiming pre-trading VAT
There are special rules that determine the recoverability of VAT incurred before a business registered for VAT. This type of ...
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Post cessation transactions
Tax relief may be available for post-cessation expenses of a trade. To be an allowable post-cessation expense the trade must ...
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Tax relief for training costs
If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be ...
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Tax and employee share schemes
There are a number of government approved share schemes which offer various incentives to employees. The rules of the schemes ...
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Connected persons for tax purposes
The definition of a connected person for tax purposes varies. A statutory definition of “connected persons” for Capital Gains Tax ...
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Is your income over £100,000?
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 ...
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Child Benefit for 16 – 19 year olds
More than a million parents will receive reminders to extend Child Benefit for their teenagers if they are continuing their ...
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Are we unpaid tax collectors?
Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position; ...
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Types of HMRC enquiries
HMRC can enquire into any statutory return (or amendment of that return) or statutory claim to check if the return ...
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Correcting errors in VAT returns
Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon ...
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Interest on children’s savings
All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts ...
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Non-resident UK property sales
There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to ...
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Self-assessment payments on account
Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments ...
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Multiple Dwellings Relief for SDLT
It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change ...
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New Brooms
As time passes during the present election campaign, its seems more likely that we may have a change of government ...
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Falling inflation – what does it mean for you?
The following notes are reproduced from a Treasury statement issued 21 May 2024. Lower inflation supports people by maintaining the ...
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Tax Diary July/August 2024
1 July 2024 - Due date for corporation tax due for the year ended 30 September 2023. 6 July 2024 ...
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Filing your tax return early
The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024 ...
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Setting up as a sole trader
Setting up in business as a sole trader is arguably the simplest way of starting and running a business. The ...
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Need to register for self-assessment?
There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about ...
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Statutory Pay assistance
An employer can usually reclaim 92% of employees’ Statutory Maternity, Statutory Paternity, Statutory Adoption, Statutory Parental Bereavement and Statutory Shared ...
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Directors and National Insurance
Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary ...
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Transferring unused IHT residence nil rate band
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) ...
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New protection for consumers
The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent. The Act paves the way to ...
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General election date announced
The Prime Minister, Rishi Sunak, declared from the steps of Downing Street (on 22 May 2024) that the next general ...
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Do not respond if you receive this letter
Companies House published guidance titled ‘Reporting scams pretending to be from Companies House’ has been updated. The list is intended ...
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Changes to the High Income Child Benefit Charge
The changes to the High Income Child Benefit Charge (HICBC) announced as part of the Spring Budget came into effect ...
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Payback company car private fuel
Where an employee with a company car is provided with fuel for their own private use by their employers, the ...
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CGT Rollover Relief
Business Asset Rollover Relief also known as CGT Rollover Relief allows for deferral of Capital Gains Tax (CGT) on gains ...
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Carry back charitable donations
If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations ...
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Employee suggestion schemes
There are many advantages to creating an employee suggestion scheme where employees are rewarded for making suggestions that benefit your ...
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Post Office convictions quashed
Convictions of hundreds of postmasters have been quashed following Royal Assent of the Post Office (Horizon System) Offences Act 2024 ...
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Benefits of a fall in inflation
An economist from the Treasury explains exactly what a fall in inflation means for you. How will lower inflation help ...
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Changes to Companies House Fees
There have been a number of significant changes in Companies House fees. These changes took effect on 1 May 2024 ...
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Tax credits reminder
We would like to remind our readers that HMRC is currently sending the annual tax credit renewal packs to 730,000 ...
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Reporting expenses and benefits to HMRC
The deadline for submitting the 2023-24 forms P11D, P11D(b) and P9D is 6 July 2024. These forms can be submitted ...
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VAT reverse charge for builders
There are special VAT reverse charge rules for certain building contractors and sub-contractors. The rules, which came into effect on ...
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Tax when transferring assets during divorce
When a couple is separating or is divorced it is unlikely that they are thinking about the tax implications of ...
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View your annual tax summary
The Annual Tax Summary is a document provided by HMRC that shows details of the tax you pay and how ...
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Universal Credit changes
Universal Credit claimants working less than half of a full-time week will have to look to increase their hours but ...
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Childcare funding for under 9-month-olds
In a recent press release the Department for Education confirmed that parents of children from 9 months old can now ...
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Employing staff for the first time?
There are a number of rules and regulations that you must be aware of when you employ staff for the ...
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Register an overseas company
An overseas company must register with Companies House if they want to set up a place of business in the ...
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Beneficial tax-exempt loans
An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference ...
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Closing a limited company
There are a number of reasons why you may need to close your limited company. This could be because the ...
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Check a VAT number
The Check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK ...
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Deferring National Insurance payments
Employees with more than one job may be able to defer or delay paying Class 1 National Insurance in certain ...
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Customs declaration deadline
A reminder that businesses must submit all export declarations through the Customs Declaration Service (CDS) by 4 June. Businesses exporting ...
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Company names – new regulations
A recent post by Companies House confirmed that they are now using new powers to challenge the registration of certain ...
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Time to renew tax credits
HMRC is currently sending the annual tax credit renewal packs to the 730,000 tax credit claimants and is encouraging recipients ...
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Act now to claim dormant funds
The Ministry of Justice has published an urgent warning for anyone with unclaimed dormant funds held by the Courts Funds ...
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Check if HMRC contact is genuine
HMRC’s published guidance titled ‘Check genuine HMRC contact that uses more than one communication method’ has been updated. The list ...
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How to claim R&D expenditure credit
In the Autumn Statement last year, it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise ...
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Do you need to register for Economic Crime Levy?
The Economic Crime Levy is a levy that applies to businesses that are already regulated for anti-money laundering purposes. Your ...
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Lifetime transfers and liability to IHT
There are special rules concerning the liability to IHT of a transfer made during a lifetime. For example, most gifts ...
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Tax Diary June/July 2024
1 June 2024 - Due date for corporation tax due for the year ended 31 August 2023. 19 June 2024 ...
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Cyber protection laws introduced
New consumer protections against hacking and cyber-attacks came into force at the end of April 2024. All internet connected smart ...
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New Companies House powers
The recently introduced Economic Crime and Transparency Act has gifted Companies House a range of new powers aimed at reducing ...
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VAT boost to charitable donations
The government is looking to introduce a new relief that would provide a VAT boost to charitable donations. The new ...
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New tips guidance published
New rules that stop employers from withholding tips from people working in the hospitality, leisure and services sectors are a ...
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Self-employed tax basis period reform
The self-employed tax basis period reform has changed the way trading income is allocated to tax years. Under the reforms, ...
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Directors who are liable for unpaid tax
HMRC has the power to make directors personally liable for paying the tax debts of companies they have been involved ...
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Business rates relief in England
Business rates are a tax on non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories ...
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Hiring customs agents
Customs declarations can be difficult and time consuming to complete. Businesses can make their own custom's declarations; however, this is ...
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Free management course for SMEs
The government has launched the new Help to Grow: Management Essentials course; a short online course with practical tips and ...
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Post Office Offences Bill to be extended
The Government has tabled amendments to expand the territorial extent of the Post Office Offences Bill. Convictions resulting from the ...
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Childcare Account chores
HMRC’s Childcare account can be used to claim free childcare (if eligible) or pay for Tax-Free Childcare. HMRC’s sign in ...
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Do’s and don’ts for Standard Visitors to the UK
There is useful guidance published on GOV.UK that explains the do’s and don’ts for Standard Visitors to the UK. Visitors ...
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Bikes for employees
The Cycle to Work scheme allows employers to provide bicycles and cyclists’ safety equipment to employees as a tax-free benefit ...
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Tax-free home sales
In general, there is no Capital Gains Tax (CGT) liability created when a property used as the main family residence ...
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Transferring unused nil rate band for IHT
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) ...
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Checking your National Insurance records
There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is ...
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Tipping boost
The government’s Tipping Act is a step closer to coming into force, as the Code of Practice is published and ...
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Smart energy
In a recent press release, the Department for Energy Security and Net Zero confirmed that consumers are set to benefit ...
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Tax Diary May/June 2024
1 May 2024 - Due date for corporation tax due for the year ended 30 July 2023. 19 May 2024 ...
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Payrolling employee expenses and benefits
Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax ...
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Changes to Scottish Income Tax rates 2024-25
A reminder of the changes to Scottish Income Tax rates for the 2024-25 tax year. It was announced as part ...
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Taxable employment benefits from April 2026
From April 2026, the government will mandate the reporting and paying of Income Tax and Class 1A National Insurance Contributions ...
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View and prove your immigration status
A UK Visas and Immigration (UKVI) account can be used by eligible users to view and prove their immigration status ...
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Post Transaction Valuation Checks
A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a capital gains ...
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Class 4 NICs who is liable?
Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more ...
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COVID Bounce Back abuse
The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for ...
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Settling energy disputes
Business owners that are in dispute with their energy suppliers will be interested in the free support on offer from ...
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Accessing the HMRC mobile APP
HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store ...
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Using the starter PAYE checklist
Employers that take on a new employee need to work out which tax code and starter declaration to use in ...
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HMRC continues to target till fraud
HMRC has, for many years, looked to target businesses that deliberately undertake electronic sales suppression (ESS). ESS happens where a ...
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Termination payment clearance process
The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax ...
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VAT retail schemes
VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are ...
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Paying VAT on goods from EU to Northern Ireland
There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern ...
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New employment protections
New legislation, including three Government backed cross party Acts, came into force from 6 April 2024. Pregnant women and new ...
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What do we mean by profit?
When most business owners refer to business profits, they are likely to mean the difference between sales and costs, and ...
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To register or not to register
In the recent Spring Budget, the VAT registration threshold was raised to £90,000 (previously £85,000) which means that smaller businesses ...
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Measures to support household budgets from 1 April
In a recent press release the government confirmed the following policies to support household incomes from 1 April 2024. The ...
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More about emergency tax codes
The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The ...
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Claim tax relief on pension contributions
You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to ...
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Claim tax relief if working from home
If you are an employee who is working from home, you may be able to claim tax relief for part ...
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Restarting a dormant or non-trading company
HMRC must be informed when a non-trading or dormant company starts trading and becomes active for Corporation Tax purposes. Companies ...
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Online check how to import or export goods
HMRC has a useful online tool to help UK business owners check how to import or export goods. This online ...
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Tax-free mileage expenses
If you use your own vehicle for business journeys you may be able to claim a tax-free allowance from your ...
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HMRC helpline changes on hold
HMRC has been forced into an embarrassing climbdown on plans to close the Self-Assessment, VAT and PAYE helplines from early ...
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HMRC helpline changes on hold
HMRC has been forced into an embarrassing climbdown on plans to close the Self-Assessment, VAT and PAYE helplines from early ...
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Assistance with debt management
Earlier this month, saw the 10th anniversary of the StepChange Debt Charity’s annual Debt Awareness Week. This is designed to ...
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What are the off-payroll working rules?
The rules for individuals providing services via an intermediary such as a personal service company (PSC) are complex. The rules ...
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HMRC to accept service of legal proceedings by email
HMRC has issued an updated ‘news story’ to confirm that, where possible, new legal proceedings and pre-action letters can be ...
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Rent a Room Scheme – another income stream
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home to create ...
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Entitlement to carer’s allowance
Carer’s credit is a National Insurance credit that can help carers to fill gaps in their National Insurance record. Carers ...
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We are unpaid tax collectors
Clients often refer to the VAT added to supplier invoices as if it were a cost to their business regardless ...
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Time to rethink the credit you offer your customers
Most business owners are driven by sales targets and to meet these targets they may be tempted to offer extended ...
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Tax-free child care
HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for school holiday childcare ...
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Invest and save tax
The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of qualifying expenditure on ...
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Check your National Insurance record
There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is ...
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Workplace pension responsibilities
Automatic enrolment for workplace pensions has helped many employees make provision for their retirement, with employers and government also contributing ...
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Declare a beneficial interests in joint property
The usual tax position for couples who live together with their spouse or civil partners is that property income held ...
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What a tax code means
The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax ...
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Customs Declaration Service open for business
All businesses can now move their export declarations to the Customs Declaration Service (CDS), HMRC has confirmed. Businesses who have ...
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Apprenticeships boost
From the start of April 2024, the government will increase the amount of funding that employers who are paying the ...
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Company confirmation statement changes
As well as filing accounts with Companies House, there is an important requirement to check that the information Companies House ...
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Still time to register for the Marriage Allowance
There is still time to register for the marriage allowance before the current tax year ends on 5 April 2024 ...
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Tax on savings interest
If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest ...
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Register of Overseas Entities
The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held by ...
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Changing a company’s accounting year end
There are special rules which limit the ability to change your company’s accounting year end date. A company’s year end ...
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Eligibility for replacement of domestic items relief
The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances ...
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Tax Diary April/May 2024
1 April 2024 - Due date for corporation tax due for the year ended 30 June 2023. 19 April 2024 ...
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Public sector productivity
In a recent announcement by the Treasury, it was announced that plans are afoot to deliver up to £1.8bn of ...
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Tech companies assist with fuel price transparency
Leaders from top comparison sites, RAC and The AA will be among those meeting the Energy Affordability Minister to help ...
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Spring Budget 2024 – NIC changes
As had been widely expected, the Chancellor announced further changes to National Insurance contributions (NIC) rates for employees and the ...
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Spring Budget 2024 – VAT registration threshold changes
The taxable turnover threshold that determines whether businesses should be registered for VAT will increase from £85,000 to £90,000 from ...
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Spring Budget 2024 – High Income Child Benefit Charge
The High Income Child Benefit Charge (HICBC) came into force January 2013 and has applied to taxpayers whose income exceeds ...
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Spring Budget 2024 – Alcohol and Tobacco Duty
As part of the Spring Budget measures, the Chancellor announced that the duty rates on beer, cider, wine and spirits ...
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Spring Budget 2024 – CGT on disposals of residential property
A higher rate of Capital Gains Tax (CGT) applies to gains on the disposal of residential property if the gain ...
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Spring Budget 2024 – non-dom changes
In a move that may partly have been prompted by seeking to mirror a longstanding policy of the Labour party, ...
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Spring Budget 2024 – Fuel Duty rates
In the Spring Budget, the Chancellor extended the fuel duty cut for a further 12 months to help support households ...
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Budget summary 6 March 2024
As expected, the Chancellor has found wriggle room in his fiscal rules that have allowed him to please his fellow ...
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Pension fund reforms
The Chancellor announced pension fund reforms as a further step in the government’s plan to boost British business and increase ...
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Companies House rolls-out new powers
The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4 ...
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Update on the tax status of Double Cab Pick Ups
HMRC have reversed a previous decision (originally published 12 February 2024) on the tax status of Double Cab Pick Ups ...
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Companies House filing fees increase
Companies House has announced that some of their fees will be changing from 1 May 2024. The last change in ...
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Contractors and CIS
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in ...
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Advise HMRC if company is dormant
If a company has stopped trading and has no other income, then the company is usually classed as dormant for ...
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Appeals against tax penalties
It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision issued ...
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Holiday Lets averaging election
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a ...
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Crack down on ‘fire and rehire’ practices
The Government has announced action to tackle the use of controversial 'fire and rehire' practices. In a press release issued ...
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A new champion for small businesses appointed
An experienced entrepreneur has taken up a key role to promote the needs of small businesses to government and ensure ...
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Beware fake tax rebate offers
HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, ...
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Cost of living final payment 2023-24
The Cost of Living support package has been designed to help over 8 million households in receipt of means tested ...
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Are you self-employed?
Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified ...
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Types of limited companies
A limited company is a company ‘limited by shares’ or ‘limited by guarantee’. Limited by shares This is the most ...
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Entitlement to Business asset disposal relief
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s ...
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Letting part of your home
In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family's main ...
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Top-line, bottom-line?
Most small business owners are happy, from a financial point of view, if sales are in line with expectations. And ...
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Importing or exporting for the first time?
If you are considering selling or buying to or from companies based outside the UK, you may well be overawed ...
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A reminder that NLW and NMW rates are increasing
A reminder for our readers that the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase ...
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Checking Furnished Holiday Let property occupancy
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a ...
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Eligibility for the VAT Flat Rate Scheme
The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 ...
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Tax on inherited private pensions
Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, ...
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What is Class 1A NIC?
Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a ...
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Autumn Finance Bill 2023 update
The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill ...
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The Valuation Office Agency tackles holiday lets
The Valuation Office Agency (VOA) is writing to some owners of self-catering holiday lets that are assessed for business rates ...
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Full-time and part-time contracts
As an employer, the tax and employment responsibilities you have for your staff will depend on the type of contract ...
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Tax Diary March/April 2024
1 March 2024 - Due date for Corporation Tax due for the year ended 31 May 2023. 2 March 2024 ...
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Alcohol duty freeze takes effect
As part of the Autumn Statement measures the Chancellor announced that the duty rates on beer, cider, wine and spirits ...
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Record number of taxpayers file on time
HMRC has confirmed that more than 11.5 million people submitted their 2022-23 self-assessment tax returns by the 31 January deadline ...
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Reporting employee changes to HMRC
There are rules that businesses must follow when they are reporting employee changes. These changes must be sent to HMRC ...
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Landlords – claiming maintenance and repairs costs
Landlords are able to claim for allowable expenses as a deduction from their rental income when calculating taxable rental profits ...
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Should you pay tax on selling goods online?
HMRC has published new guidance for taxpayers that regularly sell goods or services through an online marketplace. The guidance makes ...
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Using your own vehicles for work-related journeys
If you are an employee and use your own money to buy things you need for your job you can ...
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Government promotes electric vehicles
The government department active in the promotion of electric vehicles has published guidance regarding the costs, charging issues and infrastructure ...
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Does your business offer customs services?
If your business does offer customs services, did you know that HMRC could offer you a free listing on their ...
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Time to Pay your tax
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their ...
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Penalties if you missed the filing deadline
Have you missed the 31 January 2024 filing deadline for your 2022-23 self-assessment return? If you have missed the filing ...
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File early to have self-assessment tax coded out
The coding out threshold may entitle you to have tax underpayments collected via your tax code when you are in ...
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Joining or leaving the VAT Cash Accounting Scheme
The VAT Cash Accounting Scheme can offer useful benefits to small businesses. Under standard VAT accounting, VAT is payable on ...
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Capital sums derived from assets
HMRC’s guidance is clear that where a capital sum is derived from an asset, the relevant legislation treats the owner ...
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Do you need to tell HMRC about additional income?
There is an online tool that allows taxpayers to check if they need to notify HMRC about additional income. The ...
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Changes at Companies House
Companies House have issued an update on their first implementation of changes brought about by The Economic Crime and Corporate ...
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Does your business have a March year end date?
Leaving aside tax planning issues all businesses should be considering business planning opportunities if they presently have an accounting year ...
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Correcting payroll mistakes
Employers generally use payroll software or other payroll services to record employees pay, deductions and National Insurance contributions on or ...
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Reporting company car changes
There is a requirement to notify HMRC if you make any company cars available for private use by company directors ...
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Do you need to register for self-assessment?
There are a number of reasons why you might need to complete a self-assessment tax return. This includes if you ...
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Assets made available to an employee
Assets such as computers, televisions and bicycles that are made available to employees can create certain tax, National Insurance and ...
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VAT – option to tax property
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and ...
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Tax and working from home
Employees who are working from home may be able to claim tax relief for bills they pay that are work ...
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Government launches new WhatsApp channel
The Government has launched a new account on WhatsApp Channels, allowing members of the public to subscribe to receive important ...
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Government steps to secure UK supply chains
Industry leaders have welcomed the Government’s new Critical Imports and Supply Chain Strategy, safeguarding UK supplies of critical goods such ...
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Bed and breakfast share sales
The term bed and breakfasting (sale and repurchase) of shares refers to transactions where shares are sold and bought back ...
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Full expensing of capital purchases
A reminder to readers that the full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into ...
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Year end payroll reporting
It is not that long until the current 2023-24 tax year comes to an end and there are a number ...
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Reminder to claim the Marriage Allowance
The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does ...
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IHT gifts – 7 year limit
Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime ...
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Using the VAT Flat Rate Scheme
The VAT Flat Rate scheme allows businesses to pay VAT as a fixed percentage of their VAT inclusive turnover. The ...
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A reminder to protect your business capital
The beginning of a new year is an opportune time to undertake basic business planning. One aspect that needs continuous ...
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Less than one month to tax return filing deadline
A new press release from HMRC has highlighted that 49,317 taxpayers took the time to file their tax returns online ...
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VAT on period products scrapped
Before Brexit, the UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items ...
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National Insurance and tax after State Pension Age
If you have reached the State Pension age and continue to work, in most cases, you no longer need to ...
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Business Asset Disposal Relief
Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a trading company ...
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Beware higher rate tax on dividends
Readers are reminded that if the dividends they draw from their company, when added to their other income, exceeds the ...
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New tax credits for film, TV and game makers
A number of reforms to tax reliefs for the creative sectors came into effect from 1 January 2024. Under the ...
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Tax Diary February/March 2024
1 February 2024 - Due date for Corporation Tax payable for the year ended 30 April 2023. 19 February 2024 ...
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Setting up a payment plan with HMRC
The 31st of January is a key date for those of us who are registered for self-assessment. There are three ...
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Using your vehicle for work related journeys
If you use your car or other vehicle to undertake business journeys on behalf of your employer, and your employer ...
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Do you need to register for VAT in 2024?
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold ...
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Utilise your 2023-24 IHT reliefs
We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current 2023-24 tax ...
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What happens if your income exceeds £100K 2023-24?
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 ...
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Spring Budget 2024
The Chancellor of the Exchequer, Jeremy Hunt has confirmed that the next UK Budget will take place on Wednesday, 6 ...
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Flat Rate Scheme annual review
If using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The ...
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Scottish Budget 2024-25
Scotland’s Deputy First Minister and Finance Secretary, Shona Robison delivered her first Budget statement to the Scottish parliament on 19 ...
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Welsh Budget 2024-25
The Welsh draft Budget for 2024-25 was published on 19 December 2023. The Budget sets out the Welsh government’s revenue ...
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Claiming relief for work related expenses
If your employer has reimbursed you in full for any work related expenses you will obviously be unable to make ...
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Be wary of rogue business rates agents
The government Valuation Office Agency have issued the following warning to business owners who may have received unprompted approaches by ...
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Helpline delays at HMRC
HMRC’s self-assessment (SA) helpline will focus on priority queries from 11 December until 31 January. Whilst the helpline is focusing ...
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Obtaining the HMRC mobile app
HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store ...
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HMRC awards £5.5m in grant funding
HMRC’s has awarded twelve voluntary and community sector organisations a share of £5.5 million in funding to help customers with ...
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Employing staff for first time
There are a multitude of rules and regulations that you must be aware of when you start employing staff for ...
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Tax consequences of loans to employees
An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference ...
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Tax and duties on goods sent from abroad
There are special rules to ensure that goods sent from abroad are taxed appropriately and to ensure that UK businesses ...
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Season’s greetings and a prosperous 2024
As Christmas arrives the week before the calendar year-end, many of us will enjoy a week’s shut down and have ...
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Investment v costs
There are two ways to consider the effects or benefits of business and personal expenditure. The payment of rates or ...
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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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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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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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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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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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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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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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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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Are you a company director?
There is more to being appointed a company director than accepting the title. According to Companies House directors formal, statutory ...
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Do you need to submit a Self-Assessment tax return?
There are a number of reasons why you might need to complete a Self-Assessment return for the first time. This ...
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Class 2 and 4 NIC for the self-employed
There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 ...
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On your bike tax-free
The Cycle to Work scheme was introduced over 20 years ago to help promote the use of environmentally friendly modes ...
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Checking your Simple Assessment tax bill
Simple Assessment is a method by which HMRC can assess where additional Income Tax is due by a taxpayer. A ...
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VAT supplies for no consideration
In most cases, a supply of goods or services for VAT purposes is deemed to have taken place in return ...
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Giving money to charity in your Will
A reduced rate of Inheritance Tax (IHT) of 36% (reduced from 40%) applies where 10% or more of a deceased’s ...
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The best and worst of British banks
Personal and small business current account holders were asked how likely they would be to recommend their provider to a ...
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Access to cash to be protected
Recognising the need to maintain access to cash withdrawal facilities, the government is stepping in to set out a new ...
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Claiming tax relief on employment expenses
If you are an employee that needs to buy substantial equipment to use as part of your employment you may ...
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Let Property Campaign
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with ...
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Overview of private pension contributions
You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on ...
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VAT recovery when leasing vehicles
The VAT treatment of motoring expenses is relevant to any business that incurs VAT on motor expenses. We have covered ...
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Capital Gains Tax and trusts
A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets - ...
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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 ...
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VAT treatment of road fuel costs
There are four options for the VAT treatment of road fuel costs. Treat all of the VAT as input tax ...
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Need to tell HMRC about extra income?
There is an online tool that allows taxpayers to check if they need to notify HMRC about additional income. The ...
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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 ...
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Characteristics of a valid Will
It is important to make a Will to ensure that your estate is divided amongst your beneficiaries in accordance with ...
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Transferring a VAT registration
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold ...
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Gambling white paper reforms
A public consultation process has been launched to look at how to conduct financial risk checks for problem gambling and ...
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Amazon offers to change Marketplace rules
Amazon has offered to change the way it treats third-party sellers using its Marketplace platform in the UK, by submitting ...
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New crackdown on illicit tobacco
HMRC has continued to tackle the UK’s most notorious hotspots for the sale and supply of illicit tobacco as part ...
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When you don’t have to pay Capital Gains Tax
In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a ...
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The Construction Industry Scheme
The Construction Industry Scheme (CIS) is a set of special tax and National Insurance rules for those working in the ...
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Draft legislation published for Finance Bill 2023-24
Legislation Day (L-Day), 18 July 2023, was the date when the government published the draft legislation for Finance Bill 2023-24 ...
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Check your State Pension forecast
The State Pension forecast provides an estimate of how much State Pension an individual can expect to receive when they ...
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Emergency tax codes
The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The ...
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HMRC pledges £5.5m in partnership funding
HMRC is awarding £5.5 million to voluntary and community organisations to support customers who may need extra help with their ...
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Check a UK VAT number is valid
The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK ...
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South Yorkshire first UK Investment Zone
It was announced as part of the Spring Budget 2023 measures that the government would establish twelve Investment Zones across ...
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Tax on savings interest
If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest ...
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Exempt company purchase of own shares
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions (usually described as ...
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Connected persons for tax purposes
The definition of a connected person for tax purposes can be complex. A statutory definition of “connected persons” for Capital ...
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Business records if self-employed
If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep ...
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What do we mean by cost of living?
A simple dictionary definition of cost of living would probably say something like: The level of prices relating to a ...
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Tax Diary August/September 2023
1 August 2023 - Due date for corporation tax due for the year ended 31 October 2022. 19 August 2023 ...
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Alcohol duty changes
Changes in the way alcohol is taxed came into effect on 1 August 2023. The new system of calculating alcohol ...
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Tax on property you inherit
If you inherit property, you are usually not liable to pay tax on the inheritance you receive. This is because ...
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Getting a SA302 tax calculation
The SA302 tax calculation and tax year overview documents are commonly used as evidence of income for loan or mortgage ...
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Pension Credits
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were ...
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Cannot pay your tax on time?
The second payment on account for Self-Assessment taxpayers for the 2022-23 tax year is due on 31 July 2023. Taxpayers ...
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Updating your tax return
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change ...
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Ideas for increasing your cash flow
Business owners are not exempt from the effects of inflation, but unlike waged individuals, they may have more options to ...
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Tax credits renewal deadline reminder
The 31 July 2023 is the final day for families and individuals that receive tax credits to tell HMRC about ...
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Advising HMRC about changes in your income
There are a number of reasons why you might need to contact HMRC about changes in your income. HMRC’s guidance ...
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Filling gaps in your NIC record
National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers in building ...
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Tax relief for charitable donations
The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can ...
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Working out capital gains
As with the Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is ...
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Changes to Scottish Bankruptcy law
The bankruptcy process applies to individuals living in England, Wales or Northern Ireland. There is a separate bankruptcy process sometimes ...
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How copyright protects your work
Copyright protects your work and stops others from using it without your permission. You get copyright protection automatically - you ...
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HMRC increases interest rates
The Bank of England’s Monetary Policy Committee (MPC) met on 21 June 2023 and voted 7-2 in favour of raising ...
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National Insurance credits
National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers to build ...
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Transfer of unused IHT nil rate band
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) ...
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Selling overseas property
As a general rule, if you are resident in the UK, you are liable to pay Capital Gains Tax (CGT) ...
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Marriage Allowance how it works
The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner ...
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Duty free limits if you are travelling abroad
If you are travelling from outside the UK and arriving home in Great Britain (England, Wales and Scotland), you are ...
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Protecting intellectual property
Having the right type of intellectual property protection helps you stop people stealing or copying: the names of your products ...
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Offshore taxpayers offered chance to come clean
HMRC is currently writing to UK residents who were named in the leaked Pandora Papers and offering them the chance ...
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Deadline to top-up NIC contributions extended
In certain circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase your entitlement to benefits, ...
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HMRC’s Self-Assessment line summer closure
HMRC’s Self-Assessment helpline closed on 12 June 2023 and will re-open on 4 September 2023. This closure is part of ...
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Regulated businesses hit with Anti-Money Laundering fines
The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to ...
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Capital Gains Tax Gift Hold-Over Relief
Gift Hold-Over Relief is a tax relief that results in a deferral of Capital Gains Tax (CGT). The relief can ...
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VAT Exempt services
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that ...
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New powers for charities
From 14 June 2023, the latest set of changes mandated by the Charities Acts 2022 came into force. Changes now ...
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Gift Aid small donations scheme
The Gift Aid Small Donations Scheme (GASDS) allows qualifying charities and Community Amateur Sports Clubs (CASCs) to claim a top-up ...
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Check when to expect reply from HMRC
HMRC has a useful online tool to help agents and taxpayers know when they can expect to receive a reply ...
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Passport delays and applications
A recent investigation by the House of Commons Committee of Public Accounts, in connection with the UK passport office, has ...
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New life sciences growth package announced
The Chancellor, Jeremy Hunt, has announced a new £650 million package of measures to help boost UK life sciences. The ...
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Tax exempt private medical costs
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions ...
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Effects of settlement legislation
The settlement legislation is intended to prevent an individual from gaining a tax advantage by diverting his or her income ...
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Complexity may be double-edged sword
There does seem to be a trend to replace human interactions with automated AI systems. This is especially evident in ...
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What you can and cannot patent
The GOV.UK website offers the following guidance if you are considering a patent application. A UK patent may help if ...
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HMRC tax credits scam warning
Fraudsters often try to take advantage of the 31 July deadline for submitting tax credits renewal information. The fraudulent emails, ...
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Help with childcare costs
HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for childcare costs. The ...
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Check text messages from HMRC
HMRC has issued an updated version of their online guidance entitled ‘Check if a text message you've received from HMRC ...
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Overview of IHT agricultural relief
There are a number of reliefs available that can reduce liability to IHT. Of most interest to farmers is the ...
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Using Capital Gains Tax losses
If you sell an asset for less than you paid for it, you would make a capital loss. As a ...
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What you must tell HMRC
If your personal details change you may be required to notify HMRC as this can affect your entitlement to certain ...
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Tax Diary July/August 2023
1 July 2023 - Due date for corporation tax due for the year ended 30 September 2022. 6 July 2023 ...
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Voluntary “give-aways”
In a recent post we warned of the likely loss of billing opportunities if you give away service advice just ...
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HMRC strike causes CIS delays
Some 400 HMRC helpline service advisers who are members of the Public and Commercial Services (PCS) Union have been on ...
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Help to Save extended to April 2025
HMRC has confirmed that plans to extend the Help to Save scheme by 18 months, until April 2025 have been ...
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New employment rights for parents and carers
Three new pieces of legislation that received cross party support were granted Royal Assent on 24 May 2023. The Neonatal ...
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Selling your home – taxes to pay
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family ...
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Selling all or part of your company
If you are selling your company, there are important actions you must take to properly finalise your affairs. Please note ...
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Can a charity claim Gift Aid?
Charities can claim Gift Aid on donations made by eligible taxpayers. This can boost donations by an extra 25% if ...
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Involuntary “give-aways”
If you sell services, rather than supply goods, this usually involves you providing advice for a fee. If your advice ...
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Claim a tax refund for work expenses
HMRC has issued a press release to remind employees that may be able to claim a claim tax relief for ...
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New patents service
The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, ...
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Gift aid tax benefits
The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of ...
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Residence affects Income Tax in UK
There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the UK. Where ...
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Clearance to secure exempt distribution status
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be ...
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Transfer of Business as a Going Concern
The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a ...
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Action to contain cost of living pressures – groceries
The Competition & Markets Authority has issued an update on the action it is taking to ease price rises in ...
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The importance of being interested
Conversation takes a turn for the worse if you have an opinion that your client has no idea how to ...
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HMRC interest rates increase again
The Bank of England’s Monetary Policy Committee (MPC) met on 10 May 2023 and voted 7-2 in favour of raising ...
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Filing deadline for share scheme operators
There are a number of government approved share schemes which offer tax advantages to employees. The approved schemes are Share ...
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Check your NIC record
HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, ...
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Consultation on taxation of cryptoasset loans
In April 2022, the government announced a package of measures intended to make the UK a global cryptoasset technology hub ...
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Capital Gains during separation and divorce
The Capital Gains Tax (CGT) rules that apply during separation and divorce changed for disposals that occur on or after ...
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Tax on public transport season tickets
There are certain tax rules that it is important to be aware of where you pay for the public transport ...
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Tax by stealth
There is a plausible link between a rise in tax payments if tax rates increase or if tax allowances and ...
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Tax Diary June/July 2023
1 June 2023 - Due date for corporation tax due for the year ended 31 August 2022. 19 June 2023 ...
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Monthly chores for CIS contractors
The Construction Industry Scheme (CIS) is a set of special rules covering tax and national insurance for those working in ...
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Cost of living payments 2023-24
The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested ...
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Withholding tips from staff now unlawful
A new law that stops employers from withholding tips from people working in the hospitality, leisure and services sectors has ...
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National Insurance for company directors
Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceeds the Primary ...
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Business Relief for IHT
There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT). One of these reliefs is ...
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What is a P11D?
A P11D form is a form used by employers to list certain ‘benefits in kind’ provided to directors or employees ...
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The winds of change
A new King, the possibility of a change of government next year, and signs that we may, at last, be ...
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New Bill to crack down on online fraud
New legislation aimed at cracking down on rip-offs, protecting consumer cash online and boosting competition in digital markets has been published ...
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Reminder to look out for tax credit renewal packs
HMRC is currently sending the annual tax credit renewal packs to some 1.5 million tax credit claimants and is encouraging ...
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Landlord responsibilities
There are a number of responsibilities that fall on a landlord that is renting out a property. These include the ...
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Company cars – working out taxable value
Where an employee with a company car is provided with fuel for their own private use by their employers, the ...
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Your tasks if a VAT-registered business
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. Businesses with turnover below ...
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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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More financial support for energy intensive sectors
Some businesses could see their bills slashed by as much as 20% off predicted wholesale prices, thanks to further government ...
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Paying tax by credit or debit card
HMRC has not accepted personal credit card payments since January 2018 when credit card surcharges on personal credit cards were ...
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Stamp Duty on shared ownership property
Stamp Duty Land Tax (SDLT) is payable whether you buy a freehold property, a new or existing leasehold property or ...
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Mobile phones and tax
When an employer incurs costs for the provision of mobile phones to employees it is important to understand the correct ...
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Retaining an interest in a gift
The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained ...
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VAT on imported vehicles
The Notification of Vehicle Arrivals (NOVA) is an online notification system for vehicles entering the country for permanent use on ...
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When do you pay tax at Scottish Income Tax rates?
The Scottish rate of Income Tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish ...
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Less could be more
Is there mileage in the old adage that it is unwise to keep all your eggs in one basket? Most ...
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A $3B bond fight can go to trial.
The Supreme Court granted Ukraine permission to go to trial to avoid repaying USD 3 billion in loans. Facts: The ...
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Rent-a-room relief
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you ...
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Scottish government announces new childcare initiatives
Scotland’s new First Minister Humza Yousaf has announced a new £15 million investment to help tackle child poverty. This investment ...
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Take advantage of new pension tax reforms
The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. The ...
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Starting a new business?
One of the issues you will need to consider if you are starting a new business is the business structure ...
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Tax-free savings interest
The Personal Savings Allowance (PSA) was launched in April 2016. For basic-rate taxpayers the first £1,000 of interest on savings ...
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The Let Property Campaign
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with ...
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Tax Diary May/June 2023
1 May 2023 - Due date for corporation tax due for the year ended 30 July 2022. 19 May 2023 ...
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What is profit?
When accountants or other interested parties refer to business profits, they are likely to mean the difference between sales and ...
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Letting relief
In general, there is no Capital Gains Tax (CGT) due on the disposal of a property which has been used ...
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Tax-free allowance on trading and property income
A reminder that there are two separate annual £1,000 tax allowances for property and trading income. If you have both ...
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Losing your personal income tax allowance
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 ...
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Exempt gifts paid out of income
There is a flexible exemption from IHT for taxpayers who make tax exempt gifts and payments that are paid as ...
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Students and tax
Students that work may need to pay Income Tax and National Insurance. Employers are required to calculate the amount of ...
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NMW non-compliance penalties
Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The ...
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Cause for optimism?
As we have moved into the new tax year, since 6 April 2023, the March hares have had their opportunity ...
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Tax when you sell property
The annual exempt amount applicable to Capital Gains Tax (CGT) has been reduced to £6,000 (from £12,300) for the new ...
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Full expensing started 1 April 2023
The new 100% first-year capital allowance for qualifying plant and machinery assets known as full expensing came into effect on ...
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VAT guidance for overseas sellers
New simplified VAT guidance for overseas sellers has been published by HMRC. The guidance also includes a new translation into ...
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Scotland’s increased social security benefits
There has been a 10.1% increase in twelve Scottish government grants that are delivered through Social Security Scotland. Seven of ...
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Shares and asset valuations for tax purposes
The Shares and Assets Valuations (SAV) team is a special section of HRMC that deals with enquiries in respect of ...
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Claim tax relief for charitable donations
The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can ...
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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 ...
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Energy Bills Discount Scheme
The new Energy Bills Discount Scheme replaces the Energy Bill Relief Scheme which came to an end on 31 March ...
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Bank of England and HMRC increase interest rates
The Bank of England’s Monetary Policy Committee (MPC) met on 22 March 2023 and voted 7-2 in favour of raising ...
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Company share buy-backs
Company share buy-backs are also commonly known as a company purchase of own shares. A company may decide to buy ...
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Associated companies and Corporation Tax
There are two rates of Corporation Tax effective from 1 April 2023. Taxable profits up £50,000 continue to be taxed ...
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Spring Finance Bill published
The government published the Spring Finance Bill 2023 on 23 March 2023. The Bill is officially known as the Finance ...
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Powering Britain from Britain
Britain’s rollout of clean, affordable, home-grown energy is moving full speed ahead, with the UK government offering £205 million in ...
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Solvency continues to be a pressing issue
The recent rise in inflation and interest rates underlines the fact that the UK and world economies are still suffering ...
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Tax Diary April/May 2023
1 April 2023 - Due date for Corporation Tax due for the year ended 30 June 2022. 19 April 2023 ...
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More time to top-up NICs
In some circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase your entitlement to benefits, ...
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Changes in VAT penalties
The first monthly returns and payments affected by HMRC’s new VAT penalty regime were due by 7 March 2023. The ...
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Scottish Parliament approves 3% rent cap
The Scottish Parliament has approved a new 3% rent cap for most private renters that will come into effect from ...
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Transferring nil rate band for Inheritance Tax
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) ...
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Do you need to file a tax return
There are a number of reasons why you might need to complete a Self-Assessment return. This includes if you are ...
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Reduce CGT by claiming rollover relief
Business Asset Rollover Relief is a valuable relief that allows for deferral of Capital Gains Tax (CGT) on gains made ...
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Keep talking
During recent disruptions to trade, ascribed to Brexit, COVID, the war in Ukraine or other global economic challenges, we have ...
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Spring Budget 2023 – Childcare changes
One of the main areas targeted by the Spring Budget was changes to childcare. Billed as a revolution in childcare, ...
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Spring Budget 2023 – Capital allowances
Designed in part to help offset the increased Corporation Tax main rate, the Chancellor announced the introduction of a new ...
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Spring Budget 2023 – Energy Price Guarantee
The Chancellor had previously announced that the energy price guarantee cap, which will see the average household have their energy ...
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Spring Budget 2023 – Pension changes
One of the key measures of the Spring Budget was the announcement that the £40,000 cap on annual pension contributions ...
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Spring Budget 2023 – Alcohol and Tobacco Duty
As part of the Budget measures the Chancellor confirmed that the duty rates on beers, spirits, wines and ciders will ...
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Spring Budget 2023 – Creative industry tax reliefs
As part of the Spring Budget measures, the Chancellor announced that the government will extend the temporary higher rates for ...
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Spring Budget 2023 – Social investment tax relief to end
It was confirmed as part of the Spring Budget announcements that the Social investment tax relief (SITR) scheme will end ...
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Spring Budget summary 2023
As expected, the Chancellor, Jeremy Hunt, resisted pressure to reduce taxes in any significant way, and the majority of his ...
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New UK Data Protection rules
The Data Protection and Digital Information Bill was first introduced last Summer and paused in September 2022 so ministers could ...
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Get information about a company
There is a significant amount of information about companies that can be obtained from Companies House. Companies House is responsible ...
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National Insurance if working abroad
If you move abroad, it can often be advantageous to continue paying your UK National Insurance Contributions (NICs) in order ...
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Adding employees to a workplace pension scheme
Automatic enrolment for workplace pensions has helped many employees make a start on providing for their retirement with the advantage ...
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NIC and company directors
Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary ...
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Valuing an estate for IHT purposes
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s ...
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Corporation tax from 1 April 2023
Barring any unforeseen changes being announced at next week’s Budget, the Corporation Tax main rate will increase to 25% from ...
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Why credit control is vital
The ultimate financial objective of most trading companies is to convert their supply of goods and services into cash – ...
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Incentive to invest
Next week, 15 March, the Chancellor will deliver his first Spring Budget. It will provide an opportunity to cushion companies ...
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Scottish Winter Payments Support
The Scottish Winter Heating Payment is a new Scottish Government benefit that replaces the Department for Work and Pensions’ (DWP) ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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Bereavement Support Payment
The amount of Bereavement Support Payment you can claim will depend on your relationship to the person who died and ...
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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 ...
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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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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 ...
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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 ...
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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 ...
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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 ...
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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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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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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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Register as a childminder
There are fines for not registering as a childminder if you were required to do so. GOV.UK guidance on the ...
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Post valuation transaction checks
A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a Capital Gains ...
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Register of Overseas Entities
The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held by ...
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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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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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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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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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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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UK regains control over business subsidies
A new system to regulate the award of subsidies to business came into force on Wednesday 4 January 2023. It ...
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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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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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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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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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25% Corporation Tax from April 2023
The planned increases in Corporation Tax (CT) rates from April 2023 are now proceeding as originally announced. The Corporation Tax ...
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What is a defined contribution pension?
A defined contribution pension (sometimes referred to as a money purchase pension scheme) is a type of pension scheme where ...
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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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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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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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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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Gifts paid out of disposable income
It is possible for wealthier taxpayers to make tax exempt gifts and payments that are funded as normal expenditure out ...
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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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Tax on dividends
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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What your tax code means
The letters in your tax code signify your entitlement (or not) to the annual tax-free personal allowance. The tax codes ...
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Check a UK VAT number
The ability to check a UK VAT number is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a ...
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HMRC launch offshore property owners campaign
It has been reported by the Chartered Institute of Taxation (CIOT) that HMRC is to launch a new campaign to ...
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Claiming Corporation Tax losses
Corporation Tax relief may be available where a company or organisation makes a trading loss. The loss may be used ...
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HMRC interest rate changes
Following the recent increase in the Bank of England base rate from 2.25% to 3% HMRC has confirmed there will ...
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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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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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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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Income Tax in Scotland
The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish ...
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Small Business rate relief
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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How the VAT Reverse Charge works
The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT ...
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Statutory interest
Taxpayers that are owed VAT repayments by HMRC are entitled to claim statutory interest under certain circumstances. Where this is ...
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Employing someone step by step
There are a multitude of rules and regulations that you must be aware of when you employ staff. HMRC’s guidance ...
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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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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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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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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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The pension savings annual allowance
The pension savings annual allowance for tax relief on pensions has been fixed at £40,000 since 6 April 2014. The ...
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HMRC’s shared workspace
HMRC’s Shared Workspace is a service that allows businesses and tax agents to share sensitive data, for example, accounts or ...
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Taxable and tax-free State Benefits
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable ...
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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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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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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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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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VAT Flat Rate Scheme
The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in ...
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Contacting HMRC by email
HMRC has published a new guidance titled ‘Corresponding with HMRC by email’. The guidance was published on 9 August 2022 ...
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Employee ownership and involvement
There are many ways that employees can own a stake in their employer's company. However, employee ownership usually refers to ...
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Definitions of connected persons
The definition of a connected person for tax purposes can be complex and varies depending on the circumstances at hand ...
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VAT and food supplies
HMRC’s VAT Notice 701/14: food explains what types of foods are zero rated and standard rated for VAT. The notice ...
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Do you qualify for the marriage allowance?
HMRC is using the wedding season to issue a reminder to married couples and those in civil partnerships to sign ...
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Using the Customs Declaration Service
The Customs Declaration Service (CDS) is a new customs IT platform that has been designed to modernise the process for ...
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Reminder that the plug-in grant has ended
The government plug-in grant was first introduced 11 years ago to help drivers make the move to owning an electric ...
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Reminder of compensation limits for bank deposits
The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building ...
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Bona Vacantia – dissolved companies
The final step in bringing a company to a legal end is dissolution. However, one of the important points to ...
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Termination payments
The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax ...
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Tax Diary September/October 2022
1 September 2022 - Due date for Corporation Tax due for the year ended 30 November 2021. 19 September 2022 ...
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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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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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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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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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Old style £20 and £50 notes
The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022 ...
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Filing and paying company tax returns
If you have recently setup a new limited company or are thinking of doing so then one of the areas ...
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Furnished Holiday Lets and VAT
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a ...
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Joining the MTD ITSA pilot
Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot ...
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Taxpayers not ready for Making Tax Digital
People are unprepared and unenthusiastic for Making Tax Digital (MTD), according to a survey commissioned by HMRC. Global market research ...
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How HMRC conducts tax investigations
How to reduce penalties for accounting errors. HMRC recently announced new powers to investigate companies they suspect of evading taxes, ...
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Government overhauls audit regime
The Government has published a response to its consultation on strengthening audits, corporate reporting and corporate governance systems. The long-awaited ...
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National Insurance threshold increases
The Government is increasing the threshold at which workers start to pay National Insurance contributions (NICs) by £12,570 this month ...
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Recovery loan scheme comes to an end
The Government’s flagship Covid business recovery scheme officially came to an end late last month (30 June). The recovery loan ...
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How do changes to NICs affect you?
Spring Statement changes come into effect. As you may have heard, there are changes happening to National Insurance contributions (NICs) ...
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Tax Diary August/September 2022
1 August 2022 - Due date for corporation tax due for the year ended 31 October 2021. 19 August 2022 ...
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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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SMEs unprepared for MTD rollout
Small and medium-sized businesses are underprepared for Making Tax Digital (MTD), according to new research by the Association of Chartered ...
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Bank of England raises interest rate to 1%
The Bank of England (BoE) has raised its base interest rate to 1%, marking the fourth rise in a row ...
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Work from home tax relief may not be available in 2022/23
Employees who claimed tax relief for working from home during the pandemic may no longer qualify in the 2022/23 tax ...
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HMRC raises interest rates on late tax payments
HMRC has confirmed it will raise interest rates on late tax bills by 0.25 percentage points after the Bank of ...
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The tax benefit for innovative companies
The lowdown on this relief for innovation. Research and development (R&D) tax credits were once a little-known tax incentive for ...
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Sourcing business finance
Exploring your options as interest rises. Most businesses rely on funding in one form or another to keep their operations ...
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National insurance and dividend 1.25% uplift underway
The Government has at last increased National Insurance (NI) and dividend tax by 1.25 percentage points after months of anticipation ...
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MTD for VAT rolls out to all VAT-registered businesses
All VAT-registered businesses must comply with Making Tax Digital (MTD) rules, regardless of how much they make each year. Kicking ...
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New law to resolve Covid rent dept
The Government has set up an arbitration system to help resolve outstanding commercial rent debts as the general moratorium on ...
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IR35 reform landing period ends
Penalties now apply to businesses that make mistakes under new IR35 rules for the private sector. The Government extended the ...
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The importance of estate planning
How to prepare and protect your estate. We are all somewhat used to living with economic doom and gloom at ...
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A new approach to employee benefits
Balancing tax perks with desirability. Like most business owners, you have probably experienced the squeeze in recruitment and retention that ...
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House of Lords raises concerns over IR35
The Economic Affairs’ Finance Sub-Committee of the House of Lords has written to the Government, listing key recommendations on off-payroll ...
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Economic forecasts dampen for 2022
The British Chambers of Commerce (BCC) has revised its forecast for GDP growth in 2022, which is now expected to ...
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Government launches online sales tax public consultation
The Government has opened a public consultation into a new online sales tax (OST) to “rebalance” the taxation of online ...
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Over one million individuals use extra time to file tax returns
More than one million individuals completed their self-assessment tax return by the extended deadline at the end of February 2022 ...
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Personal tax changes for 2022/23
Tax changes kicking in from 6 April. By the time you’re reading this, the new tax year is either just ...
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Cashflow management strategies
Take control of your business finances You don’t have to spend long running a business before you realise how important ...
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Spring loaded: crisis solutions or half-measures?
Introduction Amid rising pressure to bring in significant relief measures to combat the current international emergency, Chancellor Rishi Sunak implied ...
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Is your business planning redundancies
How termination payments are taxed. We may only be three months into 2022 but plenty of big employers – both ...
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Cryptoassets: how are they taxed in 2022?
HMRC’s evolving approach towards taxing crypto. Cryptocurrencies continue to become more mainstream, and the taxman’s very aware of the gains ...
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‘Ditch NICs increase to free up funds for apprentices’
The Treasury is being urged to consider a late U-turn on introducing the National Insurance contributions (NICs) increase next month ...
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HMRC eyes reform of stamp taxes and multiple dwellings
Changes to reform multiple dwellings relief and how stamp duty land tax is calculated on purchases of mixed-use properties could ...
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£50m shot in the arm for the UK’s creative businesses
Film-makers and video-game developers will be among the creative firms that can benefit from a new £50 million pot. The ...
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Two million people missed self-assessment deadline
More than two million people missed a self-assessment tax return deadline on 31 January 2022, according to HMRC. The tax ...
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Tax Card 2022/23
INCOME TAX ALLOWANCES 2022/232021/22Personal allowance*£12,570£12,570Personal savings allowance - Basic-rate taxpayer- Higher-rate taxpayer- Additional-rate taxpayer£1,000 £500 £0£1,000 £500 £0Dividend allowance at ...
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Year-End Tax Guide 2021/22
How to use this guide Throughout 2021/22, COVID-19 has continued to dominate. Millions of employees and directors on payroll were ...
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Report sheds more light on changes to R&D regime
More details have emerged on upcoming changes to the UK’s research and development (R&D) regime, which will take effect from ...
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More red tape for importers as new EU checks kick in
Most UK importers were unprepared for the recent introduction of import controls on EU goods, according to a report from ...
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One in four buy-to-let landlords ‘plan to sell up in 2022’
Almost a quarter of landlords plan to sell up over the next 12 months as buy-to-let becomes increasingly difficult to ...
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HMRC issues last reminder for 2020/21 personal tax returns
HMRC is reminding taxpayers that the deadline to submit 2020/21 personal tax returns through self-assessment is on or before midnight ...
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How should you structure your business?
Business structures are essential for tax purposes. If you’re looking to join the 4.3 million people in the UK who ...
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How to extract profits out of a company
Tax-efficient advice for limited company directors. Believe it or not, there are more than 4.7 million limited companies registered in ...
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Making Tax Digital for income tax
Everything you need to know before April 2024. Making Tax Digital for income tax (MTD for ITSA) looks certain to ...
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Cladding tax to affect large property developers in 2022/23
A new levy on large residential property developers’ profits intends to raise around £2 billion over the next 10 years, ...
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Tax reporting deadline for additional property sales extends
Buy-to-let landlords and second homeowners have twice the amount of time to report and pay capital gains tax after selling ...
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Budget confirms one-year delay for basis period reform
Reforms to the ways in which unincorporated businesses pay income tax – known as basis periods – will go ahead, ...
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Construction industry scheme
Delving into recent changes that affect the CIS. The construction industry remains one of the UK’s key sectors, which also ...
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Six-month extension for COVID-19 recovery loan scheme
Chancellor Rishi Sunak has extended a coronavirus loan guarantee scheme in a bid to protect UK businesses into next year ...
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Autumn Budget 2021
“Today’s Budget does not draw a line under COVID-19; we have challenging months ahead”, said Chancellor Rishi Sunak. Chancellor Rishi ...
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Curtain comes down on stamp duty land tax holiday
The stamp duty land tax holiday in England and Northern Ireland has come to an end, more than 14 months ...
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The rise of electric vehicles could create £30bn tax hole
The Government is being urged to introduce a new road-pricing system, because the increasing popularity of electric vehicles risks leaving ...
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Residence & domicile after Brexit
How your status affects the amount of tax you pay. For most UK citizens, the question of what income and ...
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2020/21 income tax returns & the SEISS
Three grants worth up to £21,570 are taxable. A chunk of time has passed since the self-employed income support scheme ...
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National Insurance contributions rates ‘poised to increase’
The Government could be set to raise National Insurance contributions (NICs) by 1% for both employers and employees, a report ...
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Deadline approaches for fifth and final self-employed grant
The self-employed have until the end of the month to apply for the final grant available via the self-employed income ...
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Basis period rules in line for reform
What might this mean for your business? Unincorporated businesses could be about to see significant changes to the ways in ...
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Accounting for charities & non-profits
How the third sector is assessed for tax. Anyone who’s involved in operating a charity knows how it differs from ...
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Pensions tax traps catch out thousands more savers
The number of savers who breached the annual allowance and the lifetime allowance increased in 2018/19, according to government statistics ...
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Employer costs increase as furlough scheme winds down
Employer contributions towards furloughed workers’ wages have increased again, as the furlough scheme prepares to close for good on 30 ...
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Lower stamp duty land tax threshold in place until October
The stamp duty land tax-free threshold in England and Northern Ireland reduced last month, as the tax holiday introduced in ...
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Starting a new business after COVID-19
New businesses can still grow and flourish. Not much can stop determined entrepreneurs from building a new business from the ...
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Sweeping VAT reforms in the EU will affect the UK’s online retailers
Retailers that heavily rely on online sales to EU consumers need to comply with VAT reforms, which were introduced on ...
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Families hit with big bills after believing gifts would not be taxed
Almost 2,000 people who thought they’d reduced the values of their estates by making gifts have seen an inheritance tax ...
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Tax planning for residential landlords
Planning to take advantage of low interest rates? After a challenging year for the UK’s residential landlords, you might have ...
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The pros & cons of a company electric car
Should employers shift towards greener vehicles? Despite the potentially high personal tax charge, many employees still enjoy and prefer the ...
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HMRC seeks to remove VAT repayment supplement
The 5% VAT repayment supplement is set to be replaced with the 0.5% repayment interest rate for accounting periods beginning ...
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Deadline approaches for SME Brexit support grant
Smaller businesses have until the end of the month to apply for grants to help them adapt to new customs ...
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The basics of VAT for UK businesses
An introduction to the main business tax. VAT is a business tax on the supply of goods and services. It ...
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Costs you can reclaim on the business
Allowable expenses and allowances in 2021/22. If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some ...
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VAT-registered firms start using digital links under MTD
A million businesses need to have digital links in place to submit VAT returns and comply with phase two of ...
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Super-deduction tempts 51% of manufacturers to invest
Investment in the UK’s manufacturing sector is poised to rise as a result of the capital allowances super-deduction. The super-deduction ...
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The pensions lifetime allowance
How might the big freeze affect you? Traditionally, most people get nowhere near breaching the pensions lifetime allowance, but that’s ...
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The tax implications of furnished holiday lets
COVID-19 prompts high demand for UK holidays. Owning and letting out a holiday home, otherwise known as a furnished holiday ...
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Treasury issues guidance on the final two self-employed grants
More help for the self-employed has been announced, with the final two income support grants available until the end of ...
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Three-month extension for business rates holiday in England
The year-long business rates holiday in England has been extended for another three months, until the end of June 2021 ...
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Personal tax planning in 2021/22
What’s changing for the new tax year? If there’s one thing to take away from Spring Budget 2021, it’s taking ...
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The future of UK corporation tax
What’s ahead for companies, from rate rises to Making Tax Digital. For the past 40 years or so, corporate tax ...
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Opt-in to VAT deferral new payment scheme by 31 March 2021
Businesses that deferred paying VAT between 20 March 2020 and 30 June 2020 do not need to pay the full ...
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National insurance planning
For employers, employees and the self-employed. Our state pension, benefits, health service and more are all funded by National Insurance ...
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Off-payroll working in the private sector
Are you prepared for changes to the IR35 rules? Exactly a year later than planned, changes to the off-payroll rules ...
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Setting out the road to recovery
The Chancellor has attempted to strike a balance between continuing to prop up the businesses worst affected by COVID-19, while ...
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Pre-Christmas furlough extension stems the tide of redundancies
The scheme offers employers 80% towards furloughed workers’ wages, up to a maximum of £2,500 a month, currently until 30 ...
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Hardest-hit businesses offered new government grants of up to £9,000
Businesses in the sectors hardest hit by COVID-19 can access new one-off grants to help them get through lockdown. The ...
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Year-end tax guide 2020/21
How to use this guide After a year like 2020, you might be forgiven for not paying much attention to ...
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Complying with your tax obligations
Meeting your obligations amid COVID-19 disruption. It’s not often that HMRC makes exceptions to its tax deadlines or late-filing penalties, ...
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Annual investment allowance remains at £1m until 2022
A temporary increase to the annual investment allowance has been extended until 1 January 2022, the Treasury confirmed. The allowance ...
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One-year freeze for business rates multiplier in England
One of the key factors that determine the tax on a business’s right to occupy commercial property in England has ...
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Construction sector: Reverse charge VAT
The effects on supply chains from 1 March 2021. Those working in the UK’s construction industry will have to handle ...
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Strategies for exports after Brexit
Reaching international markets in 2021 and beyond. The UK has left the EU, and for British exporters, that presents both ...
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VAT-registered traders urged to prepare for life after Brexit
HMRC has issued a last call to around 250,000 traders, highlighting urgent actions to take if they wish to continue ...
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How to manage cash flow in your business
Planning ahead to boost your business’s resilience. During what would normally be the busiest period of the year for businesses ...
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Gains on UK residential property
Reporting and paying within 30 days. Earlier this year, a new rule requiring capital gains tax on UK residential property ...
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The economic damage of COVID-19
Chancellor declares “economic emergency”. Had everything gone to plan this year, the Chancellor would have been delivering his Autumn Budget ...
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Business asset disposal relief
Entrepreneurs’ relief is no more (in name at least). Last March, one of the headline-grabbing measures announced in what will ...
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Sunak hints at spring tax hikes to ‘balance the books’
Chancellor Rishi Sunak has promised to “balance the books” in a bid to plug a £208 billion hole in the ...
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Third grant for the self-employed increases to 80% for November
The self-employed can claim Government support of up to 80% of profits during the initial month-long lockdown in England, Chancellor ...
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Govt. extends furlough scheme ahead of lockdown in England
The Government has extended the furlough scheme for employers until 30 November 2020, as a second lockdown in England looms ...
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Fraudulent furlough claims or those paid in error cost £3.5bn
Up to £3.5 billion in payments made to employers under the furlough scheme might have been fraudulently claimed or paid ...
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Chancellor reveals new support measures amid second-wave fears
New support measures for businesses and workers have been announced in the face of a rising tide of coronavirus. A ...
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Economic update 2020
It’s safe to say Chancellor Rishi Sunak did not expect to be delivering the first official fiscal statement less than ...
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The Biggest spending spree for 28 years
“Getting it done” is the soundbite Chancellor Rishi Sunak clearly wanted us to take away from his debut Budget speech, ...
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Getting on top of self-assessment
Why 2019/20 is the year to get it done early. With everything that’s happened so far this year, it might ...
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How much is your business worth?
Four main methods for valuing a business. Whether you’re making exit plans or you want to give confidence to investors, ...
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Furloughed workers get redundancy pay protection
The Government has closed a loophole which allowed employers to make furloughed staff redundant on reduced pay under the furlough ...
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Businesses claim late payments crisis deepens during lockdown
Almost two-thirds of small businesses in the UK experienced late or frozen payments as a result of the COVID-19 outbreak, ...
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Making Tax Digital to ‘apply to all VAT-registered traders by 2022/23’
Making Tax Digital (MTD) is set to expand to all VAT-registered businesses from April 2022, the Treasury has announced. Since ...
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Capital gains tax under review as Treasury considers overhaul
The Government has called for a comprehensive review of the capital gains tax system. Chancellor Rishi Sunak has commissioned the ...
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Post-COVID-19 support for businesses
New measures announced in economic update. Since the Budget in March, businesses have seen a stream of different support schemes ...
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Corporate tax planning in 2020/21
Managing and planning during COVID-19. Even among those who follow good tax-planning practice and maintain forecasts running several years forward, ...
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UK economy slumps into recession after record contraction in April
The UK’s economy experienced the largest monthly contraction on record in April 2020, shrinking by 20.4%. The sharp fall in ...
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Trusts and passing on wealth
How to pass on wealth to the next generation. There are many ways to reduce or eliminate the inheritance tax ...
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HMRC resumes investigations after COVID-19
What to expect from tax probes in 2020/21. After temporarily pausing tax investigations as COVID-19 business support measures rolled out ...
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UK Budget 2020 summary:- Rishi Sunak announced Stamp Duty holiday and VAT cuts
It’s safe to say Chancellor Rishi Sunak did not expect to be delivering the first official fiscal statement less than ...
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The Self-employment Income Support Scheme (SEISS)
Summary of the measures The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have ...
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