News
Potential tax demand scam
30/06/2022
The Office of Tax Simplification (OTS) is a well-known organisation that provides independent advice to the government on simplifying the UK tax system.
The OTS has issued a press release to warn of a potential new tax scam that is using the OTS
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Concerns about tax repayment agents
30/06/2022
HMRC has launched a new consultation seeking views on proposed measures to address consumer protection issues for people who claim tax refunds through repayment agents. The 12-week consultation period started on 22 June and will end on 14 September
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Claiming Child Trust Fund cash
30/06/2022
HMRC has published their latest statistics on Child Trust Funds which reveal that whilst 320,000 accounts have now matured, 175,000 funds that have matured remain unclaimed.
If you turned 18 on or after 1 September 2020 there may be cash waiting for
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Corporation Tax - marginal relief from 1 April 2023
30/06/2022
The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 ensuring these
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Taxpayers who return to the UK
30/06/2022
There are tax implications that you will need to consider if you previously left the UK to live abroad and are now either returning to live and work in the UK or are considering such a move.
In most cases, if you have returned to live in the UK you
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CGT during divorce or separation
30/06/2022
If you are part of a couple that is about to separate or divorce, apart from the emotional stress, there are also tax issues that can have significant implications. Whilst this is unlikely to be uppermost in your mind it is important that the tax
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New deal for private renters
23/06/2022
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
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Reform of Consumer Credit Act
23/06/2022
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
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Class 1A payment deadline
23/06/2022
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
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Check employment status for tax
23/06/2022
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
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Submitting CIS nil monthly returns
23/06/2022
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
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Notifying cessation of self-employment
23/06/2022
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
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Tax Diary July/August 2022
20/06/2022
1 July 2022 - Due date for corporation tax due for the year ended 30 September 2021.
6 July 2022 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.
19 July 2022 - Pay Class 1A NICs (by the 22 July
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What is tax avoidance?
16/06/2022
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
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Right to Buy home scheme extended
16/06/2022
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
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New grant opportunities for farmers
16/06/2022
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
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Business Start Up Loans
16/06/2022
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
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Tax and duties on goods sent from abroad
16/06/2022
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
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Changes in State Pension age
16/06/2022
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
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Till fraud targeted by HMRC
09/06/2022
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
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Stamp duty refunds scam
09/06/2022
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
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Claiming for mobile phones
09/06/2022
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
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Customs declaration service update
09/06/2022
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
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Director banned for Bounce Back Loan abuse
09/06/2022
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
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UKs audit regime to be revamped
09/06/2022
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
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Sign in to Childcare Account
01/06/2022
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
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Deadlines for making voluntary NIC top-ups
01/06/2022
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
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Arranging to pay tax bill by instalments
01/06/2022
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
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Last year to claim super-deduction
01/06/2022
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
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Business Asset Disposal Relief – deadlines and claims
01/06/2022
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
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