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Blog

October 10, 2024

Chancellor unveils new measures

Chancellor Rachel Reeves has recently introduced a series of new measures aimed at advancing the
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October 10, 2024

Construction industry – VAT reverse charge

There are special VAT reverse charge rules in place for certain building contractors and
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October 10, 2024

Using the GOV.UK ID Check app

The GOV.UK ID Check app is used to allow applicants to verify their identify when they sign in to a
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October 10, 2024

Service tipping law now in force

New regulations that prohibit employers from withholding tips for employees in the hospitality,
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October 10, 2024

New powers for banks to combat fraudsters

Banks will be granted new powers to delay and investigate payments suspected of fraud, enhancing
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October 9, 2024

New residence-based relief for non-doms

A reminder that the government has stated that it will remove preferential tax treatment based on
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October 9, 2024

Government crack-down on late payers

The government has unveiled new measures to support small businesses and the self-employed by
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October 7, 2024

Tax Diary November/December 2024

1 November 2024 - Due date for Corporation Tax due for the year ended 31 January 2024. 19 November
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October 3, 2024

Tracing lost pension details

An online service is available on GOV.UK at www.gov.uk/find-pension-contact-details to help people
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October 3, 2024

Relief for company tax losses

Corporation Tax relief may be available when a company or organisation incurs a trading loss, a
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October 3, 2024

Starter checklist for PAYE

When hiring a new employee, employers must determine the appropriate tax code and starter
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October 3, 2024

Check your State Pension age

HMRC’s 'Check your State Pension age' tool is available at www.gov.uk/state-pension-age/y. The
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October 3, 2024

Cash in Child Trust Funds

HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund
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September 30, 2024

Beware fake parking fine texts

The Driver and Vehicle Standards Agency (DVSA) is warning that scammers are sending text messages
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September 30, 2024

Setting up a Civil Partnership

Civil Partners enjoy the same tax and other advantages as married couples. To set up a civil
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September 26, 2024

VAT group registration

There are special VAT rules that allow two or more companies or limited liability partnerships,
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September 26, 2024

What is fiscal drag?

The freezing of tax thresholds often leads to a phenomenon known as fiscal drag. When tax
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September 26, 2024

Higher rate relief pension contributions

You can typically claim tax relief on private pension contributions up to 100% of your annual
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September 26, 2024

Current rates for Capital Gains Tax (CGT)

CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However,
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September 26, 2024

Gifts and Inheritance Tax

Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These
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September 23, 2024

Business cashflow

The government offers the following information regarding business cashflow. If you do not have
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September 23, 2024

What is fuel duty?

The Office for Budget Responsibility (OBR) has offered the following explanation: “Fuel
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September 19, 2024

Not so Trivial Tax Benefits

There is a trivial benefit-in-kind (BiK) exemption for small, non-cash employee benefits. This
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September 19, 2024

Two October self-assessment deadlines

The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31
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September 19, 2024

Pension Credit action week

Pension Credits can provide extra income to those over State Pension age and on a low income. The
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September 19, 2024

Fraudsters impersonating Insolvency Service staff

The Insolvency Service is a government agency that provides services to those affected by financial
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September 19, 2024

Don’t miss out on Home Responsibilities Protection

HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging
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September 17, 2024

What is a PSC?

PSC stands for Person with Significant Control. It is a legal term used primarily in the United
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September 17, 2024

Trade Mark protection

To apply for trademark protection in the UK, you will need to follow these steps: Check if Your
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September 12, 2024

When dividends cannot be paid

There is a basic principle that dividends or other distributions must not be paid out of capital
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September 12, 2024

Employing an apprentice

There are special rules to observe when employing an apprentice in the UK. Basically, an apprentice
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September 12, 2024

MTD for Income Tax draws closer

The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in
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September 12, 2024

Myths about self-assessment

In a recent press release, HMRC addressed some common misconceptions about who needs to file a
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September 12, 2024

Claims to reduce payments on account

Self-assessment taxpayers are usually required to pay their Income Tax liabilities in three
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September 9, 2024

Ask for advice

Asking your accountant for advice offers a range of benefits, particularly in guiding both business
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September 9, 2024

Beware overtrading

Overtrading occurs when a business expands its operations at a pace that exceeds its available
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September 6, 2024

Tax Diary October/November 2024

1 October 2024 - Due date for Corporation Tax due for the year ended 31 December 2023. 19 October
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September 5, 2024

Claiming Child Trust Fund cash

If you turned 18 on or after 1 September 2020, there may be cash waiting for you in a dormant Child
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September 5, 2024

Present self-employed NIC rates

Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if
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September 5, 2024

Employing under 16-year-olds and young workers

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet
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September 5, 2024

Self-assessment deadlines 2023-24

The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31
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September 5, 2024

Penalties for late filing of company accounts

There are late filing penalties which are designed to encourage companies to file their accounts
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September 3, 2024

Could an interest rate reduction reduce government expenditure?

A 1% reduction in the Bank Rate would reduce the UK government's annual interest charges on the
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September 3, 2024

What is the new National Wealth Fund

The UK's new National Wealth Fund (NWF) represents a significant shift in the government's approach
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August 29, 2024

Medical and dental care for employees

There is no requirement for employers to pay tax and National Insurance on certain health benefits
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August 29, 2024

Carry forward a company trading loss

There are a significant number of reliefs available to businesses that suffer losses. Certain
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August 29, 2024

Could you claim Pension Credits?

Pension Credits can provide extra income to those over State Pension age and on a low income. The
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August 29, 2024

Claim tax deduction for working from home

Employees who are working from home may be eligible to claim a tax deduction on certain
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August 29, 2024

Advising HMRC about additional income

There is an online tool available on GOV.UK that allows taxpayers to check if they need to advise
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August 22, 2024

Definition of living together

There are many tax reliefs available to married couples or civil partners. In many cases, these
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August 22, 2024

Late filing penalties VAT returns

The VAT penalty regime that applies to the late submission and / or late payments of VAT returns
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August 22, 2024

No change to Corporation Tax rates?

The Corporation Tax Main Rate applies to companies with profits exceeding £250,000 and is currently
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August 22, 2024

Update on High Income Child Benefit Charge

Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The
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August 22, 2024

What is an appropriate address for a company?

One of the key changes introduced as part of the Economic Crime and Corporate Transparency Act
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August 20, 2024

Persistence pays off

Persistence in following up leads is a crucial trait in many fields, especially in sales and
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August 20, 2024

Business leaders collaborate to Make Work Pay

British workers are set for better working conditions as the Government takes its first steps
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August 15, 2024

What is Gift Hold-Over Relief?

Gift Hold-Over Relief defers the payment of Capital Gains Tax (CGT). It can be claimed when assets,
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August 15, 2024

IHT unused Residence Nil Rate Band (RNRB)

The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married
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August 15, 2024

Do you have a personal tax account?

HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and
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August 15, 2024

Checking employees DBS certificates

The Disclosure and Barring Service (DBS) is an executive non-departmental public body sponsored by
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August 15, 2024

Check your State Pension forecast

The enhanced Check Your State Pension forecast service is available online. The service can be
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August 12, 2024

Guidance for charities on managing public disorder

The charity commission has offered the following guidance to charities following the recent public
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August 12, 2024

£32m for AI projects

Companies developing artificial intelligence (AI) to improve safety on construction sites, reduce
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August 8, 2024

Tax relief for goodwill purchases

Goodwill is a concept frequently discussed, and yet it is seldom addressed in legislation.
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August 8, 2024

Corporate claims for charitable donations

When a limited company makes charitable donations specific rules apply. These may include
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August 8, 2024

More detail on VAT charge on private school fees

More details have been published regarding Chancellor Rachel Reeves' plans to impose a VAT charge
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August 8, 2024

Holiday Lets – the demise of tax concessions

It was announced as part of the Spring Budget measures that the present favourable tax benefits
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August 8, 2024

Pension contributions – claiming higher rate tax relief

You can usually claim tax relief on private pension contributions worth up to 100% of your annual
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August 5, 2024

Road fuel costs still too high

The Competition and Markets Authority (CMA) has published an update on the widespread action it is
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August 5, 2024

Living Wage rates to be overhauled

In a move to put more money in working people’s pockets, the government has overhauled the remit of
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August 1, 2024

Sharing your home with tenants

If you have tenants in your home there can be Capital Gains Tax (CGT) consequences. Generally,
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August 1, 2024

Review your State Pension estimate

You can access the Check Your State Pension forecast service on GOV.UK via this link:
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August 1, 2024

What qualifies for IHT Business Relief

There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief.
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August 1, 2024

HMRC launches VAT registration tool

A new digital VAT registration tool has been launched by HMRC that can be used to help businesses
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August 1, 2024

Government to deal with £22bn “black hole” in finances

The new Chancellor of the Exchequer, Rachel Reeves, delivered her widely anticipated House of
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July 29, 2024

Tax Diary September/October 2024

1 September 2024 - Due date for corporation tax due for the year ended 30 November 2022. 19
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July 29, 2024

Labour market stats not encouraging

The number of people classed as economically inactive has spiraled to 9.4 million. Data published
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July 29, 2024

AI expert to lead action plan

New UK Science Secretary, Peter Kyle, has put Artificial Intelligence or AI at the heart of the
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July 18, 2024

Taxable and non-taxable State Benefits

Whilst there are a large number of state benefits available, it is not clear which of these
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July 18, 2024

Gains on sale of shares

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below)
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July 18, 2024

Child benefit for 16 to 19 year olds

The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly
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July 18, 2024

The NIC Employment Allowance

The Employment Allowance benefits eligible employers by reducing their National Insurance
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July 18, 2024

When you cannot use the Property or Trading Allowances

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017.
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July 15, 2024

The new Chancellor’s first speech

The Chancellor has promised to take immediate action to fix the foundations of the economy, rebuild
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July 11, 2024

Business VAT responsibilities

The taxable turnover threshold that determines whether businesses should be registered for VAT is
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July 11, 2024

Restarting a dormant company

HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for
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July 11, 2024

Company filing obligations

It is important that anyone responsible for the accounts and tax filing regime for private limited
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July 11, 2024

Inheritance and tax

As a general rule, an individual who inherits property, money or shares is not liable to pay tax on
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July 11, 2024

Labour win landslide election result

As had been widely predicted, the results at the polls have seen the Labour Party back in power
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July 8, 2024

Exit plans

Exit can be seen as quitting, especially if the exit discussed is your business interests. But
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July 8, 2024

New government

Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for
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July 4, 2024

Claim full expensing or 50% FYA

Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery
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July 4, 2024

Late night taxi for an employee

There is no specific requirement for employers to provide employees with transport home.
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July 4, 2024

Income Tax in Scotland

The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of
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July 4, 2024

What your tax code means

The letters in your tax code signify your entitlement (or not) to the annual tax free personal
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July 4, 2024

CGT Incorporation Relief

Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed
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July 1, 2024

Extracting profits from a small, limited company

It is pretty much universally accepted that shareholders (usually directors) of small companies
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July 1, 2024

Translation

If you receive documents from overseas customers or suppliers and you need to translate text into
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July 1, 2024

Tax Diary August/September 2024

1 August 2024 - Due date for corporation tax due for the year ended 31 October 2023. 19 August
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