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Industry News

HMRC advice to counter spoof emails or texts

HMRC advice to counter spoof emails or texts

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, phone calls and texts are being sent from all

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Completing P11D forms to report benefits in kind

Completing P11D forms to report benefits in kind

The deadline for submitting the 2021-22 forms P11D, P11D(b) and P9D is 6 July 2022. The forms can be submitted using commercial software or via HMRC’s PAYE online service. Employees must

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VAT Flat Rate Scheme – are you a limited cost trader?

VAT Flat Rate Scheme – are you a limited cost trader?

The VAT Flat Rate Scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme

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HMRC wins disguised remuneration case

HMRC wins disguised remuneration case

HMRC has welcomed a recent Court of Appeal decision concerning a disguised remuneration case. These types of schemes provide employees with the bulk of their earnings in the form of loans

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Agent authorisation re SEISS grants

Agent authorisation re SEISS grants

Self-employed individuals (including partnerships) who have overclaimed the Self-Employed Income Support Scheme (SEISS) must pay back the overpayment to HMRC. The rules for repayment state

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Domicile and IHT

Domicile and IHT

Domicile is a general legal concept which in basic terms is taken to mean the country where you permanently belong. But actually, determining domicile status can be complex. HMRC guidance

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New measures to help with the cost-of-living crisis

New measures to help with the cost-of-living crisis

As expected, the Chancellor, Rishi Sunak has announced a new package of support measures in a statement to the House of Commons on 26 May 2022. The measures will be targeted to the most

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UK Infrastructure Bank set-up

UK Infrastructure Bank set-up

The UK Infrastructure Bank Bill, announced as part of the measures in the Queen’s speech, represents the final step in setting up the UK Infrastructure Bank as an operationally independent

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Free company information

Free company information

There is a significant amount of information about companies that can be obtained from Companies House. Companies House is responsible for incorporating and dissolving limited companies,

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VAT – discounts and free gifts

VAT – discounts and free gifts

When you issue an invoice to your customer, you must ensure that you charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20% there are a

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Intrastat – trading goods with EU

Intrastat – trading goods with EU

Intrastat declarations were historically used to collect information on the movement of goods from the UK to other EU countries and vice versa. Any business that exceeded the exemption

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Corporation Tax – reminder HMRC contact details

Corporation Tax – reminder HMRC contact details

HMRC can be called by phone on 0300 200 3410 for help with general Corporation Tax enquiries. You will need your 10-digit Unique Tax Reference (UTR) when calling HMRC and this reference

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Tax Diary June/July 2022

Tax Diary June/July 2022

1 June 2022 - Due date for corporation tax due for the year ended 31 August 2021. 19 June 2022 - PAYE and NIC deductions due for month ended 5 June 2022. (If you pay your tax electronically

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Access to cash protection increased

Access to cash protection increased

The new Financial Services and Markets Bill, announced as part of the Queen's speech, will provide increased protections for those still dealing with cash. Access to cash remains vital for

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Reminder to look out for tax credit renewal packs

Reminder to look out for tax credit renewal packs

HMRC is currently sending the annual tax credit renewal packs to some 2.1 million tax credit claimants and is encouraging recipients to renew their tax credits claim online. HMRC started

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Holiday lets occupancy check

Holiday lets occupancy check

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished

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When you are required to register for PAYE

When you are required to register for PAYE

There are a multitude of rules that new businesses must follow when they start employing staff for the first time. These include ensuring registering for PAYE as an employer with HMRC. This

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ISAs 2022-23

ISAs 2022-23

The maximum amount that can be invested in an ISA in the current (2022-23) tax year is £20,000. ISA’s are a valuable and flexible relief and should be considered as an option for most

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Structures and Buildings Allowances

Structures and Buildings Allowances

The Structures and Buildings Allowances (SBA) allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying

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Income excluded from a property business

Income excluded from a property business

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and

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Mortgage interest on rented property

Mortgage interest on rented property

Under new rules that came into effect from April 2017 the tax relief on mortgage costs for residential landlords was restricted to the basic rate of tax. The finance costs restriction was

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Builders – when you may not have to charge VAT

Builders – when you may not have to charge VAT

VAT for most work on houses and flats by builders and similar trades, like plumbers, plasterers and carpenters, is charged at the standard rate of 20%. However, there are a number of

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Tax benefits of switching to electric cars

Tax benefits of switching to electric cars

There are many benefits to encourage the use of electric cars including lower running costs, the environmental advantages and reduced noise pollution. There are also tax benefits to

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Writing off a director’s loan

Writing off a director’s loan

An overdrawn director's loan account is created when a director (or other close family member) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay

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