News

Updated calculator on calculating holiday entitlement
05/12/2019 - More...
The Government has published a revised holiday entitlement calculator, intended as a temporary replacement while the original calculator “undergoes maintenance”, to enable workers to calculate the minimum statutory annual leave they should receive based on their time in employment. The calculator is accompanied by online

Shared parental leave entitlements
04/12/2019 - More...
The shared parental leave and pay rules offer working parents’ far greater choice as to how they share the care of their child and take time off work during the first year of their child’s life. The rules apply equally for children that have been adopted. There are various work and pay criteria that must be met in order to be

Child Benefit tax charge
04/12/2019 - More...
The High Income Child Benefit tax charge could apply to you or your partner if either of your individual taxable earnings exceeds £50,000 and you are in receipt of child benefit. The charge effectively claws back the financial benefit of receiving child benefit either by reducing or removing the benefit entirely. If you or your

Loss of tax personal allowance
04/12/2019 - More...
If your income is expected to exceed £100,000 for the first time, we would like to remind you of the effects this can have on your personal allowance and marginal tax rate. If you earn over £100,000 in any tax year, your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over

New advisory fuel rates published
04/12/2019 - More...
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and no Class 1A

Accounting periods if company has two or more trades
04/12/2019 - More...
A tax accounting period for Corporation Tax purposes cannot exceed a 12 month period. If company accounts cover less than 12 months then the accounting period will normally end on the same day, and thus will be shorter than 12 months. This can happen if the company stops trading or shortens its company’s year-end: also known as its

Income excluded from property business
04/12/2019 - More...
HMRC publishes a list of income streams that are excluded from a UK property businesses' taxable income. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and letting surplus trade accommodation. In most cases the income from these

When Inheritance Tax applies to pensions
04/12/2019 - More...
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The rate of Inheritance Tax payable is 40% on death and 20% on lifetime gifts. There is a nil-rate band, currently £325,000 below which no Inheritance Tax is payable. A

Tax Diary December 2019/January 2020
28/11/2019 - More...
1 December 2019 - Due date for Corporation Tax payable for the year ended 28 February 2019. 19 December 2019 - PAYE and NIC deductions due for month ended 5 December 2019. (If you pay your tax electronically the due date is 22 December 2019) 19 December 2019 - Filing deadline for the CIS300 monthly return for the month ended 5 December

Affected by the recent floods?
27/11/2019 - More...
The Government has put a number of emergency flood measures in place to help those affected by the recent devastating floods. This includes 100% council tax and business rates relief and emergency funding from the Department for Business, Energy and Industrial Strategy. Affected taxpayers should also contact the Business Payment Support

Avoiding tax scams
27/11/2019 - More...
Fraudsters are continuing to target taxpayers with scam emails in advance of the 31 January deadline for submission of Self-Assessment returns. In fact, over the last year, HMRC received nearly 900,000 reports about suspicious HMRC contacts. A number of these scams purport to tell taxpayers they are due a rebate / refund of tax from

Using your own vehicle for work?
27/11/2019 - More...
If you are an employee and use your own money to buy things you need for your job, you can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items used solely for your work. You may also be able to claim tax relief for using you own vehicle, be it a car, van, motorcycle

Basic tax considerations if you come to work in the UK
27/11/2019 - More...
If you come to live in the UK there are basic tax considerations that you will need to observe. Most importantly, you will be required to pay tax on your income (in excess of any allowances) if you come to live in the UK. Income includes; wages, benefits, your pension and savings interest. If you’re employed your employer will

Gifts Hold-Over Relief
27/11/2019 - More...
Gift Hold-Over Relief is effectively a deferral of Capital Gains Tax (CGT) when assets are given away (including certain shares) or sold for less than they’re worth to help the buyer. The relief means that any gain on the asset is 'Held-Over' until the recipient of the gift sells or disposes of them. The person gifting a

Life policies and Inheritance Tax
27/11/2019 - More...
A life policy is a contract with an insurance company. In exchange for premium payments the insurance company provides a lump-sum payment to beneficiaries if the policy holder dies during the terms of their policy. There are various types of life policies available. The main types are 'term', typically covering a set period of

VAT Standard Retail Schemes
27/11/2019 - More...
VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are usually used by businesses that sell a significant amount of low value and/or small quantity items to the public with different VAT liabilities. The use of the scheme can save businesses a significant amount of time in

Reporting PAYE information in real time
27/11/2019 - More...
In December 2018, HMRC wrote to employers to advise of a temporary easement on reporting PAYE information in real time over the Christmas period. This was put in place because many employers pay their employees earlier than usual over the Christmas period. This can be for a number of reasons, for example during the Christmas period the

Final reminder to sign up for Help to Buy
20/11/2019 - More...
The Help to Buy ISA scheme will close to new savers after 30 November 2019. If you are interested in signing up to the scheme you need to do so ASAP and certainly before midnight on 30 November 2019. If you are a first-time buyer and planning to buy a property in the short to medium term, you should think about whether you (or perhaps

Capital Gains Tax changes for property disposals
20/11/2019 - More...
A number of significant changes to the way Capital Gains Tax (CGT) is reported and paid come into effect from April 2020. Currently, the usual due date for paying any CGT owed to HMRC on property disposals is the 31 January following the end of the tax year in which a capital gain was made. From 6 April 2020, any CGT due on the sale of a

Emergency flood relief measures
20/11/2019 - More...
The Prime Minister has announced that households and businesses that have been significantly affected by the recent flooding will be eligible for immediate 100% relief on their council tax and business rates for at least the next 3 months. This is part of a number of measures that have been announced by the Government to help those

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Latest News

Updated calculator on calculating holiday entitlement
05/12/2019 - More...
The Government has published a revised holiday entitlement calculator, intended as a temporary replacement while the

Shared parental leave entitlements
04/12/2019 - More...
The shared parental leave and pay rules offer working parents’ far greater choice as to how they share the care of

Child Benefit tax charge
04/12/2019 - More...
The High Income Child Benefit tax charge could apply to you or your partner if either of your individual taxable

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