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Beware sting in VAT Annual Accounting Scheme
22/05/2018 - More...
The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. The main benefits of the scheme include the requirement to file one VAT return per year. This can significantly reduce the amount of administration time and the associated cost of preparing and submitting quarterly VAT returns. A recent

Give now pay later – what are the settlement rules?
22/05/2018 - More...
The settlement rules are intended to prevent an individual from gaining a tax advantage by making arrangements that divert his or her income to another person who may be liable at a lower rate of tax or is not liable to Income Tax. Where a settlor has retained an interest in a property in a settlement the income arising is treated as

Company van use – the tax consequences
22/05/2018 - More...
There are a number of tax consequences to be aware when employees are provided with company vans and fuel. A company van can be defined as a van made available to an employee by reason of their employment. There is usually nothing to report to HMRC if the van is used solely for business journeys, as a pool van or for vans provided as part

CGT base cost uplift on death
22/05/2018 - More...
Special rules apply to assets when they are passed to a beneficiary after the death of the benefactor. In some cases Inheritance Tax may be due on the transfer. However, there can also be a hidden benefit known as a Capital Gains Tax (CGT) uplift on death (see details of the benefits below). The CGT uplift mostly benefits a surviving

Tax exempt gifts paid out of income
22/05/2018 - More...
Many taxpayers are aware that there is an annual Inheritance Tax exemption of £3,000 for gifts and this can be carried forward to the following tax year if not used to make a maximum gift of £6,000. You can also give as many gifts of up to £250 per person as you want during the tax year but only if you haven’t used another exemption on

Can’t afford to pay your tax bill?
22/05/2018 - More...
HMRC understands that taxpayers will sometimes experience difficulties with paying their tax bill and stress that taxpayers should make contact with them as soon as they realise that there is a problem. This is good advice as burying your head in the sand will only make matters worse. Taxpayers should contact the Business Payment

New advisory fuel rates published
22/05/2018 - More...
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and no Class 1A

New guidance published for employers on setting dress codes and sex discrimination
20/05/2018 - More...
Following a joint report ("High heels and workplace dress codes") published by the House of Commons Women and Equalities Committee and Petitions Committee in January 2017, the Government Equalities Office has finally published promised new guidance on “Dress codes and sex discrimination – what you need to know”. The new guidance is aimed

Responding to a County Court claim
15/05/2018 - More...
It is important that any correspondence received from the County Court is dealt with promptly. This should include taking proper legal advice when appropriate. Usually, a creditor asks the County Court to make a county court judgment (CCJ) against a person who is refusing to pay their bill. The CCJ rules apply to court orders in England

When might you be due a tax refund?
15/05/2018 - More...
HMRC has issued helpful guidance that explains when you might be due a tax refund and how to make a claim. According to HMRC you may be able to claim a refund if you: are employed and had too much tax taken from your pay; have stopped work; sent a tax return and paid too much tax; have paid too much tax on pension

NMW and LW enforcement measures
15/05/2018 - More...
A new press release has revealed that in 2017-18, HMRC investigators identified £15.6 million in back pay that is owed to over 200,000 of the UK’s lowest paid workers. This was an increase from £10.9 million for over 98,000 workers in the previous year. The launch of an online complaints service in January 2017 is thought to have been

More warnings to beware of bogus tax refund scams
15/05/2018 - More...
Fraudsters are taking advantage of taxpayers who may be due a tax refund following the end of the 2017-18 tax year. HMRC is currently processing tax refunds, but the fraudsters are trying to get one step ahead. They do this by sending out scam emails and SMS-messages claiming to be from HMRC. Usually the messages include a click-through

Pay and expenses for volunteers
15/05/2018 - More...
There are many rewarding opportunities for volunteering available across the UK. It is a popular misconception that only young people volunteer, however, people of all ages volunteer for numerous roles in a wide range of charitable and other sectors. There is no official minimum or maximum age for volunteering. However, the following

Can a builder charge 5% VAT for their services?
15/05/2018 - More...
Whilst the majority of businesses charge VAT at the standard rate of 20% there are a number of different VAT rates and exemptions that businesses should be aware. There are actually three separate VAT rates, the standard rate of 20%, the reduced rate of 5% and a zero rate. The reduced rate of VAT applies to the supply of certain goods and

Pensions Regulator to seize assets
13/05/2018 - More...
The Pensions Regulator (TPR) has announced that employers who refuse to pay workplace pension fines could have their assets seized to pay their debts. TPR can issue fines to employers who fail to meet their automatic enrolment duties and can secure court orders if the debts are not then paid. TPR is to now appoint High Court Enforcement

Advance assurance for R&D tax claims
08/05/2018 - More...
Advance Assurance for small companies that claim Research and Development (R&D) tax relief was introduced in November 2015. This measure makes it easier for small businesses investing in research and development to claim tax relief. Advance Assurance is available to companies who haven’t claimed R&D before, have an annual

Are you making money from a hobby?
08/05/2018 - More...
The 'badges of trade' tests whilst not conclusive are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side line to a hobby. However, there is a point where careful consideration needs to be given to deciding whether your hobby has in fact become a taxable trading

When do you pay tax on lodger’s rents?
08/05/2018 - More...
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home within certain limits to pay no tax on the lodger’s rents. The limit increased to a generous £7,500 from 6 April 2016 and remains unchanged for 2018-19. The relief applies to the letting of furnished accommodation and was

Progress made towards one-day cheque clearance
08/05/2018 - More...
A new system that allows UK banks and building societies to scan cheques and clear them digitally rather than using the paper cheque for clearing is expected to be introduced from October 2018. The Image Clearing System (ICS) for cheques will cut down the clearing times from up to six days to just one day. The changes will facilitate

Child Benefit claw-back
08/05/2018 - More...
The High Income Child Benefit charge came into force in January 2013 and applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving child benefit either by reducing or removing the benefit entirely. If you or your partner have exceeded

Employers can claim back VAT from mileage claims
08/05/2018 - More...
HMRC operates a simplification measure that allows businesses to claim back VAT from mileage claims using a standardised scale charge to value fuel costs for private use. The scale charge is a fixed amount based on a vehicles CO2 rating. Most businesses, particularly small and medium sized businesses, which do not keep detailed mileage

Stamp duty land tax for first time buyers
08/05/2018 - More...
New figures published by the government have revealed that 69,000 first-time home buyers have benefited from the recent changes to the Stamp Duty Land Tax (SDLT) rules. Under rules that came into effect on 22 November 2017, SDLT has been abolished for first time buyers making a purchase of up to £300,000. The figures covered the period

Bid to tackle online VAT fraud
01/05/2018 - More...
HMRC is continuing to pressure online marketplaces marketplace (such as eBay or Amazon) to tackle online VAT fraud. Online marketplaces are already accountable for VAT fraud committed by online sellers on their platforms. These measures, known as joint and several liability (JSL) for marketplaces were extended earlier this year to help

Scottish Limited Partnership reforms
01/05/2018 - More...
The government has announced a new crackdown to close loopholes that have been exploited by those using Scottish Limited Partnerships (SLPs). SLPs and Limited Partnerships (LPs) are used by many legitimate businesses particularly those in the private equity and pensions industry to invest more than £30 billion a year in the UK. SLPs and

 

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