07 Jul 2021

Please let us have details of your SEISS grants for your 2020/21 tax return

As you are probably aware tax agents were not able to claim SEISS grants on their client’s behalf, and we do not currently have access to the amounts you have claimed.

07 Jul 2021

Pension contribution is tax efficient for both employee and employer

Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached.

07 Jul 2021

HMRC warning not to use unfunded pension arrangements

HMRC are currently attacking a marketed tax avoidance scheme using unfunded pension arrangements to avoid Corporation Tax, Income Tax and National Insurance contributions.

07 Jul 2021

Furlough grant reduces to 70% for July

For the month of July the CJRS Furlough grant support from the government via HMRC reduces to 70% of the employee’s usual pay for hours not worked.

07 Jul 2021

Fifth self-employed income support grant to be paid in July

The fifth (and final) SEISS grant will be available for the self-employed to claim towards the end of July.

07 Jul 2021

Correcting errors in earlier furlough claims

The numerous changes in the method of calculating CJRS furlough grants will no doubt have resulted in errors by some employers.

07 Jul 2021

Tax free childcare account subsidises summer camp costs

If you have children under 12 who attend a nursery, after school club, playscheme, childminder or you are considering sending them to a summer camp you should think about setting up a tax-free childcare account.

28 May 2021

Beware mini-umbrella company fraud

HMRC are urging businesses to look out for the use of mini-umbrella companies (MUCs) to pay contractors supplying their labour via agencies and other intermediaries. Businesses need to be aware of the financial and reputational risks of such entities in their labour supply chain and carry out due diligence to minimise those risks.

28 May 2021

Check that your shares qualify for CGT business asset disposal relief

A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return.

28 May 2021

Car benefit reduced where unavailable

P11d forms reporting benefits in kind provided to employees and directors need to be submitted to HMRC by 6 July. Where a company car is “unavailable” for private use for 30 or more consecutive days the benefit is proportionately reduced.

18 May 2021

Details of latest CJRS "FURLOUGH" Grants

The fourth version of the CJRS “furlough” grant scheme starts on 1 May 2021 and will run until 30 September with employees affected continuing to be supported such that they are entitled to be paid at least 80% of their “usual pay” subject to a limit of £2,500 a month for hours not worked.

18 May 2021

Associated companies count for new corporation tax rates

A 25% rate of corporation tax will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023. The 19% rate will continue to apply where profits are below £50,000. The marginal rate that applies between those limits will be 26.5%.

18 May 2021

Details of fourth self-employed income support grant

Like the CJRS scheme for employers the Self-Employed Income Support Scheme (SEISS) has been extended to September 2021and details of claims for the fourth grant have now been released. This fourth grant covers February, March and April 2021. There will then be a fifth grant covering May to September 2021.

18 May 2021

Making Tax Digital extended to more businesses

Currently only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible software.

08 Apr 2021

New enhanced loss relief rules may result in extra tax refunds

In the March Budget it was announced that the normal one year carry back for trading losses would be extended to three years. This means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that three-year period. This enhanced carry back applies to unincorporated businesses as well as limited companies and the details are set out in the latest Finance Bill.

08 Apr 2021

New personal service company rules start this month

The "off-payroll" working rules that apply to certain workers supplying their services to clients via their own personal service companies start from 6 April 2021.

08 Apr 2021

Uber drivers are workers not self employed

The Supreme Court has ruled that drivers for the ride hailing App Uber are workers not self-employed individuals and hence are entitled to holiday pay, pension rights and the right to be paid the national minimum wage.

08 Apr 2021

More details on the new super-deduction for equipment

In the Budget on 3rd March the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 April 2021 and 31 March 2023.

29 Mar 2021

Don’t Lose Your 2020/21 Personal Allowance

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1.

29 Mar 2021

VAT Rules For Construction Sector Started

The new “reverse charge” system of VAT accounting affects sub- contractors supplying their services to main contractors in the construction sector.

29 Mar 2021

“Off-Payroll” Working Rules

Where large or medium-sized organisations are paying workers via personal service companies (PSC) or agencies they will need to operate new procedures from 6 April 2021.

29 Mar 2021

2021/22 National Insurance Bands

The thresholds for employee and employer national insurance contributions (NICs) have been increased by £1 a week for the 2021/22 tax year. Employees will be liable to 12% NICs between £184 and £967 a week (£50,270 a year). Employer contributions will start at £170 a week.

29 Mar 2021

Advisory Fuel Rate For Company Cars

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 March 2021.

23 Feb 2021

European property owners face higher tax bills

Now that the UK has finally left the EU some taxpayers will start to see additional tax costs. One example is where UK residents own holiday homes in EU countries that they rent out for part of the year.

23 Feb 2021

Get ready for new off-payroll working rules (IR35)

This time last year businesses were preparing for important changes to the rules where workers supply their services via their own personal service companies. The start date was then deferred from 6 April 2020 to 6 April 2021.

08 Feb 2021

Payment of your deferred VAT

If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you will need to pay the deferred VAT in full on or before 31 March 2021.

01 Feb 2021

Time to review your will?

Top of the to do list for many individuals is to make or update their will. Many think this is something to leave until later in life, but it is important to get things in place once property is acquired or when children come along.