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Tax News

May 22, 2018

The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. The main benefits of the scheme include the requirement to file one VAT return per year. This can significantly reduce the amount of administrati...

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May 22, 2018

The settlement rules are intended to prevent an individual from gaining a tax advantage by making arrangements that divert his or her income to another person who may be liable at a lower rate of tax or is not liable to Income Tax. Where a settlor...

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May 22, 2018

There are a number of tax consequences to be aware when employees are provided with company vans and fuel. A company van can be defined as a van made available to an employee by reason of their employment. There is usually nothing to report to HMRC...

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May 22, 2018

Special rules apply to assets when they are passed to a beneficiary after the death of the benefactor. In some cases Inheritance Tax may be due on the transfer. However, there can also be a hidden benefit known as a Capital Gains Tax (CGT) uplift o...

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May 22, 2018

Many taxpayers are aware that there is an annual Inheritance Tax exemption of £3,000 for gifts and this can be carried forward to the following tax year if not used to make a maximum gift of £6,000. You can also give as many gifts of up to £250 ...

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May 22, 2018

HMRC understands that taxpayers will sometimes experience difficulties with paying their tax bill and stress that taxpayers should make contact with them as soon as they realise that there is a problem. This is good advice as burying your head in t...

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May 22, 2018

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 ...

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May 20, 2018

Following a joint report ("High heels and workplace dress codes") published by the House of Commons Women and Equalities Committee and Petitions Committee in January 2017, the Government Equalities Office has finally published promised new guidance...

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May 15, 2018

It is important that any correspondence received from the County Court is dealt with promptly. This should include taking proper legal advice when appropriate. Usually, a creditor asks the County Court to make a county court judgment (CCJ) against...

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May 15, 2018

HMRC has issued helpful guidance that explains when you might be due a tax refund and how to make a claim. According to HMRC you may be able to claim a refund if you: are employed and had too much tax taken from your pay; have stopped work; sent ...

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May 15, 2018

A new press release has revealed that in 2017-18, HMRC investigators identified £15.6 million in back pay that is owed to over 200,000 of the UK’s lowest paid workers. This was an increase from £10.9 million for over 98,000 workers in the previ...

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May 15, 2018

Fraudsters are taking advantage of taxpayers who may be due a tax refund following the end of the 2017-18 tax year. HMRC is currently processing tax refunds, but the fraudsters are trying to get one step ahead. They do this by sending out scam emai...

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May 15, 2018

There are many rewarding opportunities for volunteering available across the UK. It is a popular misconception that only young people volunteer, however, people of all ages volunteer for numerous roles in a wide range of charitable and other sector...

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May 15, 2018

Whilst the majority of businesses charge VAT at the standard rate of 20% there are a number of different VAT rates and exemptions that businesses should be aware. There are actually three separate VAT rates, the standard rate of 20%, the reduced ra...

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May 13, 2018

The Pensions Regulator (TPR) has announced that employers who refuse to pay workplace pension fines could have their assets seized to pay their debts. TPR can issue fines to employers who fail to meet their automatic enrolment duties and can secur...

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May 08, 2018

Advance Assurance for small companies that claim Research and Development (R&D) tax relief was introduced in November 2015. This measure makes it easier for small businesses investing in research and development to claim tax relief. Advance Ass...

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May 08, 2018

The 'badges of trade' tests whilst not conclusive are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side line to a hobby. However, there is a point where careful consideration n...

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May 08, 2018

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home within certain limits to pay no tax on the lodger’s rents. The limit increased to a generous £7,500 from 6 April 2016 and remains unchange...

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May 08, 2018

A new system that allows UK banks and building societies to scan cheques and clear them digitally rather than using the paper cheque for clearing is expected to be introduced from October 2018. The Image Clearing System (ICS) for cheques will cut d...

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May 08, 2018

The High Income Child Benefit charge came into force in January 2013 and 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 benefi...

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May 08, 2018

HMRC operates a simplification measure that allows businesses to claim back VAT from mileage claims using a standardised scale charge to value fuel costs for private use. The scale charge is a fixed amount based on a vehicles CO2 rating. Most busi...

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May 08, 2018

New figures published by the government have revealed that 69,000 first-time home buyers have benefited from the recent changes to the Stamp Duty Land Tax (SDLT) rules. Under rules that came into effect on 22 November 2017, SDLT has been abolished ...

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May 01, 2018

HMRC is continuing to pressure online marketplaces marketplace (such as eBay or Amazon) to tackle online VAT fraud. Online marketplaces are already accountable for VAT fraud committed by online sellers on their platforms. These measures, known as j...

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May 01, 2018

The government has announced a new crackdown to close loopholes that have been exploited by those using Scottish Limited Partnerships (SLPs). SLPs and Limited Partnerships (LPs) are used by many legitimate businesses particularly those in the priva...

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