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Blog

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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Tax Diary July/August 2021

1 July 2021 - Due date for Corporation Tax due for the year ended 30 September 2020. 6 July 2021 -
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VAT – what is partial exemption?

A business that incurs expenditure on taxable and exempt business activities is partially exempt
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Replacement of domestic items relief

The replacement of domestic items relief has been in place since April 2016. The relief allows
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Boost to UK tourism

In a boost to UK tourism, the government has launched a new Tourism Recovery Plan to help the
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Childcare top-up to cover summer activities

As the school holidays fast approach, many parents face having to organise extra school holiday
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Mandatory vaccinations for those working in care homes

The government has published its response to its consultation on making COVID-19 vaccination a
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Self-employed NIC charges

There are two types of National Insurance contributions (NICs) payable by the self-employed. These
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Building a new home and VAT

The VAT DIY Housebuilders scheme is a special scheme that enables someone building their own home
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Are you a landlord that owes tax to HMRC?

The Let Property Campaign provides landlords who have undeclared income from residential property
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How are dividends taxed?

The dividend tax allowance was first introduced back in 2016 and replaced the old dividend tax
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Are you taking advantage of trivial benefits?

The trivial benefits in kind (BiK) exemption applies to small non-cash benefits like a bottle of
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Bed and breakfast – the same day rule

Historically, the term bed and breakfasting (sale and repurchase) of shares referred to
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Private residence relief

There is usually no Capital Gains Tax (CGT) to be paid when you sell your main family residence
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Tax when you sell a business property

There are various methods at your disposal to reduce or delay the amount of Capital Gains Tax (CGT)
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What is distance selling for VAT purposes?

Distance selling is the term used to describe supplies of delivered goods from one EU Member State
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Tax when you sell an asset

There are special rules that must be followed when you sell an asset on which capital allowances
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The 7-year rule

Most gifts made during a person’s lifetime are not subject to Inheritance Tax at the time of the
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Temporary trade credit insurance scheme to end

Trade credit insurance is a contract bought by suppliers to make sure they get paid even if their
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Tax on sale of cryptoassets

Most individuals hold cryptoassets (such as Bitcoin) as a personal investment, usually for capital
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Employment Status Tool

HMRC’s employment status service can be used to help ascertain if a worker should be classified as
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Tax Diary June/July 2021

1 June 2021 - Due date for Corporation Tax due for the year ended 31 August 2020. 19 June 2021 -
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Check if you can claim working from home expenses

If you are an employee who is working from home, you may be able to claim tax relief for some of
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One month left to join VAT Deferral Payment Scheme

Businesses that deferred VAT payments last year have until 21 June 2021 to join the new online
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How to claim tax relief on employment expenses

If you are an employee that needs to buy substantial equipment to use as part of your employment
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Free advisory data protection check-ups and free online training on cyber security

The Information Commissioner’s Office (ICO) has published a new blog about free advisory check-ups
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Acas publishes new advice on long COVID

Acas has published new advice for both employers and workers on the treatment of workers who are
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No time for head in the sand tactics

Companies that are still claiming the Coronavirus Job Retention Scheme grants, now known as the
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Income Tax if you move to or from Scotland

The Scottish rate of Income Tax (SRIT) is payable on the non-savings and non-dividend income of
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Claiming Business Asset Disposal Relief

BADR used to be known as Entrepreneurs’ Relief before 6 April 2020. The name change does not affect
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When not to charge VAT

When a VAT registered business issues an invoice to their customer, they must ensure that they
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Company information on signs and stationery

There are a number of requirements that must be taken care of when running a limited company. One
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Record keeping for limited companies

Limited companies are required to hold a wide range of company and accounting records. This
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Charging VAT on discounts and free gifts

When VAT registered traders issue an invoice to a customer, they must seek to ensure that the
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IHT immediately chargeable transfers

There are special rules concerning the liability to IHT on a transfer made during a person's
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Taking money out of a limited company

There are a number of ways a director can extract money from their limited company. The money can
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Jobseeker’s Allowance

The Jobseeker’s Allowance (JSA) is a benefit for those usually aged over 18 who are either not
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Current passport fees

Travel options for going abroad are slowly starting to reopen. From 17 May 2021, international
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Taxing your car

The instructions to tax your car on the GOV.UK website is reproduced below: To tax your car,
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Holiday update

As lockdown is being eased and opportunity to holiday opens, we felt it might be useful to set out
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COVID support grants that are taxable

We would like to remind readers that existing legislation is in place to ensure that COVID support
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Mobile phone exempt costs

When an employee incurs costs for the provision of mobile phones to employees it is important to
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Reminder to look out for tax credit renewal packs

HMRC has begun sending the annual tax credit renewal packs to some 2.5 million tax credit claimants
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Tax-free capital gains

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains
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Tax on savings interest

If you have taxable income of less than £17,570 in 2021-22 you will have no tax to pay on interest
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New self-build initiative

In a surprise weekend announcement, the Housing Secretary Robert Jenrick has revealed new plans for
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End to COVID-19 adjusted right to work checks

The government has confirmed, in its updated guidance on carrying out right to work checks during
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Tax Diary May/June 2021

1 May 2021 - Due date for Corporation Tax due for the year ended 30 July 2020. 19 May 2021 - PAYE
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A reminder that not all costs are costs…

Costs are defined as something that has to be paid or spent to acquire something. Costs include the
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Vaccine for your business

There is a poignant similarity between the effects of COVID on us personally and our
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Lockdown changes 12 April 2021

Even the unseasonably cold weather does not seem to have stopped people in England getting their
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Repaying overclaimed SEISS grants

Self-employed individuals (including partnerships) who have overclaimed the Self Employed Income
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Property repossessions from 1 April 2021

There have been a significant number of measures introduced to help those experiencing financial
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One-off £500 payment for working households receiving tax-credits

As part of the March 2021 Budget, the Chancellor announced that the temporary £20 weekly uplift in
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HMRC’s new penalty regime

HMRC’s new points-based penalty regime for late submission and payment will start from 1 April
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Claims to reduce payments on account

Self-Assessment taxpayers are usually required to pay their Income Tax liabilities in three
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Exempt beneficial loans

An employee can obtain a benefit when provided with an employment-related cheap or interest-free
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Companies can claim super-deduction from 1 April

The new super-deduction tax break, that will allow companies to deduct 130% of the cost of any
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National Minimum and Living Wage increases 1 April 2021

The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1
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Archiving international trade documents

There are important rules that all businesses must follow to keep business and accounting records
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Film and TV restart scheme

The government’s £500 million scheme to kickstart film and television production entitled the Film
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OTS recommended changes to IHT

The Financial Secretary to the Treasury has written to the Office of Tax Simplification (OTS) to
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£1.5bn boost for rates relief

A new Business Rates relief fund will provide a £1.5 billion tranche of support to businesses
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New support for High Streets and sea-side towns

As lockdown measures begin to be eased, a new package of support measures to help high streets and
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5% late penalties apply from 1 April 2021

Self-Assessment taxpayers that failed to pay their outstanding tax liabilities or set up a payment
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Tax Diary March/April 2021

1 April 2021 - Due date for Corporation Tax due for the year ended 30 June 2020. 19 April 2021 -
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Incorporation relief

When a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed
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Calculating Minimum Wage if paid annual salary

New National Minimum Wage and National Living Wage rates will come into effect on 1 April 2021.
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Consider signing up to PROOF scheme

One of the services offered by Companies House helps combat fraud and protect your company from
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Have you claimed too much from furlough scheme?

HMRC’s guidance makes it clear that any business that makes an error in making a Coronavirus Job
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Disposing of garden or grounds

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family
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What would a business vaccine aim to prevent?

Now we are getting used to the idea that the various vaccines will provide some defence against
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Tax-free mileage expenses

If you use your own vehicle for business journeys, then you may be able to claim a tax-free
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Tax-free property and trading income

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017.
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Rent-a-room relief

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