Industry News Nottingham : tcp chartered accountants

Industry News

ATED for non-resident companies

ATED for non-resident companies

The Annual Tax on Enveloped Dwellings (ATED) came into effect from 1 April 2013. The tax applies to certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than

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Have you utilised 2022-23 IHT allowances and reliefs?

Have you utilised 2022-23 IHT allowances and reliefs?

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2022-23 tax year that will end on 5 April 2023. You can give away up to £3,000

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CGT reliefs much reduced from April 2023

CGT reliefs much reduced from April 2023

The annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved from April 2023. This means that the exempt amount will be reduced from £12,300 to £6,000 from April

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Using the Gift Aid scheme

Using the Gift Aid scheme

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take your donation and, provided all the qualifying conditions are

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Business rates list closing soon

Business rates list closing soon

Business rates are charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. Some properties are eligible for

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Setting up a salary sacrifice arrangement

Setting up a salary sacrifice arrangement

A salary sacrifice arrangement is an agreement to reduce an employee’s entitlement to cash pay, usually in return for a non-cash benefit. The tax and NIC advantages of certain benefits

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Protecting your business capital

Protecting your business capital

All business owners, but predominantly retailers, leisure and entertainment trades, will have seen their hard-won capital all but exhausted by the needs to meet fixed costs when income

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VAT – unpaid tax collectors

VAT – unpaid tax collectors

If you are required to register your business for VAT purposes you are joining that reluctant band of business owners that are obliged to collect tax for HMRC. The amount of VAT you have

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New Green Freeports for Scotland

New Green Freeports for Scotland

The UK and Scottish governments have jointly announced that Inverness and Cromarty Firth Green Freeport and Forth Green Freeport have been successful in their bids to establish two new Green

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Corporation Tax changes April 2023

Corporation Tax changes April 2023

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date

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New business Energy Bills Discount Scheme

New business Energy Bills Discount Scheme

The new business Energy Bills Discount Scheme will replace the current Energy Bill Relief Scheme which is coming to an end on 31 March 2023. The new scheme will offer support to eligible

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R&D tax consultation launched

R&D tax consultation launched

There are currently two schemes for claiming R&D tax relief - the Small or Medium-sized Enterprise (SME) Scheme and the R&D Expenditure Credit (RDEC) Scheme for large companies. The

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Five more tax avoidance schemes named by HMRC

Five more tax avoidance schemes named by HMRC

HMRC has powers introduced in the Finance Act 2022 to name tax avoidance schemes and their promoters. Under this legislation HMRC can name avoidance scheme promoters, publish details of the

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What is a Post Transaction Valuation Check?

What is a Post Transaction Valuation Check?

A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a Capital Gains Tax liability or for companies to calculate Corporation Tax liability on

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Ways you can count on us…

Ways you can count on us…

Leaving politics to one side, how can we deal with the current pressures on businesses? Rising costs, reducing revenues as the cost-of-living issues impact activity, increasing taxes -

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Tax Diary February/March 2023

Tax Diary February/March 2023

1 February 2023 - Due date for corporation tax payable for the year ended 30 April 2022. 19 February 2023 - PAYE and NIC deductions due for month ended 5 February 2023. (If you pay your tax

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Exempt transfers between siblings

Exempt transfers between siblings

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 current IHT nil rate band is £325,000

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Scottish Child Payment

Scottish Child Payment

The Scottish Child Payment increased to £25 per week from 14 November 2022. The payment is available to qualifying applicants living in Scotland for children under the age of 16. The

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PAYE and overseas employees

PAYE and overseas employees

There are a multitude of rules and regulations that you must be aware of when you employ someone from abroad who is coming to work in the UK. HMRC’s guidance (entitled New employee coming

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Registering as an overseas company

Registering as an overseas company

An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that the overseas company has some sort of physical presence in

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Check if a company is being liquidated

Check if a company is being liquidated

There are a number of ways you can check if a company is in liquidation. This can include searching the Companies House register. Companies House is responsible for maintaining a register of

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Actors and entertainers – profession or employment

Actors and entertainers – profession or employment

There is a particular section of internal HMRC’s manuals that deals specifically with how to view the rules for measuring profits of specific trades. The list includes over 50 different

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New laws to mitigate disruption during public service strikes

New laws to mitigate disruption during public service strikes

Working people across the UK will be protected from disruptive strikes thanks to new laws introduced recently. They will allow employers in critical public sectors to maintain minimum levels

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Check your National Insurance Record

Check your National Insurance Record

HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you

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