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HMRC agree delay in tax return deadline
13/01/2022 - More...
HMRC has announced that late filing penalties will be waived for taxpayers that file their 2020-21 Self-Assessment returns by 28 February 2022. The due date of 31 January 2022 remains and HMRC is still encouraging taxpayers to try and meet this deadline. Taxpayers should try and pay their tax bill by 31 January 2022 as interest will

Delay in implementing late payment penalties
13/01/2022 - More...
In tandem with the announcement that no late filing penalties will be issued for 2020-21 Self-Assessment returns submitted by 28 February 2022, HMRC has also confirmed a delay in implementing late payment penalties. This means that taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by

Are you registered for Making Tax Digital for VAT?
13/01/2022 - More...
Making Tax Digital (MTD) for VAT is to be extended to cover businesses with a turnover below the VAT threshold from April 2022. The MTD for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became mandated to keep their records digitally and provide their VAT return information to HMRC

HMRC fraud squad net £1bn from criminals
13/01/2022 - More...
HMRC’s Fraud Investigation Service (FIS) was launched in April 2016. The FIS is responsible for HMRC’s civil and criminal investigations into the most serious fraud and wrongdoing. It has been estimated that tax evasion and fraud cost the exchequer up to £10bn per annum. The formation of the FIS brought together HMRC’s criminal and civil

Omicron funding delivered to local authorities
13/01/2022 - More...
Just before the Christmas break, the Chancellor announced a new support package for some businesses most affected by the Omicron variant. The biggest single measure was the re-introduction of one-off grants of up to £6,000 for businesses in the hospitality and leisure sectors many of whom have seen their seasonal trade hugely impacted by

Customs controls from 1 January 2022
13/01/2022 - More...
There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 December 2020, the process for importing goods from the EU effectively mirrors the process for all other international destinations. A number of easements to help ensure a smooth transition for goods coming from the EU

Beware online sales scams
06/01/2022 - More...
A new government press release has been issued reminding the public that online sales scams continue to be a major issue. In fact, 2021 saw a record number of cyber-attacks and online scams. Action Fraud, the national reporting centre for fraud and cyber-crime, has revealed that almost 100,000 people in the UK have fallen victim to

Self-certified sick notes
06/01/2022 - More...
The statutory sick pay rules were temporarily amended on 17 December 2021. The amendment allows employees to self-certify for a period of 28 days, in place of the normal 7 days. This measure has been put in place to help free up capacity in the NHS and allow GPs to spend more time focusing on the coronavirus booster rollout as well as

Will you need to pay-back Child Benefits?
06/01/2022 - More...
The High Income Child Benefit charge applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving child benefit either by reducing or removing the benefit entirely. If you or your partner have exceeded the £50,000 threshold for the first

New powers for Insolvency Service
06/01/2022 - More...
The Insolvency Service is a government agency that provides services to those affected by financial distress or failure. The Insolvency Service operates as an executive agency of the Department of Business, Energy and Industrial Strategy (BEIS). The Insolvency Service has been granted new powers to investigate and disqualify company

Points to consider when valuing goodwill
06/01/2022 - More...
Valuing goodwill is a complex process and there are many different methods which can be used and that vary from industry to industry. Goodwill is a way of placing a monetary value on the business's reputation and customer relationships. Or as HMRC say in their guidance, in accounting terms, purchased goodwill is the balancing figure

Reminder of Statutory Sick Pay pay-back scheme
06/01/2022 - More...
The Coronavirus Statutory Sick Pay Rebate Scheme for small and medium-sized businesses and employers, enables them to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The online service closed for new claims after 30 September 2021. However, following the new Omicron wave, the online claims service is to be

Plug-in grants for electric vehicles
23/12/2021 - More...
The government has announced significant changes to the low-emission vehicles plug-in grant scheme. The changes became effective on 15 December 2021. The changes have been introduced in response to soaring demand for electric vehicles and to help target those buying the most affordable zero emission cars. More than 10% of cars sold in

Pay your tax bill by instalments
23/12/2021 - More...
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. An online payment plan for Self-Assessment tax bills can be used to set up instalment arrangements for paying tax liabilities up to £30,000.

BOE advises government on inflation hike to 5.1%
23/12/2021 - More...
The current Governor of the Bank of England, Andrew Bailey, has written to the Chancellor of the Exchequer, Rishi Sunak. The letter was dated 16 December 2021 and has been uploaded to GOV.UK. The correspondence related to the recently published figures from the Office for National Statistics (ONS) showing a significant increase in

A reminder – HMRC’s badges of trade
23/12/2021 - More...
The 'badges of trade' tests whilst not conclusive are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making by-product of a hobby. The approach by the courts in using the badges of trade has been to decide questions of trade on the basis of the overall impression gained

Further changes to customs issues from 1 July 2022
23/12/2021 - More...
There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 December 2020, the process for importing goods from the EU effectively mirrors the process for all other international destinations. A number of easements had been put in place to help ensure a smooth transition for goods

New £1bn support package announced
23/12/2021 - More...
The Chancellor, Rishi Sunak announced a new £1bn support package for businesses most impacted by the highly transmissible Omicron variant that is sweeping across the UK. The biggest single measure is the re-introduction of one-off grants of up to £6,000 for businesses in the hospitality and leisure sectors (in England) many of whom have

Tax Diary January/February 2022
16/12/2021 - More...
1 January 2022 - Due date for Corporation Tax due for the year ended 31 March 2021. 19 January 2022 - PAYE and NIC deductions due for month ended 5 January 2022. (If you pay your tax electronically the due date is 22 January 2022). 19 January 2022 - Filing deadline for the CIS300 monthly return for the month ended 5 January 2022. 19

Changes to customs declarations 1 January 2022
16/12/2021 - More...
There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 December 2020, the process for importing goods from the EU effectively mirrors the process for all non-EU international destinations. However, a number of easements had been in place to help ensure a smooth transition for

Postponed VAT accounting
16/12/2021 - More...
Since 1 January 2021, businesses registered for VAT have been able to account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most businesses, this means that they can declare and recover import VAT on the same VAT return. The normal VAT recovery rules regarding any VAT that can be reclaimed apply.

Rent-a-room relief
16/12/2021 - More...
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than £7,500 and there are no specific tax reporting

The judgement in HMRC v Tooth
16/12/2021 - More...
A recent Supreme Court decision examined in some detail HMRC’s powers in relation to issuing a discovery assessment. HMRC generally use discovery assessments where the statutory time limit for looking into a return has expired. If certain conditions are satisfied, then HMRC can make a discovery assessment: 4 years from the end of the

Gifts to spouse or charity
16/12/2021 - More...
In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes effectively at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated from

 

Latest News

HMRC agree delay in tax return deadline
13/01/2022 - More...
HMRC has announced that late filing penalties will be waived for taxpayers that file their 2020-21 Self-Assessment

Delay in implementing late payment penalties
13/01/2022 - More...
In tandem with the announcement that no late filing penalties will be issued for 2020-21 Self-Assessment returns

Are you registered for Making Tax Digital for VAT?
13/01/2022 - More...
Making Tax Digital (MTD) for VAT is to be extended to cover businesses with a turnover below the VAT threshold from

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