News

Automatic enrolment for the self-employed?
08/01/2019 - More...
The government has confirmed that they are to examine a number of different approaches to help encourage the self-employed to save for their retirement. The success of automatic enrolment for pension savings for the employed has helped highlight that pension savings for the self-employed are lagging behind those achieved for the employed.

New 'global' pound coin
08/01/2019 - More...
HM Treasury has confirmed that the £1 coin will be going global. This announcement means that the UK’s Overseas Territories and Crown Dependencies will be able to design and mint their own versions of the 12-sided £1 coin replacing the older coins. The coins are expected to feature images celebrating the heritage of these territories,

Check if your Holiday let property is qualifying
08/01/2019 - More...
The Furnished Holiday Let (FHL) rules, allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of

Register a company and register for tax
08/01/2019 - More...
A new one-stop service to register a company and register for tax at the same time has been used by more than 200,000 businesses since it was introduced. The introduction of the Streamlined Company Registration Service was announced as part of the Small Business, Enterprise and Employment Act 2015 to help reduce administrative burdens and

Changes to a building after the VAT option to tax
08/01/2019 - More...
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate. The ability to convert the treatment of VAT exempt

Cash basis option for landlords
08/01/2019 - More...
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April 2017. The scheme is not open to limited companies and limited liability partnerships. The entry threshold for the cash basis scheme is £150,000 and you

Genuine messages from HMRC
08/01/2019 - More...
HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This includes: email messages, text messages and telephone contacts from HMRC. The latest updates on the list include information on a research

Did you file your tax return Christmas Day?
01/01/2019 - More...
A new press release by HMRC has highlighted that 2,616 taxpayers took the time to file their tax return online on Christmas Day with a further 8,465 taxpayers completing their tax returns on Boxing Day. More than 11 million taxpayers are expected to complete a 2017-18 self assessment tax return this year. Taxpayers are reminded that the

Don’t forget to pay your tax at the end of the month
01/01/2019 - More...
The 31 January 2019 is not just the final date for submission of your self assessment tax return but also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2017-18 tax year. In addition, the 31 January 2019 is also the payment date for any Capital Gains Tax due in relation to

Paying young people and children
01/01/2019 - More...
When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any employees who are family members. It is possible to employ young people if they are 13 or over but there are special rules about how long they

Finance Bill delay
01/01/2019 - More...
The government published Finance (No.3) Bill 2017-19 on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance Bill in the current special two-year session of Parliament. The Bill, colloquially known as Finance Bill 2018-19 will become Finance Act 2019 after Royal Assent is received which is expected in March 2019

Merchandise in Baggage
01/01/2019 - More...
There are special customs requirements for commercial goods or samples which are imported or exported by passengers in their accompanied baggage (hand carried). This is known as Merchandise In Baggage or MIB. MIB goods include the following: goods acquired for company use goods for sale spare parts trade samples whether or not

Checking a National Insurance Record
01/01/2019 - More...
HMRC offers an online service to check a National Insurance record. In order to use the service you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up online. By signing in to the 'Check your National Insurance record' service you will also activate your personal tax account if you

CGT Rollover Relief – ownership of assets
01/01/2019 - More...
Capital Gains Tax (CGT) rollover relief is a valuable relief that allows for a delay in the payment of CGT on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over

New legislation implementing aspects of the Good Work Plan
01/01/2019 - More...
Following the recent publication of its “Good Work Plan”, the government has now laid before Parliament three statutory instruments to implement certain aspects of that Plan. The Employment Rights (Employment Particulars and Paid Annual Leave) (Amendment) Regulations 2018 and the draft Employment Rights (Miscellaneous Amendments)

Naming scheme for unpaid employment tribunal awards launched
01/01/2019 - More...
The government’s recently published “Good Work Plan” included a commitment to establish a naming and shaming scheme for those employers who fail to pay employment tribunal awards. Immediately following publication of the Good Work Plan, the government introduced the scheme and published guidance on how it operates. The names of employers,

Guidance for employers on new payslip legislation
01/01/2019 - More...
New legislation comes into force from 6 April 2019 which requires all employers to provide an itemised payslip to all workers, i.e. not just to employees, and to show hours on payslips where the pay varies by the amount of time worked. The government has now published guidance to help employers with the new rules on showing the hours on

Advise HMRC if you stop being self-employed
18/12/2018 - More...
Any taxpayers that have ceased to be self-employed must advise HMRC of their change in status. There are a number of steps that must be followed if a taxpayer stops trading as a sole trader or if they are ending or leaving a business partnership. This is required so that HMRC can help to get the taxpayer's affairs in order. Taxpayers

Check your State Pension age
18/12/2018 - More...
A 'Check your State Pension age' tool is available at www.gov.uk/state-pension-age/y. The tool allows taxpayers to check the earliest age they can start receiving the State Pension. The State Pension age is based on a taxpayer’s gender and date of birth and is subject to change as the State Pension age increases. The tool can also be used

What is a company confirmation statement?
18/12/2018 - More...
As well as filing accounts with Companies House, there is a requirement to check that the information Companies House stores about your company is correct every year. This is facilitated by the filing of an annual company confirmation statement. The confirmation statement was introduced in June 2016 and replaced the more cumbersome annual

A further £2bn allocated to Brexit planning
18/12/2018 - More...
The government has announced more than £2 billion in additional funding across 25 government departments to help with Brexit planning. This brings the total amount provided by the government for EU exit preparations since 2016 to £4.2 billion. The government has apparently been left with no choice but to step up no-deal Brexit

What expenditure qualifies for the Annual Investment Allowance?
18/12/2018 - More...
The Annual Investment Allowance (AIA) was permanently set at £200,000 for all qualifying expenditure on or after 1 January 2016. However, in the Budget earlier this year, the Chancellor announced a temporary increase in the allowance to £1 million for a 2-year period from 1 January 2019 to 31 December 2020. The AIA allows for 100% first

Maternity pay and leave
18/12/2018 - More...
Employees that are pregnant are eligible to take up to 26 weeks of statutory maternity leave (known as ordinary maternity leave) plus an additional 26 weeks (known as additional maternity leave). This means that an employee can take up to a full year off once they give their employers the correct notice. All women employees are entitled

Benefits that don’t have to be reported to HMRC
18/12/2018 - More...
There is no requirement to report certain routine expenses to HMRC. The types of expenses and benefits covered are referred to as exemptions and have replaced dispensations which no longer apply. The business expenses and benefits that do not need to be reported (since April 2016) include: reimbursed costs to employees covering business

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