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Blog

CGT Roll-over Relief

Business Asset Roll-over Relief is a valuable relief that allows the deferral of Capital Gains Tax
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Structures and Buildings Allowance qualifying expenditure

The Structures and Buildings Allowances (SBA) facilitates tax relief for qualifying capital
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What is a tax calculation?

A tax calculation is created by HMRC if you have not paid the right amount of tax. HMRC’s annual
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Teesside Freeport open for business

The first of the English Freeports, Teesside, opened operations on 19 November 2021, and is
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New warnings from HMRC re tax fraudsters

Fraudsters are continuing to target taxpayers with scam emails in advance of the 31 January 2022
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A reminder of trivial benefit rules

We wanted to remind readers of the trivial benefits in kind (BiK) rules. The BiK exemption applies
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Mandatory vaccination for frontline health and social care worker

The government has published its response to its consultation on making COVID-19 vaccination a
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Tax treatment of incentive scheme awards

Some companies use incentive award schemes to encourage their employees in various ways. For
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What can be transferred between group members?

Corporation Tax relief may be available when a company or organisation makes a trading loss.
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Reporting COVID support scheme grants to HMRC

Most COVID support scheme grants are treated as taxable income in the same way as other taxable
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Vehicles eligible for a plug-in grant

The low-emission vehicles plug-in grant can help you save up to £2,500 on the purchase price of new
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Vehicles exempt from Vehicle Excise Duty

Vehicle Excise Duty (VED), also commonly referred to as vehicle tax, is an annual tax levied on
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VAT reverse charge and the flat rate scheme

There are special VAT rules for building contractors and sub-contractors that came into effect on 1
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Vehicle benefit charges from April 2022

The vehicle benefit charges were updated following the Chancellor's Budget speech. Where employees
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More time to pay Capital Gains Tax

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential
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Self-employed basis period reforms

The government announced back in September that the introduction of Making Tax Digital (MTD) for
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Improvements to the apprenticeship system

As part of the Autumn Budget and Spending Review 2021, the government has confirmed that it will
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Autumn Budget 2021 – Creative industry tax reliefs

The sunset clause for the Museum and Galleries Exhibition Tax Relief (MGETR) was supposed to come
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Autumn Budget 2021 – Dividend tax rates

As announced on 7 September 2021, the 1.25% increase in NIC contributions from April 2022 will be
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Autumn Budget 2021 – £1 million Annual Investment Allowance

In the Spring Budget earlier this year, the government announced that the temporary Annual
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Autumn Budget 2021 – Minimum Wage increases

The Chancellor of the Exchequer, Rishi Sunak confirmed that the government has accepted in full the
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Autumn Budget 2021 – Recovery Loan Scheme

The Recovery Loan Scheme was launched on 6 April 2021. The scheme currently allows businesses of
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Tax Diary November/December 2021

1 November 2021 - Due date for Corporation Tax due for the year ended 31 January 2021. 19 November
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Self-Assessment filing deadlines

The 2020-21 tax return deadline for submitting your paper Self-Assessment returns is 31 October
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Valuing property for ATED

The Annual Tax on Enveloped Dwellings (ATED) is a tax payable by certain Non-Natural Persons (NNPs)
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What goods are eligible for the margin scheme?

There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to
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Don’t miss out on this tax allowance

If you are entitled to the marriage allowance and have not yet applied, then you could receive a
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Letting agencies and the Money Laundering Regulations

HMRC is responsible for the money laundering supervision of certain businesses including letting
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Have you claimed your Child Trust Fund cash?

Young persons who turned 18 on or after 1 September 2020 may have cash waiting in a dormant Child
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Tax and termination payments

The tax treatment of termination payments has changed significantly over recent years. The changes
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Reporting grants received to HMRC

Most COVID support grants are treated as taxable income in the same way as other taxable receipts
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Raising capital using the EIS

The Enterprise Investment Scheme (EIS) has been designed to increase investment in the early
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Hospitality trades temporary reduction in VAT has expired

The temporary reduced rate of 5% for hospitality, holiday accommodation and attractions that came
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£500m support for vulnerable households

The government has launched a new £500 million package of support for vulnerable households. The
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MTD for Income Tax has been delayed by one year to April 2024

The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) has been delayed
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Tax Diary October/November 2021

1 October 2021 - Due date for Corporation Tax due for the year ended 31 December 2020. 19 October
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Government confirms plans for all tips to go to workers

The government has published its response to its 2016 consultation on tipping, gratuities, cover
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Student tax scam warning

HMRC is warning new students starting university that they could be targeted by scammers trying to
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Outdoor measures to be made permanent

Temporary measures that have given a huge boost to high streets and hospitality during the pandemic
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Class 1 NIC changes extend to Class 1A contributions

It is important to bear in mind that the 1.25% increase in National Insurance contributions (NICs)
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Dental Associates tax status update

HMRC has, for many years, accepted that associate dentists are generally treated as self-employed.
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Capped social care costs from October 2023

The government has announced new plans to cap social care costs in England from October 2023. This
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Pension triple-lock abandoned for one year

The government has confirmed that its triple-lock guarantee on pensions is to be abandoned for one
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Budget date announced

The Chancellor of the Exchequer, Rishi Sunak has confirmed that the next UK Budget will take place
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Gender pay gap reporting to commence from 5 October

The Equality and Human Rights Commission (EHRC) confirmed in February 2021 that enforcement action
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Back to school – help with childcare costs

As children have returned to school, HMRC is reminding parents that they may be eligible for
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Deadline for notifying an option to tax (VAT) land and buildings

There are special VAT rules that allow businesses to standard rate the supply of most
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Child benefit when child turns 16

Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit
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Claiming a tax refund

If you think that you have paid too much tax to HMRC you can usually claim back any overpaid tax.
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Using your Personal tax accounts

HMRC’s Personal tax accounts (PTAs) were launched in 2015. The service works as an online resource
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Income excluded from UK property business

HMRC publishes a list of income streams that are excluded from a UK property business. The list
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Tax treatment of incentive award schemes

Companies use incentive award schemes to encourage their employees in various ways. For example, to
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How to deal with tax appeals

There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. It
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Tax relief on charitable donations

If you are a higher rate or additional rate taxpayer, you are eligible to claim relief on the
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Claiming CGT Gift Hold-Over relief

Gift Hold-Over Relief is effectively a deferral of Capital Gains Tax (CGT) when assets are given
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VAT capital goods scheme overview

The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of
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Recovering VAT on car purchases

There are complex VAT rules that determine how you can recover VAT on car purchases. The usual
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Covering pension contributions with unused allowances

The annual allowance for tax relief on pensions is currently set at £40,000. The annual allowance
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Reporting travel and subsistence benefits

There is no requirement to report certain routine expenses to HMRC. The types of expenses and
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Tax Diary September/October 2021

1 September 2021 - Due date for Corporation Tax due for the year ended 30 November 2020. 19
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The Help to Grow Management scheme

The Help to Grow: Management course is a government backed programme to help business leaders
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Postmasters’ bankruptcies reviewed

The recent Court of Appeal and Crown Court decisions to quash the convictions of many former
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1.8m couples benefit from extra tax relief

HMRC has confirmed that almost 1.8m couples across the UK have benefitted from the marriage
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Décor and plant and machinery allowances

Capital Allowances are the deductions which allow businesses to secure tax relief for certain
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Further change to SEISS 5 legislation

HM Treasury has published a Correction Treasury Direction made under the Coronavirus Act 2020,
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When is a company dormant for tax purposes?

If a company has stopped trading and has no other income then the company is usually classed as
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VAT inclusive and exclusive prices

When identifying the amount of VAT charged, it is important to distinguish between VAT inclusive
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Pub secures reduced tied rent and discounts

The Pubs Code Adjudicator is responsible for enforcing the statutory Pubs Code. The Pubs Code
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COVID-19 vaccinations mandatory for care homes staff

The Health and Social Care Act 2008 (Regulated Activities) (Amendment) (Coronavirus) Regulations
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Tax Diary August/September 2021

1 August 2021 - Due date for Corporation Tax due for the year ended 31 October 2020. 19 August
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Reforming statutory sick pay

Following its summer 2019 consultation entitled “Health is everyone’s business: proposals for
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Turnover defined for 5th SEISS grant

HMRC has published new guidance to help the self-employed calculate their turnover for making a
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Who pays Inheritance Tax?

Inheritance Tax (IHT) is commonly collected on a person’s estate when they die but can also be
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Tax-free gains on gifts to spouse or charity

In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse
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SEISS – more red tape

Government support to the self-employed through the Self-Employment Income Support Scheme (SEISS)
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Rent-a-room: letting as office accommodation

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in
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Income excluded from a property business

HMRC publishes a list of income streams that are excluded from a UK property business. The list
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Inheritance Tax Business Relief

There are a number of reliefs available that can reduce liability to IHT if you inherit the estate
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New COVID-19 vaccination guidance for employers

Public Health England has published a new guide for employers on COVID-19 vaccination. The guide
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Updated working safely guidance to apply from 19 July 2021

With England having moved to step 4 of the roadmap out of lockdown from 19 July 2021, the
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Taxis: what is liable to VAT

HMRC sets out specific guidance regarding the application of VAT if you are in the taxi and private
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Tax if you divorce or separate

If you are a couple that is getting separated or divorced, apart from the emotional stress, there
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National Minimum Wage reminder for summer staff

We would like to remind any students and seasonal staff that work part time, for example in a
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Card security update

VISA have issued information regarding changes to card processing security from September 2021. The
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Associated company rules

As announced in the Budget earlier this year there will be two rates of Corporation Tax from 1
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OTS – making better use of third party data

The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the
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Current Capital Gains Tax rates

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most
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VAT – what you can and cannot reclaim

For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business.
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Stage 4 COVID roadmap implemented 19th July

The Prime Minister, Boris Johnson, spoke to the nation and confirmed that the vaccines have
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Reporting foreign income for UK tax purposes

Income Tax is generally payable on taxable income received by individuals including earnings from
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VAT – which supplies does reverse charge apply to

The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal
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New EU VAT Import One Stop Shop (IOSS) rules

There have been significant changes to the EU VAT rules for the sale of goods for businesses
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Changes to furlough scheme from 1 July 2021

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme is open to all UK
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Tax credits renewal deadline reminder

The 31 July 2021 is the reporting deadline for families and individuals that receive tax credits.
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Resilience

One of the lessons we should take away from the COVID experience - in a business context - is the
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Taxable benefit charge – returning office equipment

A taxable benefit charge can apply when employees return office equipment they used to work from
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UK Infrastructure Bank opens for business

The new UK Infrastructure Bank has officially opened for business. The new bank, which is
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Reminder for reporting expenses and benefits for 2020-21

The deadline for submitting the 2020-21 forms P11D, P11D(b) and P9D is 6 July 2021. Employees must
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Deadline for EU Settlement scheme

EU workers already living in the UK before 31 December 2020 have been required to apply for the EU
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