31 July 2022 is the final day for families and individuals that receive tax credits to tell HMRC about any changes to their circumstances or income and to renew their tax credit. As in previous years, there is likely to be a huge last-minute rush and it may be difficult to contact HMRC by phone. Renewing a claim online (either on the HMRC
More...As the school holidays fast approach, many parents face having to organise extra school holiday childcare over the summer months. Working families can use the Tax-Free Childcare (TFC) scheme to help if they have children aged up to 11 years old (17 for those with certain disabilities). The TFC scheme helps support working families with
More...The triple lock guarantee on pensions that was suspended for the current 2022-23 tax year is to be restored from April 2023. In September 2021, the government announced that its triple lock guarantee on pensions was to be abandoned for one year due to unprecedented fluctuations to earnings caused by the COVID-19 pandemic. The triple lock
More...One of the most often used and valuable of the Capital Gains Tax (CGT) exemptions arises on the sale of the family home. In general, there is no CGT to pay on a property that has been used as the main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private
More...HMRC last published guidance on the standard for agents in January 2018 (updating the first set of standards published in February 2016). The standard applies to all tax agents who transact with HMRC and to any professional who advises or acts on behalf of others in relation to their tax affairs. HMRC’s guidance sets out what agents can
More...Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceeds the Primary Threshold. The annual threshold is pro-rated this year following the increase to £12,570 from 6 July 2022 (£9,880 from 6 April 2022 - 5 July 2022). Many director shareholders take a minimum salary and any
More...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 logo. The press release reads as follows: We have been made aware of people receiving
More...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 2022. HMRC is looking to introduce new measures to stop rip-off agents taking advantage of
More...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 you in a dormant Child Trust Fund (CTF). If your children recently turned 18 you should
More...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 companies pay Corporation Tax at the same rate as currently. Where a company has profits
More...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 will be classed as resident in the UK and will be required to pay UK tax on your UK income
More...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 consequences of the break-up are considered. Income Tax does not automatically cause an
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
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
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
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
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
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
More...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 2022 if paid electronically). 19 July 2022 - PAYE and NIC deductions due for month ended
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
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
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,
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
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
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
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
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
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
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
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
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