News & Updates

Class 4 NICs who is liable?

April 18, 2024

Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their

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Post Transaction Valuation Checks

April 18, 2024

A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a

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View and prove your immigration status

April 18, 2024

A UK Visas and Immigration (UKVI) account can be used by eligible users to view and prove their

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Taxable employment benefits from April 2026

April 18, 2024

From April 2026, the government will mandate the reporting and paying of Income Tax and Class 1A National

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Changes to Scottish Income Tax rates 2024-25

April 18, 2024

A reminder of the changes to Scottish Income Tax rates for the 2024-25 tax year. It was announced as part

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Payrolling employee expenses and benefits

April 18, 2024

Employers can register on a voluntary basis (before the start of the tax year) to report and account for

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Tax Diary May/June 2024

April 18, 2024

1 May 2024 – Due date for corporation tax due for the year ended 30 July 2023. 19 May 2024 – PAYE and

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Settling energy disputes

April 16, 2024

Business owners that are in dispute with their energy suppliers will be interested in the free support on

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COVID Bounce Back abuse

April 16, 2024

The Insolvency Service has recently published information confirming that a total of 831 company

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Paying VAT on goods from EU to Northern Ireland

April 11, 2024

There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland

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VAT retail schemes

April 11, 2024

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes

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Termination payment clearance process

April 11, 2024

The tax treatment of termination payments has changed significantly over recent years. The changes have

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HMRC continues to target till fraud

April 11, 2024

HMRC has, for many years, looked to target businesses that deliberately undertake electronic sales

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Using the starter PAYE checklist

April 11, 2024

Employers that take on a new employee need to work out which tax code and starter declaration to use in

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Accessing the HMRC mobile APP

April 11, 2024

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store

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What do we mean by profit?

April 9, 2024

When most business owners refer to business profits, they are likely to mean the difference between sales

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New employment protections

April 9, 2024

New legislation, including three Government backed cross party Acts, came into force from 6 April

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Measures to support household budgets from 1 April

April 5, 2024

In a recent press release the government confirmed the following policies to support household incomes

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To register or not to register

April 5, 2024

In the recent Spring Budget, the VAT registration threshold was raised to £90,000 (previously £85,000)

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Tax-free mileage expenses

April 4, 2024

If you use your own vehicle for business journeys you may be able to claim a tax-free allowance from your

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Online check how to import or export goods

April 4, 2024

HMRC has a useful online tool to help UK business owners check how to import or export goods. This online

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Restarting a dormant or non-trading company

April 4, 2024

HMRC must be informed when a non-trading or dormant company starts trading and becomes active for

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Claim tax relief if working from home

April 4, 2024

If you are an employee who is working from home, you may be able to claim tax relief for part of your

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Claim tax relief on pension contributions

April 4, 2024

You can usually claim tax relief on private pension contributions worth up to 100% of your annual

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More about emergency tax codes

April 4, 2024

The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal

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Entitlement to carer’s allowance

March 27, 2024

Carer’s credit is a National Insurance credit that can help carers to fill gaps in their National

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Rent a Room Scheme – another income stream

March 27, 2024

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their

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HMRC to accept service of legal proceedings by email

March 27, 2024

HMRC has issued an updated ‘news story’ to confirm that, where possible, new legal proceedings and

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What are the off-payroll working rules?

March 27, 2024

The rules for individuals providing services via an intermediary such as a personal service company (PSC)

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Assistance with debt management

March 27, 2024

Earlier this month, saw the 10th anniversary of the StepChange Debt Charity’s annual Debt Awareness Week.

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HMRC helpline changes on hold

March 27, 2024

HMRC has been forced into an embarrassing climbdown on plans to close the Self-Assessment, VAT and PAYE

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Time to rethink the credit you offer your customers

March 26, 2024

Most business owners are driven by sales targets and to meet these targets they may be tempted to offer

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We are unpaid tax collectors

March 26, 2024

Clients often refer to the VAT added to supplier invoices as if it were a cost to their business

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What a tax code means

March 21, 2024

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance.

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Declare a beneficial interests in joint property

March 21, 2024

The usual tax position for couples who live together with their spouse or civil partners is that property

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Workplace pension responsibilities

March 21, 2024

Automatic enrolment for workplace pensions has helped many employees make provision for their retirement,

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Check your National Insurance record

March 21, 2024

There is an online service available on HMRC to check your National Insurance Contributions (NIC) record

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Invest and save tax

March 21, 2024

The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of

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Tax-free child care

March 21, 2024

HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for Easter

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Apprenticeships boost

March 19, 2024

From the start of April 2024, the government will increase the amount of funding that employers who are

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Customs Declaration Service open for business

March 19, 2024

All businesses can now move their export declarations to the Customs Declaration Service (CDS), HMRC has

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Tax Diary April/May 2024

March 14, 2024

1 April 2024 – Due date for corporation tax due for the year ended 30 June 2023. 19 April 2024 – PAYE

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Eligibility for replacement of domestic items relief

March 14, 2024

The replacement of domestic items relief enables landlords to claim tax relief when they replace movable

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Changing a company’s accounting year end

March 14, 2024

There are special rules which limit the ability to change your company’s accounting year end date. A

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Register of Overseas Entities

March 14, 2024

The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held by

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Tax on savings interest

March 14, 2024

If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest

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Still time to register for the Marriage Allowance

March 14, 2024

There is still time to register for the marriage allowance before the current tax year ends on 5 April

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Company confirmation statement changes

March 14, 2024

As well as filing accounts with Companies House, there is an important requirement to check that the

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Tech companies assist with fuel price transparency

March 12, 2024

Leaders from top comparison sites, RAC and The AA will be among those meeting the Energy Affordability

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Public sector productivity

March 12, 2024

In a recent announcement by the Treasury, it was announced that plans are afoot to deliver up to £1.8bn

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Updated guidance on reporting hybrid working for sponsored workers

March 11, 2024

In spring 2023, the government updated part 3 of its sponsor guidance for workers and temporary workers

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ICO publishes guidance on information sharing in mental health emergencies at work

March 11, 2024

The Information Commissioner’s Office (ICO) has published new guidance to give employers greater

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Spring Budget 2024 – Fuel Duty rates

March 7, 2024

In the Spring Budget, the Chancellor extended the fuel duty cut for a further 12 months to help support

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Spring Budget 2024 – non-dom changes

March 7, 2024

In a move that may partly have been prompted by seeking to mirror a longstanding policy of the Labour

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Spring Budget 2024 – CGT on disposals of residential property

March 7, 2024

A higher rate of Capital Gains Tax (CGT) applies to gains on the disposal of residential property if the

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Spring Budget 2024 – Alcohol and Tobacco Duty

March 7, 2024

As part of the Spring Budget measures, the Chancellor announced that the duty rates on beer, cider, wine

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Spring Budget 2024 – High Income Child Benefit Charge

March 7, 2024

The High Income Child Benefit Charge (HICBC) came into force January 2013 and has applied to taxpayers

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Spring Budget 2024 – VAT registration threshold changes

March 7, 2024

The taxable turnover threshold that determines whether businesses should be registered for VAT will

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Spring Budget 2024 – NIC changes

March 7, 2024

As had been widely expected, the Chancellor announced further changes to National Insurance contributions

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Budget summary 6 March 2024

March 6, 2024

As expected, the Chancellor has found wriggle room in his fiscal rules that have allowed him to please

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Companies House rolls-out new powers

March 4, 2024

The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into

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Pension fund reforms

March 4, 2024

The Chancellor announced pension fund reforms as a further step in the government’s plan to boost British

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Holiday Lets averaging election

February 29, 2024

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions

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Appeals against tax penalties

February 29, 2024

It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision

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Advise HMRC if company is dormant

February 29, 2024

If a company has stopped trading and has no other income, then the company is usually classed as dormant

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Contractors and CIS

February 29, 2024

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those

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Companies House filing fees increase

February 29, 2024

Companies House has announced that some of their fees will be changing from 1 May 2024. The last change

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Update on the tax status of Double Cab Pick Ups

February 29, 2024

HMRC had published an update, on 12 February 2024, on the tax status of Double Cab Pick Ups (DCPUs),

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A new champion for small businesses appointed

February 28, 2024

An experienced entrepreneur has taken up a key role to promote the needs of small businesses to

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Crack down on ‘fire and rehire’ practices

February 28, 2024

The Government has announced action to tackle the use of controversial ‘fire and rehire’ practices. In a

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Letting part of your home

February 22, 2024

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family’s main

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Entitlement to Business asset disposal relief

February 22, 2024

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or

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Types of limited companies

February 22, 2024

A limited company is a company ‘limited by shares’ or ‘limited by guarantee’. Limited by shares This is

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Are you self-employed?

February 22, 2024

Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves.

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Cost of living final payment 2023-24

February 22, 2024

The Cost of Living support package has been designed to help over 8 million households in receipt of

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Beware fake tax rebate offers

February 22, 2024

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls

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Importing or exporting for the first time?

February 20, 2024

If you are considering selling or buying to or from companies based outside the UK, you may well be

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Top-line, bottom-line?

February 20, 2024

Most small business owners are happy, from a financial point of view, if sales are in line with

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Autumn Finance Bill 2023 update

February 15, 2024

The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known

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What is Class 1A NIC?

February 15, 2024

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a

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Tax on inherited private pensions

February 15, 2024

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any,

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Eligibility for the VAT Flat Rate Scheme

February 15, 2024

The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the

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Checking Furnished Holiday Let property occupancy

February 15, 2024

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions

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A reminder that NLW and NMW rates are increasing

February 15, 2024

A reminder for our readers that the National Living Wage (NLW) and the National Minimum Wage (NMW) rates

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Full-time and part-time contracts

February 14, 2024

As an employer, the tax and employment responsibilities you have for your staff will depend on the type

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The Valuation Office Agency tackles holiday lets

February 14, 2024

The Valuation Office Agency (VOA) is writing to some owners of self-catering holiday lets that are

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Tax Diary March/April 2024

February 9, 2024

1 March 2024 – Due date for Corporation Tax due for the year ended 31 May 2023. 2 March 2024 –

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Using your own vehicles for work-related journeys

February 8, 2024

If you are an employee and use your own money to buy things you need for your job you can sometimes claim

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Should you pay tax on selling goods online?

February 8, 2024

HMRC has published new guidance for taxpayers that regularly sell goods or services through an online

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Landlords – claiming maintenance and repairs costs

February 8, 2024

Landlords are able to claim for allowable expenses as a deduction from their rental income when

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Reporting employee changes to HMRC

February 8, 2024

There are rules that businesses must follow when they are reporting employee changes. These changes must

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Record number of taxpayers file on time

February 8, 2024

HMRC has confirmed that more than 11.5 million people submitted their 2022-23 self-assessment tax returns

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Alcohol duty freeze takes effect

February 8, 2024

As part of the Autumn Statement measures the Chancellor announced that the duty rates on beer, cider,

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Does your business offer customs services?

February 6, 2024

If your business does offer customs services, did you know that HMRC could offer you a free listing on

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Government promotes electric vehicles

February 6, 2024

The government department active in the promotion of electric vehicles has published guidance regarding

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Do you need to tell HMRC about additional income?

February 1, 2024

There is an online tool that allows taxpayers to check if they need to notify HMRC about additional

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Capital sums derived from assets

February 1, 2024

HMRC’s guidance is clear that where a capital sum is derived from an asset, the relevant legislation

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Joining or leaving the VAT Cash Accounting Scheme

February 1, 2024

The VAT Cash Accounting Scheme can offer useful benefits to small businesses. Under standard VAT

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File early to have self-assessment tax coded out

February 1, 2024

The coding out threshold may entitle you to have tax underpayments collected via your tax code when you

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Penalties if you missed the filing deadline

February 1, 2024

Have you missed the 31 January 2024 filing deadline for your 2022-23 self-assessment return? If you have

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Time to Pay your tax

February 1, 2024

Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be

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Does your business have a March year end date?

January 29, 2024

Leaving aside tax planning issues all businesses should be considering business planning opportunities if

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Changes at Companies House

January 29, 2024

Companies House have issued an update on their first implementation of changes brought about by The

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Tax and working from home

January 25, 2024

Employees who are working from home may be able to claim tax relief for bills they pay that are work

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VAT – option to tax property

January 25, 2024

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and

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Assets made available to an employee

January 25, 2024

Assets such as computers, televisions and bicycles that are made available to employees can create

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Do you need to register for self-assessment?

January 25, 2024

There are a number of reasons why you might need to complete a self-assessment tax return. This includes

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Reporting company car changes

January 25, 2024

There is a requirement to notify HMRC if you make any company cars available for private use by company

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Correcting payroll mistakes

January 25, 2024

Employers generally use payroll software or other payroll services to record employees pay, deductions

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Government steps to secure UK supply chains

January 22, 2024

Industry leaders have welcomed the Government’s new Critical Imports and Supply Chain Strategy,

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Government launches new WhatsApp channel

January 22, 2024

The Government has launched a new account on WhatsApp Channels, allowing members of the public to

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Using the VAT Flat Rate Scheme

January 18, 2024

The VAT Flat Rate scheme allows businesses to pay VAT as a fixed percentage of their VAT inclusive

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IHT gifts – 7 year limit

January 18, 2024

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime

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Reminder to claim the Marriage Allowance

January 18, 2024

The marriage allowance applies to married couples and those in a civil partnership where a spouse or

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Year end payroll reporting

January 18, 2024

It is not that long until the current 2023-24 tax year comes to an end and there are a number of year end

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Full expensing of capital purchases

January 18, 2024

A reminder to readers that the full expensing 100% first-year capital allowance for qualifying plant and

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Bed and breakfast share sales

January 18, 2024

The term bed and breakfasting (sale and repurchase) of shares refers to transactions where shares are

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A reminder to protect your business capital

January 16, 2024

The beginning of a new year is an opportune time to undertake basic business planning. One aspect that

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Tax Diary February/March 2024

January 11, 2024

1 February 2024 – Due date for Corporation Tax payable for the year ended 30 April 2023. 19 February

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New tax credits for film, TV and game makers

January 11, 2024

A number of reforms to tax reliefs for the creative sectors came into effect from 1 January 2024. Under

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Beware higher rate tax on dividends

January 11, 2024

Readers are reminded that if the dividends they draw from their company, when added to their other

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Business Asset Disposal Relief

January 11, 2024

Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a

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National Insurance and tax after State Pension Age

January 11, 2024

If you have reached the State Pension age and continue to work, in most cases, you no longer need to pay

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VAT on period products scrapped

January 11, 2024

Before Brexit, the UK was unable to zero rate VAT on women’s sanitary products under EU rules and the

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Less than one month to tax return filing deadline

January 11, 2024

A new press release from HMRC has highlighted that 49,317 taxpayers took the time to file their tax

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Using your vehicle for work related journeys

January 9, 2024

If you use your car or other vehicle to undertake business journeys on behalf of your employer, and your

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Setting up a payment plan with HMRC

January 9, 2024

The 31st of January is a key date for those of us who are registered for self-assessment. There are three

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Welsh Budget 2024-25

January 4, 2024

The Welsh draft Budget for 2024-25 was published on 19 December 2023. The Budget sets out the Welsh

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Scottish Budget 2024-25

January 4, 2024

Scotland’s Deputy First Minister and Finance Secretary, Shona Robison delivered her first Budget

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Flat Rate Scheme annual review

January 4, 2024

If using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive

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Spring Budget 2024

January 4, 2024

The Chancellor of the Exchequer, Jeremy Hunt has confirmed that the next UK Budget will take place on

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What happens if your income exceeds £100K 2023-24?

January 4, 2024

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2

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Utilise your 2023-24 IHT reliefs

January 4, 2024

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current

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Do you need to register for VAT in 2024?

January 4, 2024

The taxable turnover threshold that determines whether businesses should be registered for VAT is

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Be wary of rogue business rates agents

January 2, 2024

The government Valuation Office Agency have issued the following warning to business owners who may have

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Claiming relief for work related expenses

January 2, 2024

If your employer has reimbursed you in full for any work related expenses you will obviously be unable to

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Tax and duties on goods sent from abroad

December 20, 2023

There are special rules to ensure that goods sent from abroad are taxed appropriately and to ensure that

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Tax consequences of loans to employees

December 20, 2023

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan.

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Employing staff for first time

December 20, 2023

There are a multitude of rules and regulations that you must be aware of when you start employing staff

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HMRC awards £5.5m in grant funding

December 20, 2023

HMRC’s has awarded twelve voluntary and community sector organisations a share of £5.5 million in funding

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Obtaining the HMRC mobile app

December 20, 2023

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store

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Helpline delays at HMRC

December 20, 2023

HMRC’s self-assessment (SA) helpline will focus on priority queries from 11 December until 31 January.

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Investment v costs

December 19, 2023

There are two ways to consider the effects or benefits of business and personal expenditure. The payment

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Season’s greetings and a prosperous 2024

December 19, 2023

As Christmas arrives the week before the calendar year-end, many of us will enjoy a week’s shut down and

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Tax Diary January/February 2024

December 14, 2023

1 January 2024 – Due date for Corporation Tax due for the year ended 31 March 2023. 19 January 2024 –

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CGT exempt allowance halving from April 2024

December 14, 2023

The annual exempt amount applicable to Capital Gains Tax (CGT) is to be halved from April 2024. This

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Changes to NIC from January 2024

December 14, 2023

A reminder that the main rate of Class 1 Employee National Insurance contributions (NIC) will be reduced

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Employees on full-time and part-time contracts

December 14, 2023

When a new employee is added to the payroll it is the employer’s responsibility to ensure they meet the

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Rent-a-room relief

December 14, 2023

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their

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Tax exempt accommodation costs

December 14, 2023

There are special rules for the provision of living accommodation for employees. In most cases, employees

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Help to pay your tax this month

December 14, 2023

If you are having trouble paying your tax on time you may be eligible to receive support from HMRC by

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What data do organisations hold about you?

December 11, 2023

If you are concerned that an organisation is holding personal information you have a legal right to ask

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Planning changes to boost solar rollout

December 11, 2023

Homes and businesses will be able to install rooftop solar panels more easily, under new rules that were

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Working from home tax relief

December 7, 2023

Employees who working from home may be able to claim tax relief for some of the bills they pay that are

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Autumn Finance Bill 2023 published

December 7, 2023

The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known

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More time to file company accounts

December 7, 2023

The normal filing deadline for filing the accounts of a private limited company is nine months after the

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Help to Save scheme

December 7, 2023

The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users

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Pension Credit deadline

December 7, 2023

Pension Credits can provide extra income to those over State Pension age and on a low income. The credits

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Pensioner Cost of Living Payment

December 7, 2023

The Cost of Living support package has been designed to help over 8 million households in receipt of mean

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Focus on bottom line

December 5, 2023

Most dictionaries define “bottom line” as “the most important thing to

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Company accounts filing – don’t be late…

December 5, 2023

It’s the directors’ responsibility to file their company’s accounts, and make sure they’re filed on time.

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What now, following the Autumn Statement

November 30, 2023

In some respects, the Chancellor’s predicament is deserving of a sympathetic ear; its as if he has a long

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Summary of Companies House changes

November 30, 2023

The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023. The new Act

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Tax relief for R&D intensive SMEs

November 30, 2023

In the Autumn Statement it was announced that the existing R&D Expenditure Credit and Small and

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Enterprise Investment Scheme investee businesses

November 30, 2023

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise

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Corporation Tax marginal rate

November 30, 2023

The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1

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NIC changes for employees from 6 January 2024

November 30, 2023

In the recent Autumn Statement, the Chancellor announced a significant change to National Insurance

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NIC changes for the self-employed

November 30, 2023

In the recent Autumn Statement, the Chancellor announced two important changes to National Insurance

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Directors’ duties and responsibilities

November 28, 2023

To be a director, you must be over 16 and not currently disqualified. As a director your

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Gifts of shares to minor (under 18s) children

November 23, 2023

The settlement legislation seeks to ensure that, where a settlor has retained an interest in property in

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What counts as holiday accommodation?

November 23, 2023

HMRC’s VAT Notice 709/3 entitled ‘Hotels and holiday accommodation’ explains how supplies by hotels and

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The badges of trade

November 23, 2023

The ‘badges of trade’ tests, whilst not conclusive, are used by HMRC to help determine whether an

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Income Tax – £5,000 savings zero rate band

November 23, 2023

If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on

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CGT – Lettings relief

November 23, 2023

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family

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IHT – Giving away your home before you die

November 23, 2023

The majority of gifts made during a person’s life, including gifting a home, are not subject to tax at

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Autumn Statement Summary

November 22, 2023

The Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons.

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Fuel price watchdog sharpens its teeth

November 21, 2023

UK motorists will be protected at the pumps under tough new powers that will shine a light on any attempt

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£4.5bn for British manufacturing from 2025

November 21, 2023

The government has announced £4.5 billion in funding for British manufacturing to increase investment in

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Time to Pay tax

November 16, 2023

If you are having trouble paying your tax on time you may be eligible to receive support from HMRC. An

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Hold-over gifts relief

November 16, 2023

Gifts Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT) that may arise on

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Full expensing

November 16, 2023

The full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into

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Tax relief on pension contributions

November 16, 2023

Taxpayers can usually claim tax relief for their private pension contributions. There is an annual

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Marriage allowance entitlement

November 16, 2023

The marriage allowance applies to married couples and those in a civil partnership where a spouse or

Read more

Tax credits top-up

November 16, 2023

The Cost of Living support package has been designed to help over 8 million households in receipt of mean

Read more

Tax Diary December 2023/ January 2024

November 14, 2023

1 December 2023 – Due date for Corporation Tax payable for the year ended 28 February 2023. 19 December

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Why breakeven analysis can be illuminating

November 14, 2023

If you focus your energy on sales, there is a chance that your efforts will produce losses. Which is why

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Closing the door on tax planning

November 14, 2023

When the end of a tax year passes, the 5 April 2024 for the current year, or the end of an accounting

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What is a business repair?

November 9, 2023

HMRC’s internal manuals provide some useful information on the definition of a business repair. This is

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Reminder of not-so-trivial tax-free benefits

November 9, 2023

There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle

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Company tax return obligations

November 9, 2023

After the end of its financial year, a private limited company must prepare full annual accounts and a

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Due a student loan refund?

November 9, 2023

Student Loans are part of the government’s financial support package for students in higher education in

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Childcare support from HMRC

November 9, 2023

Parents may be eligible to receive childcare support from HMRC using the Tax-Free Childcare (TFC) scheme.

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Help to Save bonus payments

November 9, 2023

The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users

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Cost of living payments

November 6, 2023

You may have been entitled to a Cost of Living Payments of £301 (paid April/May 2023) and should be about

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Taxable gains on gifts

November 2, 2023

Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be

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Trusts and Income Tax

November 2, 2023

A trust is an obligation that binds a trustee, an individual or a company to deal with the trust assets,

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Do you need to pay tax when you sell your home?

November 2, 2023

In general, there is no Capital Gains Tax (CGT) when you sell your home. This applies to a property which

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Current State Pension age

November 2, 2023

The second review of the State Pension age has been published by the Department for Work and Pensions.

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Filling gaps in National Insurance record

November 2, 2023

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance

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Paying tax by direct debit

November 2, 2023

One of the many ways that payments can be made to HMRC is by using a direct debit. The direct debit can

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Cash flow v supplier credit limits

November 1, 2023

In a recent article we explained how granting lengthy credit limits to customers was as good as letting

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Back of an envelope

November 1, 2023

If you run a business and manage your planning by scribbling notes on the back of an envelope, you might

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Loss of personal tax allowance

October 25, 2023

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2

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Replacement of domestic items relief

October 25, 2023

The replacement of domestic items relief enables landlords to claim tax relief when they replace movable

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Tax free annual party

October 25, 2023

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax

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Self-Assessment scam warning

October 25, 2023

Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for the

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Scottish council tax frozen

October 25, 2023

Humza Yousaf, Scotland’s First Minister, has announced that council tax rates will be frozen in the next

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Countdown to Self-Assessment filing deadline

October 25, 2023

There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The deadline is

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Cash flow v customer credit limits

October 23, 2023

If your business grants a customer time to pay – say 30 days – after the services or goods supplied have

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New company reporting regulation withdrawn

October 23, 2023

The Government has withdrawn draft regulations after consultation with companies raised concerns about

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Who needs an EORI number?

October 19, 2023

The Economic Operators’ Registration and Identification System (EORI) was setup as a European Union (EU)

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How dividends are taxed

October 19, 2023

Dividends received are taxed as income but the rates of tax applied are different to the formal Income

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Accounting periods for Corporation Tax

October 19, 2023

Companies often have two different company accounting periods. This is because there are different rules

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Increase in National Living Wage

October 19, 2023

The Chancellor of the Exchequer, Jeremy Hunt, confirmed that the government has committed to the

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Reporting early payment of wages before Christmas

October 19, 2023

There is a permanent easement in place for employers to report PAYE information in real time over the

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Electric charging of company vehicles at home base

October 19, 2023

HMRC has published revised guidance concerning the charging of company cars and vans at residential

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Recurring sales

October 17, 2023

Most business owners will appreciate the difference between one-off sales, and services that are

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Repeat business

October 17, 2023

Once you have secured the attention of a customer that has purchased their initial goods or services from

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When You Can Reclaim Vat on A Car Purchase?

October 13, 2023

There are complex VAT rules that determine the amount of VAT that can be recovered when purchasing a…

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What Is Your Principal Private Residence?

October 13, 2023

As a general rule, there should be no capital gains tax (CGT) to be paid on a property which has been…

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What Is a ‘K’ Tax Code?

October 13, 2023

The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal…

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What Is a Defined Contribution Pension?

October 13, 2023

A defined contribution pension (sometimes referred to as a money purchase pension scheme) is a type of…

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What Is a Close Company?

October 13, 2023

A Close Company is broadly defined as a company that is controlled by: five or fewer participators or…

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What Are Vat Records and How Long Should You Keep Them?

October 13, 2023

There are distinct rules that VAT registered businesses must follow regarding retention of VAT records….

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What Are the Maximum Weekly Working Hours?

October 13, 2023

There are working time limits that state the legal maximum weekly working hours that a person has to…

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Vat Returns – Correcting Mistakes

October 13, 2023

There are special rules for correcting errors on VAT returns. The relevant rules depend on whether you…

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Terminal Losses for The Self-Employed

October 13, 2023

There are a number of different reliefs available to the self-employed or members of a trading partnership…

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Supreme Court Declares Employment Tribunal Fees Unlawful

October 13, 2023

In R (on the application of Unison) v Lord Chancellor 2017, the Supreme Court has ruled that employment…

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Simplified Cash Basis for Unincorporated Landlords

October 13, 2023

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way…

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Sign up For Email Alerts from Companies House

October 13, 2023

A new email alerts service has been launched by Companies House. The new alert service covers a range…

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Premium Bonds Limit Increased

October 13, 2023

Following the success of the Pensioner Bond, it has been announced that the maximum investment in Premium…

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Pension Triple-Lock Abandoned for One Year

October 13, 2023

The government has confirmed that its triple-lock guarantee on pensions is to be abandoned for one year….

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Pension Money Purchase Allowance Reduction 2017-18

October 13, 2023

One of the measures announced in the March 2017 Budget was the reduction in the annual Money Purchase…

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Paye Settlement Agreements

October 13, 2023

A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and…

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Outcome of The Uber Case

October 13, 2023

The Supreme Court has handed down a landmark judgement in the Uber case. The Supreme Court unanimously…

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Online Application for Vat Annual Accounting Scheme

October 13, 2023

HMRC has added an online application service for the VAT annual accounting scheme. The main benefits…

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Nic Rates and Allowances for 2022-23

October 13, 2023

HMRC has published an updated version of the rates and thresholds for employers following the spring…

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New Ipo Search Facility

October 13, 2023

The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual…

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New Hmrc Employment Status Checker Tool Goes Live

October 13, 2023

HMRC has published a new “check employment status for tax” online tool which you can use to find…

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New Acas Guidance on Dealing with Stress in The Workplace

October 13, 2023

Following the publication of its guidance for employers on managing staff who are experiencing mental…

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Monthly Chores for Cis Contractors

October 13, 2023

The Construction Industry Scheme (CIS) is a set of special rules covering tax and national insurance…

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Longer or Shorter Company Accounting Periods

October 13, 2023

Companies often have to contend with having two different company accounting periods. This is because…

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Inheritance Tax on Wedding Gifts

October 13, 2023

The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a timely reminder to anyone…

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How to Get Proof of Employment History

October 13, 2023

A special employment history request can be submitted by taxpayers for those needing to make a claim…

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How Do You Calculate Adjusted Net Income?

October 13, 2023

To calculate adjusted net income, you will need to look at a taxpayer’s total taxable income, before…

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How to Close Down a Company by Striking Off

October 13, 2023

There are a limited range of circumstances when a company can request to be removed from the register…

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Goodwill and Corporation Tax

October 13, 2023

Goodwill is rarely mentioned in legislation. Most people would settle on a simple definition which would…

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The Digital Pound

October 13, 2023

A new consultation has been published jointly by HM Treasury and the Bank of England to consider the…

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Deliberate tax defaulters list updated

October 13, 2023

HMRC has published an updated list of deliberate tax defaulters as at 8 December 2016. The list includes…

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Companies house restarts voluntary strike-off process

October 13, 2023

Companies House has announced the restart of the process for companies that have applied for voluntary…

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Claiming tax relief for uniforms, work clothing and tools

October 13, 2023

Employees who use their own uniforms, work clothing and tools for work can sometimes claim tax relief…

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Capital allowances when you sell an asset

October 13, 2023

Capital allowances is the term used to describe the tax relief businesses can claim on certain capital…

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Business record keeping for the self-employed

October 13, 2023

If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep…

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Basis periods – The general rules

October 13, 2023

A basis period is the time period for which the self-employed or partnerships pay tax in each tax year….

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Accelerated payment notice

October 13, 2023

New anti-avoidance legislation came into effect on 17 July 2014 and gives HMRC significant powers to…

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Tax Diary November/December 2023

October 13, 2023

1 November 2023 – Due date for Corporation Tax due for the year ended 31 January 2023. 19 November 2023

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Cost of Living payments 2023-24 support

October 12, 2023

The Cost of Living support package has been designed to help over 8 million households in receipt of…

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Have you downloaded your HMRC app?

October 12, 2023

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store…

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Check if you need to pay someone through PAYE

October 12, 2023

Employers usually have to pay employees through PAYE if they earn £123 or more a week (£533 a month…

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When you must register for VAT

October 12, 2023

The taxable turnover threshold, which determines whether businesses should be registered for VAT, is…

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Deadlines 2022-23 self-assessment tax return

October 12, 2023

The 2022-23 tax return filing deadline for taxpayers who continue to submit paper Self-Assessment returns…

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Re-starting a dormant company

October 12, 2023

HMRC must be informed when a non-trading or dormant company starts trading again and thus becomes active…

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Re-starting a dormant company

October 12, 2023

HMRC must be informed when a non-trading or dormant company starts trading again and thus becomes active

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Deadlines 2022-23 Self-Assessment tax return

October 12, 2023

The 2022-23 tax return filing deadline for taxpayers who continue to submit paper Self-Assessment returns

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When you must register for VAT

October 12, 2023

The taxable turnover threshold, which determines whether businesses should be registered for VAT, is

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Check if you need to pay someone through PAYE

October 12, 2023

Employers usually have to pay employees through PAYE if they earn £123 or more a week (£533 a month or

Read more

Have you downloaded your HMRC app?

October 12, 2023

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store

Read more

Cost of Living payments 2023-24 support

October 12, 2023

The Cost of Living support package has been designed to help over 8 million households in receipt of

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Reforms to powers of attorney

October 9, 2023

These legal agreements enable a person to grant decision making powers about their care, treatment or…

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Bank deposits covered by FSCS

October 9, 2023

Your eligible deposits with all High Street bank are covered by the Financial Services Compensation Scheme…

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Bank deposits covered by FSCS

October 9, 2023

Your eligible deposits with all High Street bank are covered by the Financial Services Compensation

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Reforms to powers of attorney

October 9, 2023

These legal agreements enable a person to grant decision making powers about their care, treatment or

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Reporting self-employed profits 2023-24

October 5, 2023

The basis of assessment reforms will change the way trading income is allocated to tax years. The changes…

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Transferring IHT unused nil rate band

October 5, 2023

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and…

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When you can and cannot use the Rent-a-Room Scheme

October 5, 2023

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their…

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Paying tax by Certificate of Tax Deposit

October 5, 2023

The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay…

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Income Tax in Scotland if you have more than one home

October 5, 2023

There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the…

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CIS contractors monthly tax chores

October 5, 2023

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those…

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Income Tax in Scotland if you have more than one home

October 5, 2023

There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the

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Paying tax by Certificate of Tax Deposit

October 5, 2023

The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay

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When you can and cannot use the Rent-a-Room Scheme

October 5, 2023

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their

Read more

Transferring IHT unused nil rate band

October 5, 2023

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and

Read more

Reporting self-employed profits 2023-24

October 5, 2023

The basis of assessment reforms will change the way trading income is allocated to tax years. The changes

Read more

National Living Wage potential boost

October 3, 2023

The government looks likely to accept the recommendations of the Low Pay Commission with a boost to the…

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Government to support action against late payers

October 3, 2023

Most smaller businesses will have spent time chasing customers for payment beyond their agreed payment…

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Personal tax accounts

June 21, 2023

Despite the delay in HMRC rolling out ‘Making Tax Digital’, they are moving forward with personal…

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Alice Hillier is promoted to partner

June 20, 2023

We are pleased to announce that Alice Hillier is promoted to the position of Partner with effect from…

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