Blog

What are overlap profits?

The assessment of self-employed or partnership profits is relatively straight-forward if the
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When you can’t claim employment allowance

The employment allowance of £3,000 per year is available to most businesses and charities and can
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Coventry named UK City of Culture for 2021

In a boost for the Midlands economy, Coventry has been named UK City of Culture 2021. The
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260 employers named and shamed

The Department for Business, Energy and Industrial Strategy (BEIS) has published the latest list of
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Selling your business – 10% tax may apply to sale

Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an
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What is reasonable care from a tax point of view?

The tax penalty system is intended to make penalties simpler to understand and more consistent
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Tax is changing in Wales next year

From next April, Wales will join Scotland in becoming responsible for some of the taxes paid
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Spring Statement 2018

The Chancellor, Philip Hammond has announced that he will deliver his Spring Statement to the House
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Why don’t we still pay Class 2 NIC monthly?

Class 2 National Insurance Contributions (NICs) are paid by self-employed taxpayers and members of
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Reminder of current tax relief for pension contributions

Many commentators had predicted that the Chancellor would further reduce the annual amount that can
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Tax incentives to invest in qualifying assets

The Annual Investment Allowance (AIA) limit is a generous capital allowance that will more than
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What happens to the 5p for a plastic bag?

HM Treasury has published an interesting response to a Freedom of Information enquiry that wanted
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Finance Bill 2017-18 is published

The Finance Bill 2017-18 was published on 1 December 2017 and runs to relatively modest 192 pages.
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Fit for Work referral and assessment service to be abolished

The government has confirmed that, as a result of “low referral rates”, its national Fit for Work
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Born before 6 April 1935?

The married couple's allowance (MCA) is available to elderly married couples or those in a civil
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Low-emission vehicles plug-in grant

The low-emission vehicles plug-in grant can help you save up to £4,500 on the purchase price of a
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First-time buyer bonanza

The biggest prize from the recent Budget went to first-time home buyers after the Chancellor
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Company capital gains tax increase

As part of the Budget measures, the Chancellor announced that the indexation allowance for
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The ICO publishes Guide to the General Data Protection Regulation

The Information Commissioner's Office (ICO) has replaced its Overview of the General Data
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Finance (No.2) Act 2017 receives Royal Assent

The Finance (No. 2) Act 2017 received Royal Assent on 17 November 2017. It follows the Finance Act
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Tax Diary December 2017/January 2018

1 December 2017 - Due date for corporation tax due for the year ended 28 February 2017. 19
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Autumn Budget 2017 – Income Tax Rates & Allowances

The Chancellor has confirmed that from 2018-19 the personal allowance will increase to £11,850 (an
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Autumn Budget 2017 – VAT registration and deregistration thresholds

The taxable turnover threshold, that determines whether businesses should be registered for VAT,
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Autumn Budget 2017 – SDLT for first-time buyers

As the Chancellor, Philip Hammond alluded to in his Budget speech there had been much speculation
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New Data Protection Bill introduced to Parliament

Following the Statement of Intent published in August 2017, the new Data Protection Bill has now
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How much statutory redundancy pay should you receive?

If you have been in the same job for two years or more and are made redundant you will usually be
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Disguised remuneration settlement opportunity

A new measure to tackle disguised remuneration tax avoidance schemes was announced as part of the
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How to import goods for the first time

Businesses that are starting to import goods for the first time need to be aware of a myriad of
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Claiming an “unclaimed” estate

There are special rules that govern how assets are divided if a person dies without making a will.
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How to appeal against a tax decision

It is not unusual for taxpayers to find themselves in a position where they disagree with a tax
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Are you caught by the High Income Child Benefit tax charge?

The High Income Child Benefit Charge (HICBC) applies to taxpayers whose income exceeds £50,000 in a
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Changing a will after death

This may come as a surprising fact to many of our readers, but a will can be changed after death.
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Interest rates start to rise

In a widely expected move, the Bank of England’s Monetary Policy Committee (MPC) voted by a
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Are your bank deposits protected?

The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks
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HMRC win Littlewoods’ tax case

HMRC has won a landmark case after the Supreme Court overturned an earlier decision of the Court of
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Delay in withdrawal of self-employed NIC contributions

In a surprising move, the Government has announced that the planned abolition of Class 2 National
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OTS publishes new report on the VAT system

The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax
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Self-employed NIC increase

Class 2 National Insurance Contributions (NICs) are currently paid by self-employed taxpayers and
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Unpaid director’s salary taxable or not?

A recent First-Tier Tribunal case examined whether amounts credited to a director’s loan account
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Are your earnings approaching £100,000?

For high earning taxpayers the personal income tax allowance is gradually reduced by £1 for every
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Change to tax relief on re-mortgaged buy-to-let property?

HMRC’s guidance on paying income tax when you rent out a property has been updated to reflect the
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More than one source of self-employment

Any self-employed person who has more than one source of self-employment is required to pay Class 4
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Adjustments if you leave the VAT Flat Rate Scheme

Any business that has been adversely affected by the new 'limited cost trader' test that was
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CGT payable on sale of personal possessions

There are special rules concerning the payment of Capital Gains Tax (CGT) on the sale of personal
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Fine wine investment scam

A recent investigation by the Insolvency Service has seen two directors of a company selling fine
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Options to set off property rental losses

There are different categories of property rental business such as UK property businesses, overseas
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Could you claim a £662 tax refund?

The marriage allowance (MA) allows couples, where one partner does not fully utilise their personal
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What are integral features?

The term capital allowances is used to describe the allowances available to businesses to secure
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Buying an electric or low emission car

Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant
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Gazumping may become a thing of the past

The Communities Secretary Sajid Javid has announced plans to make the process for buying a home
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Bereavement leave for parents who lose a child

The Parental Bereavement (Leave and Pay) Bill has been published by the government. Although the
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Managing staff experiencing mental ill health

Acas has launched new guidance to help employers manage staff who are experiencing mental health
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Non-residents selling UK home

A capital gains tax (CGT) charge on the sale of UK residential property by non-UK residents was
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Is it a car or a van?

The First-Tier Tribunal recently heard three appeals that examined whether vehicles supplied to
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Overdrawn director’s loan account

An overdrawn director's loan account is created when a director (or other close family members)
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What is a ‘K’ tax code?

The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free
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Inactive companies and Corporation Tax

There are a number of scenarios where HMRC would consider a company or organisation to be inactive
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HMRC to stop accepting personal credit cards

HMRC has confirmed that they will no longer accept payments with a personal credit card from 13
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Employing someone to work in your home

When you employ someone to work in your home, it is your responsibility to meet their employee's
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Check your National Insurance record online

HMRC offers an online service to check your National Insurance record online. In order to use the
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Land Registry property alert service

HM Land Registry's property alert service is a free (for up to 10 registered properties) service to
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Tax implications on divorce or separation

When a couple is separating or divorced it is unlikely that they are thinking about the tax
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Do you pay tax on assets or cash you inherit?

As a general rule, inheritance tax (IHT) is collected from a person’s estate when they die and can
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Self-employed – claim rate per mile for use of car

There are simplified arrangements in place for the self-employed (and some partnerships) to claim a
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Benefits and limitations of the VAT Flat Rate Scheme

The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT,
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Self-Assessment e-filing deadline

As existing Self-Assessment tax filers will be aware, the deadline for online submission of your
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Landlords’ finance charges restrictions

The government’s move to restrict the tax relief landlords receive on finance charges started to
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Christmas party and other social events

In a recent newsletter we looked at the tax implications of giving Christmas gifts to your staff
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CGT annual tax-free allowances

There is an annual Capital Gains Tax (CGT) exemption for individuals (who live in the UK) as well
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VAT returns – correcting mistakes

There are special rules for correcting errors on VAT returns. The relevant rules depend on whether
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Expenses and benefits: Christmas gifts

It is established practice that Christmas presents paid in cash to employees are almost invariably
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How to pay self-assessment tax by adjusting your tax code

One of the less well-known ways of paying your self-assessment tax bill is to do so through your
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How to make the most of tax losses

There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying
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Closing down a limited company

There are a number of reasons why a limited company may no longer be required and can be shut down.
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Tax relief for electric vehicle charging points

In last year’s Autumn Statement, the Chancellor announced a new capital allowance for electric
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What are VAT records and how long should you keep them?

There are distinct rules that VAT registered businesses must follow regarding retention of VAT
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Auto-enrolment penalties sky-rocket

Automatic enrolment for workplace pensions was instigated to encourage employees to start making
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When do you qualify for the Additional State Pension?

The Additional State Pension is only available to those who reached the state pension age before 6
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Tax Diary September/October 2017

1 September 2017 - Due date for Corporation Tax due for the year ended 30 November 2016. 19
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Tax relief for electric vehicle charging points

In last year’s Autumn Statement, the Chancellor announced a new capital allowance for electric
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100% write down for qualifying capital expenditure

The Annual Investment Allowance (AIA) limit has changed significantly over the last number of
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VAT – what you cannot reclaim

Most VAT registered businesses are entitled to reclaim the VAT they incur on goods and services
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Tax Diary August/September 2017

1 August 2017 - Due date for Corporation Tax due for the year ended 31 October 2016. 19 August
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European Union (Withdrawal) Bill published

The government has published the European Union (Withdrawal) Bill 2017-19 and it has had its first
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Tax free savings income

The Personal Savings Allowance (PSA) was launched on 6 April 2016. The allowance means that the
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Tax credit renewal final reminder

This coming Monday (31 July) is the last day for families and individuals that receive tax credits
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PAYE tax refunds and underpayments

HMRC’s annual reconciliation of PAYE for the tax year 2016-17 is well under way. HMRC uses salary
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Who inherits if someone dies without a Will?

The intestacy rules that govern how assets are divided if someone dies without making a will
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The new State Pension

The new State Pension is payable to those that reach the State Pension age on or after 6 April
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Directors, beware minimum wage legislation

We have recently considered some of the issues surrounding various tax efficient strategies for
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Credit card transaction charges to be banned

The EU second Payment Services Directive (PSDII) was approved by the European Parliament and
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Reimbursing employer for benefits in kind

It has been confirmed that the promised legislation to allow employees to reimburse their employers
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Gift Aid donations only available to taxpayers

The Gift Aid scheme is available to all UK taxpayers, but in order to sign up to the Gift Aid
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Changes to deemed domicile rules

In July 2015, the then Chancellor George Osborne announced a series of reforms to the non-domicile
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Employed or self-employed?

Working out whether you are an employee or self-employed can be a tricky business and HMRC’s view
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Class 1 NICs zero rate band

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This
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Making Tax Digital – common sense prevails

A new timetable for the introduction of Making Tax Digital (MTD) has been announced. The new regime
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