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Latest News

New deal for private renters
23/06/2022 - More...
The government has announced their intention to fundamentally reform the private rented sector marking the biggest shake

Reform of Consumer Credit Act
23/06/2022 - More...
The government has announced new plans to modernise consumer credit laws to cut costs for businesses and simplify rules

Class 1A payment deadline
23/06/2022 - More...
Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car.

News

New deal for private renters
23/06/2022 - More...
The government has announced their intention to fundamentally reform the private rented sector marking the biggest shake up of the private rented sector in 30 years. These measures are set to include a ban on section 21 ‘no-fault’ evictions and placing a legislative duty for landlords in the private sector to meet the Decent Homes

Reform of Consumer Credit Act
23/06/2022 - More...
The government has announced new plans to modernise consumer credit laws to cut costs for businesses and simplify rules for consumers. This will see major reforms to the Consumer Credit Act that regulates credit card purchases and personal loans. A consultation on the direction of reform is expected to be published by the end of the

Class 1A payment deadline
23/06/2022 - More...
Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. There is no employee contribution payable. If you provided taxable benefits to staff or directors your business is likely to have a Class 1A employers’ NIC liability. The deadline for paying class 1A NICs is 22 July 2022 if

Check employment status for tax
23/06/2022 - More...
The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector. The service provides HMRC’s view if IR35 legislation applies to a particular engagement and whether a worker should pay tax through PAYE. The

Submitting CIS nil monthly returns
23/06/2022 - More...
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors' and should be aware of the tax implications of the scheme. Under CIS, contractors are required to deduct

Notifying cessation of self-employment
23/06/2022 - More...
Any taxpayers that have ceased to be self-employed must notify HMRC of their change in status. There are a number of steps that must be followed if a taxpayer ceases trading as a sole trader or if they are ending or leaving a business partnership. Taxpayers must send in a Self-Assessment return by the relevant deadline and will need to

What is tax avoidance?
16/06/2022 - More...
There is a distinction to be drawn between tax avoidance and tax evasion. Tax evasion is illegal and describes a situation where someone acts to deliberately evade tax. This could include deliberately submitting false tax returns, falsely claiming repayments or reliefs or hiding income, gains or wealth offshore. Tax avoidance on the

Right to Buy home scheme extended
16/06/2022 - More...
The Right to Buy scheme has been available in various guises since it was first launched in the 1980s and following a relaunch in 2012. In essence the scheme gives qualifying social tenants the opportunity to buy their rented home at a discount. There is a maximum discount of 70% of the value of the property and a number of conditions

New grant opportunities for farmers
16/06/2022 - More...
New grant opportunities to help farmers have been announced. The new grants will help farmers boost their businesses and add extra value to their produce. The Adding Value grant opened for applications on 9 June 2022 and will close at midnight on 21 July 2022. The funding will be offered in sums between £25,000 and £300,000. In total,

Business Start Up Loans
16/06/2022 - More...
Financing a new Start Up business is one of the most crucial aspects of helping a new venture to succeed. Obtaining finance for a new business can be an arduous process. For example, borrowing money from a mainstream bank may not be an option or only possible with security conditions such as a personal guarantee. There is a government

Tax and duties on goods sent from abroad
16/06/2022 - More...
There are special rules to ensure that goods sent from abroad are taxed appropriately and thus not disadvantage UK businesses supplying goods in the UK, for example, by having to compete with VAT free imports. This includes goods that are new or used and bought online, bought abroad and shipped to the UK and goods received as gifts. This

Changes in State Pension age
16/06/2022 - More...
The State Pension age is currently 66 and two further increases are set out in legislation: a gradual rise to 67 for those born on or after April 1960; and a gradual rise to 68 between 2044 and 2046 for those born on or after April 1977. In March 2016, John Cridland CBE, the former Director General of the Confederation of British

Till fraud targeted by HMRC
09/06/2022 - More...
In the Autumn Budget 2018, the government announced that they would launch a call for evidence to learn more about the nature and scale of till fraud. This specifically looked at businesses that deliberately undertake electronic sales suppression (ESS). ESS occurs when a business deliberately manipulates its electronic sales records in

Stamp duty refunds scam
09/06/2022 - More...
Over the past few years, there have been some interesting opportunities for making claims for Stamp Duty Land Tax (SDLT) refund claims. It should be noted that to be successful, these claims must meet quite specific criteria. For example, there may be scope for landlords and property investors to recover the 3% SDLT surcharge on the basis

Claiming for mobile phones
09/06/2022 - More...
When an employer incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. This includes costs for phones provided to employees and reimbursement of employee’s own phone costs. As a general rule, the provision of one mobile phone to a director or employee for

Customs declaration service update
09/06/2022 - More...
The Customs Declaration Service (CDS) is a new custom's IT platform that has been designed to modernise the process for completing customs declarations for businesses that import or export goods from the UK. A phased launch of the service started in August 2018. The CDS is used for making import and export declarations when moving goods

Director banned for Bounce Back Loan abuse
09/06/2022 - More...
The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses across the UK that were losing revenue and cashflow as a result of the COVID-19 pandemic. The scheme allowed qualifying small businesses to borrow between £2,000 and £50,000 with no fees or interest to pay for the first 12 months. In most

UKs audit regime to be revamped
09/06/2022 - More...
The government has announced plans to revamp the UK’s corporate reporting and audit regime. The main changes were summarised as follows in a joint press release published by the Department for Business, Energy & Industrial Strategy, Department for Levelling Up, Housing and Communities, and the Minister for Corporate

Sign in to Childcare Account
01/06/2022 - More...
HMRC’s Childcare account can be used to claim 30 hours free childcare or to pay for your Tax-Free Childcare. HMRC’s sign in page for the account states that in order ‘…to keep getting your 30 hours free childcare or Tax-Free Childcare, you must sign in every 3 months and confirm your details are up to date’. There are various eligibility

Deadlines for making voluntary NIC top-ups
01/06/2022 - More...
In certain circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase entitlement to future benefits, including the State or New State Pension for self-employed persons. You might want to consider making voluntary NICs if: You are close to State Pension age and do not have enough

Arranging to pay tax bill by instalments
01/06/2022 - More...
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs by applying to HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. Agreements reached with

Last year to claim super-deduction
01/06/2022 - More...
A reminder that the super-deduction, offering 130% first-year tax relief, is available to companies until March 2023. The super-deduction is designed to help companies finance expansion in the wake of the coronavirus pandemic and to drive growth. The super-deduction tax break was introduced on 1 April 2021 and allows businesses to deduct

Business Asset Disposal Relief – deadlines and claims
01/06/2022 - More...
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available CGT of 10% is payable in place of the standard rate. There are a number of qualifying conditions that must be met in order to qualify for the

Accounting periods for Corporation Tax
01/06/2022 - More...
Companies often have to contend with having two different company accounting periods. This is because there are different rules for Companies House filings and for HMRC to whom any Corporation Tax due is paid. The accounting periods can be the same but can also differ and a change may be needed to ‘sync’ the accounting periods. As a

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