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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