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Have you claimed your Child Trust Fund cash?
14/10/2021 - More...
Young persons who turned 18 on or after 1 September 2020 may have cash waiting in a dormant Child Trust Fund (CTF) account. This could be as much as or more than £1,000. The actual amount on deposit depends on certain factors. Children born after 31 August 2002 and before 3 January 2011 were...

Letting agencies and the Money Laundering Regulations
14/10/2021 - More...
HMRC is responsible for the money laundering supervision of certain businesses including letting agencies. Businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for failing to register. It is a criminal offence to trade as a...

Don’t miss out on this tax allowance
14/10/2021 - More...
If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,220 from HMRC. The marriage allowance is available to qualifying married couples and those in a civil partnership where a spouse or civil partner is a non-taxpayer i.e., has an income...

What goods are eligible for the margin scheme?
14/10/2021 - More...
There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to account for VAT on their profit margin i.e., on the difference between the cost of acquiring an item and its sale price rather than on the full selling price. Without the margin scheme the business...

Valuing property for ATED
14/10/2021 - More...
The Annual Tax on Enveloped Dwellings (ATED) is a tax payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect certain companies, partnerships with company members and managers of collective investment schemes described in...

Getting prepared to use Freeport customs sites
14/10/2021 - More...
In the Spring Budget earlier this year, the chancellor announced that eight Freeport locations would be created in England. The Freeports will be in the East Midlands Airport, Felixstowe and Harwich, the Humber region, Liverpool City Region, Plymouth, the Solent, the Thames, and Teesside....

£500m support for vulnerable households
07/10/2021 - More...
The government has launched a new £500 million package of support for vulnerable households. The new Household Support Fund will be used to help those most in need with essentials over the coming months as the country continues its recovery from the pandemic. The fund will be used to help support...

Hospitality trades temporary reduction in VAT has expired
07/10/2021 - More...
The temporary reduced rate of 5% for hospitality, holiday accommodation and attractions that came into effect in July 2020 ended on 30 September 2021. However, the government had previously decided that reverting to the standard rate would be too much for many businesses and had announced a further...

Raising capital using the EIS
07/10/2021 - More...
The Enterprise Investment Scheme (EIS) has been designed to increase investment in the early development of high potential growth businesses. Companies seeking EIS investment are typically more developed than those looking for funding using the Seed Enterprise Investment Scheme (SEIS) and the...

Reporting grants received to HMRC
07/10/2021 - More...
Most COVID support grants are treated as taxable income in the same way as other taxable receipts and need to be reported to HMRC. The grants are treated as income where the business is within the scope of either Income Tax or Corporation Tax. This treatment extends to support measures including...

Tax and termination payments
07/10/2021 - More...
The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by making an employer liable to pay NICs on termination payments they make to their employees. An...

£500 million Plan for Jobs Expansion
07/10/2021 - More...
The Chancellor, Rishi Sunak, has announced a £500 million expansion of the Plan for Jobs as part of his speech delivered to the party faithful at the Tory annual conference in Manchester. The money will be used to help hundreds of thousands of people leaving the furlough scheme as well as the...

Tax Diary October/November 2021
30/09/2021 - More...
1 October 2021 - Due date for Corporation Tax due for the year ended 31 December 2020. 19 October 2021 - PAYE and NIC deductions due for month ended 5 October 2021. (If you pay your tax electronically the due date is 22 October 2021.) 19 October 2021 - Filing deadline for the CIS300 monthly return...

MTD for Income Tax has been delayed by one year to April 2024
30/09/2021 - More...
The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) has been delayed by one year until April 2024. This change was announced in a Written Statement to Parliament. The reason for the delay was given as combination of the issues many UK businesses and their...

Find customs agent to help with import/export declarations
30/09/2021 - More...
If you are moving goods to or from the UK then you need to ensure that you have all the correct procedures in place. This is a complex area, and you may need to consider the support of a customs agent to help with your import and / or export declarations. Customs declarations can be difficult and...

Make the most of tax-free trivial benefits
30/09/2021 - More...
The trivial benefits in kind (BiK) exemption applies to small non-cash benefits, for example a bottle of wine or a bouquet of flowers, given occasionally to employees. Although the benefit is defined as ‘trivial’, employers should remember that this can be an efficient way to provide small rewards...

OTS releases video update
30/09/2021 - More...
The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a recording of an online video update setting out its recent publications on three separate issues. The insights into tax...

More on possible change to tax year end date
30/09/2021 - More...
As we mentioned in a recent post, the Office of Tax Simplification (OTS) has released a new video on a number of possible changes to the tax regime. Perhaps the most radical of these ideas relates to the exploration of changes to the tax year end date. The unusual tax year end date of 5 April dates...

Completing a One Stop Shop VAT return
30/09/2021 - More...
HMRC’s guidance on how to complete and submit a One Stop Shop (OSS) VAT Return from 1 October 2021 has been updated. The special VAT return should only be completed by businesses registered for the OSS Union scheme. The OSS Union scheme can be used by businesses selling goods from Northern Ireland...

Government confirms plans for all tips to go to workers
28/09/2021 - More...
The government has published its response to its 2016 consultation on tipping, gratuities, cover and service charges and has confirmed its intention to bring forward legislative measures to ensure tips, gratuities and service charges go to workers in full. The legislative measures will...

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