News

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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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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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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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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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 – 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 – 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 – 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 – 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 – 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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£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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Change

There is a French saying “Plus ca change, plus c’est la meme chose” meaning, the more things change, the more ...
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 – 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 – 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 – 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 – 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 – 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 ...
Read More

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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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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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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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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Business Asset Disposal Relief

Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a trading company ...
Read More

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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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 ...
Read More

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 ...
Read More

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 ...
Read More

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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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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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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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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Spring Budget 2024

The Chancellor of the Exchequer, Jeremy Hunt has confirmed that the next UK Budget will take place on Wednesday, 6 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

Tax and duties on goods sent from abroad

There are special rules to ensure that goods sent from abroad are taxed appropriately and to ensure that UK businesses ...
Read More

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 ...
Read More

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 ...
Read More

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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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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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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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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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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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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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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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 ...
Read More

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 ...
Read More

Rent-a-room relief

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you ...
Read More

Tax exempt accommodation costs

There are special rules for the provision of living accommodation for employees. In most cases, employees will pay tax on ...
Read More

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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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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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£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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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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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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Government to support action against late payers

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

The government looks likely to accept the recommendations of the Low Pay Commission with a boost to the National Living ...
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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) ...
Read More

National Insurance credits

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

HMRC increases interest rates

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

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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-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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 – 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 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 – 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 – 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 – 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 – 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 – 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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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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Tax Diary February/March 2023

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

Working people across the UK will be protected from disruptive strikes thanks to new laws introduced recently. They will allow ...
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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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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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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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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 ...
Read More

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 ...
Read More

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, ...
Read More

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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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 ...
Read More

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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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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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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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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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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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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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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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 ...
Read More

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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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 ...
Read More

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 ...
Read More

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 ...
Read More

Budget date 2023 announced

The Chancellor of the Exchequer, Jeremy Hunt has confirmed, in a written statement, that the next UK Budget will take ...
Read More

Are you ready for 31 January 2023?

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

A statement was made by the Financial Secretary to the Treasury on 19 December 2022. It confirmed that the roll-out ...
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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 ...
Read More

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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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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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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Mortgage payment support

The Chancellor, Jeremy Hunt, recently hosted a meeting at 11 Downing Street to discuss what help may be available to ...
Read More

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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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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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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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 salary sacrifice?

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

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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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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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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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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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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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 ...
Read More

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 ...
Read More

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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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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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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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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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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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 ...
Read More

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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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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Fiscal drag

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

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

The new Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons against a ...
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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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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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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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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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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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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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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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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 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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Government U-turn on 45p tax rate

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

One of the measures the Chancellor of the Exchequer, Kwasi Kwarteng referred to in the delivery of the Growth Plan ...
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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