Articles & Resources
HMRC’s Top Criminal Cases Of 2019
Not all penalties levied by HMRC are civil, many cases are serious enough to warrant a criminal investigation. The first post in the “money” section of the gov.uk website in 2020 reflects on this. The title of the post is a giveaway: “Busted! HMRC reveals biggest...
High Street Rejuvenation Funding Announced
The first 101 places to benefit from up to £25 million each from the Future High Streets Fund were announced over summer. In the latest step of the £3.6 billion investment in towns and high streets, 20 pilot areas across England will lead the way in rejuvenating town...
End Of 2019 | Still Time To File Tax Returns
The deadline to file your 2018-19 tax return to HMRC is fast approaching. Most of our clients will have the reassurance that we have filed their returns online. But, for those who still need to file their 2019 return, it’s time to get into action. If you file after 31...
An End To Brexit Uncertainty
The UK can finally breathe and celebrate an end to Brexit uncertainty. Whatever your political motivation, most of us will be relieved that last week’s election has created a government with a working majority. At last, there is a light at the end of the uncertainty...
Year In Review | 2019
It’s that time when we all become a little nostalgic about the 12 months that are coming to an end and reflect on the year’s journey. We have a lot to look back on and a lot to be proud of… Moving On And Moving In 2019 was the year when we opened two new offices,...
Do You Need To File A Tax Return?
We are often asked if it is necessary to register for Self-Assessment and file a tax return each tax year. The following notes are a brief outline of circumstances when you may need to register. Those Required To Submit Tax Return According to HMRC, you may need to...
Land Registry Property Alert Service | Sign Up
Property owners are potentially more at risk from the activities of fraudsters. They have more to lose and there are very real risks that the Land Registry property alert service is set up to counter. Why Consider This Service? Since 2009, HM Land Registry has...
Received A Letter From The Taxman? Don’t Panic!
A letter from the taxman is enough to bring anyone out in a cold sweat. And if that missive is asking rather probing questions about your landlord, it has the potential to send you into a full-blown meltdown. Tweeting Tales Reports that these letters are in fact a...
What Constitutes Profit For Tax Purposes?
There is no simple answer to this question. We have listed below some of the matters that need to be are considered. As self-employed business owners’ profits are subject to income tax and National Insurance - and limited companies to corporation tax - we have divided...
Planning Ahead? | 2020 Bank Holidays
The following dates for next years Bank Holidays were recently published on the gov.uk and regional websites. Upcoming Christmas Bank Holidays (England and Wales, Scotland and Northern Ireland 2019) 25 December Wednesday Christmas Day 26 December Thursday Boxing Day...
Using Your Vehicle For Business Purposes | Advice
As a general rule, if you use your private transport for trips related to your employment, you may be able to claim tax relief if you are not reimbursed for this business use by your employers. Exceptionally, any normal travel between your home and your place of work...
Don’t Fall For The Fraudsters | HMRC Scam
We are fast approaching the deadline for filing self-assessment tax returns in the UK for 2018-19. As readers will be aware, this deadline is 31 January 2020. Unfortunately, this coincides with a pick-up in scamming activity by fraudsters pretending to be the tax...
When Trivial Benefits Can Be Significant
The following extracts from HMRC’s website explain how certain benefits to employees can be tax-free. Surprisingly, HMRC describe these as “trivial” benefits. Tax-Free Benefits You don’t have to pay tax on a benefit for your employee if all of the following apply: it...
Goodbye 2019, Hello Opportunities
We are approaching the end of the calendar year, goodbye 2019, and the end of the of the current tax year, 2019-20, will draw to a close 5th April 2020. Uncertain Future Add to this self-assessment deadlines, Brexit changes, election results and will we – won’t we –...
The Benefits Of Furnished Holiday Lets
Most buy-to-let property is let on short leases to a single tenant. The income from rents is treated as a property business, but a number of reliefs available to other trading businesses are not available to buy-to-let landlords. However, if these same properties were...
Higher National Living Wage Rates
A new report suggests the National Living Wage (NLW) could rise to £10.50 per hour over the next five years. Higher National Living Wage Report Businesses that have a significant number of workers who are paid at the National Minimum Wage (NMW), NLW rates should...
Employing Someone At Home | Advice
HMRC will consider you as employing someone at home if a nanny, housekeeper, gardener or anyone else meets the following criteria: you hire them, and they are not self-employed or paid through an agency. Your Responsibilities If these criteria do apply this means you...
Negligible Value Claims | Capital Gains Tax
Occasionally, the tax system in the UK throws up an issue that does not make sense. For example, how can you create a tax loss for capital gains tax (CGT) purposes without disposing of the asset? Capital Gains Tax Explained CGT applies when an asset subject to CGT is...
The Uncertainty Continues | Budget And Brexit Update
The Brexit issue continues to drag its heels and it now looks as if we will have a general election until matters are resolved. Autumn Budget Postponed Another crucial matter that will be delayed is the presentation of a Budget that will determine any changes to the...
Heads Up For Energy Contractors | ECO
Contractors completing energy improvements in the homes of low-income families will need to be registered with a new government quality scheme, the Energy Company Obligation (ECO). Good Service Guarantee The Energy Company Obligation (ECO) gives residents confidence...
Beefing-Up UK Exports
UK farmers looking for opportunities to export beef products to China will be encouraged by the recent relaxation of export criteria. A recent UK government press release explains what is being offered: China Opens Doors To British Beef The British beef industry is...
Win While You Save | PrizeSaver Launch
In a further attempt to incentivise savings, the UK government has launched the PrizeSaver account. Here’s what the Treasury press release had to say: PrizeSaver Launch Treasury launches pilot of new PrizeSaver account on International Credit Union Day. Savers who put...
Business Car Tax | Common Issues Explained
We have listed below a number of issues that you will need to consider if directors or employees use a car for business purposes. Essentially, if the car is owned by the business any private use of the vehicle will trigger a tax charge for the driver (car user) and a...
Paying Tax If You Are Self-Employed
Are you a sole trader? Or, an individual member of a partnership? Then you will likely be subject to income tax and possibly National Insurance on your earnings. Taxing Earnings Vs Monthly Drawings Unfortunately, tax being taxing, earnings for tax purposes may not be...
Capital Gains Tax Update And Residential Property
UK resident anticipating the sale of a residential property on which a capital gains tax (CGT) charge may apply? You need to consider the changes to the reporting and payment of this CGT charge from 6 April 2020. CGT Payment and Report Changes The general rule will be...
Community Licence: An Update For Hauliers
Are you involved in the transport of goods to and from the EU? HMRC has posted useful guidance on what you will need to do to accommodate a no-deal Brexit on 31st of this month. The guidance can be downloaded as a PDF from Transitional Arrangements Extension...
Do You Need To File A Tax Return?
The following guidelines are reproduced from the government’s website: You must send a tax return if, in the last tax year (6 April to 5 April), you were: self-employed as a ‘sole trader’ and earned more than £1,000 a partner in a business partnership You will not...
All Is Not Lost | Ensure Your Business Survives
If your business makes a trading loss its ability to survive the loss will depend on a number of issues. They include: Did your business have sufficient reserves to absorb the loss? If not, are the business owners able to introduce new capital to cover the losses? Or,...
Getting Ready For EU Exit 31 October 2019
HMRC has published a checklist of issues you will need to deal with prior to 31 October 2019. The checklist has been sent to all businesses that already trade with the EU or the rest of the world. The text of the letter is reproduced below, and this contains the links...
Can You Claim Back The VAT When You Buy A Car?
The short answer to this question is a resounding “no”, but as always with tax, there are exceptions. Obviously, if you are in business and not VAT registered, you cannot reclaim the VAT added to any of your purchases. If you are VAT registered, HMRC has published the...
VAT Changes For Importers
In the event of a no-deal Brexit, there are key VAT changes for importers of goods into the UK. HMRC currently use Customs Handling of Import and Export Freight (CHIEF) to issue C79’s so that companies can reclaim import VAT on their VAT returns. From 22:59 ON 31...
How Much Tax Do You Pay On Your Dividends?
If you own a small limited company your shares entitle you to draw a return on your shareholding – in common parlance these returns are called dividends. So, when do you receive your dividends, and how much tax do you have to pay? When Does A Shareholder Recieve...
Does Your Employer Pay For Your Private Petrol?
A reminder that you can avoid the hefty car fuel benefit charge if you drive a company car and your employer pays for your private fuel. One way to achieve this is to repay your company for the private petrol provided. Possible Tax Charge Many employers have an...
Unclaimed Estates: Who Is Entitled To A Share?
There is nothing more intriguing than the notion we may be due untold riches from undisclosed sources. For example, do you have any premium bonds, and did you notify the registrar the last time you moved to a new house? Do The Government Hold Unclaimed Estates? Did...
Do You Have A December Year-End?
December is probably the second most popular trading year-end for businesses; the most popular being the 31 March. Finding Opportunities Your end of year planning should include a review of your results – prior to your year end – so that there is an opportunity to...
VAT Domestic Reverse Charge | Construction
Just one month to go until the so-called “Domestic Reverse Charge” will apply to VAT-registered traders who are also registered to use the Construction Industry Scheme. Who's Paying The VAT Bill? There has been an awful lot of commentary in the press claiming that...
Tax-Free Annual Party
Looking forward to the forthcoming end-of-year and Christmas celebrations? We could all do with a bit of festive cheer, so you may find the following article useful: it sets out the rules and regulations that qualify such events for a tax-free party: no benefits in...
Direct Marketing Director Punished By ICO
If your company engages in direct marketing, you may want to consider the following case published by the Insolvency Service: 110,000 Unsolicited Marketing Calls A property renovation boss who caused his company to make more than 110,000 unsolicited marketing calls...
How Fit Is Your Business?
In much the same way that we make judgements about our personal fitness: are we overweight, do we get enough exercise, do we eat the right food; similar judgements can be made about your business. Fail To Prepare, Prepare To Fail There is also a raft of external...
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