Industry News Nottingham : tcp chartered accountants

Industry News

Citizens’ rights in the event of a no deal Brexit

Citizens’ rights in the event of a no deal Brexit

The government has published a policy paper on what might happen to EU citizens in the UK and UK nationals in the EU in the event of a “no deal” Brexit. The government has confirmed that

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Could you claim expenses and an early tax refund?

Could you claim expenses and an early tax refund?

HMRC is reminding employees that they may be able to claim a tax rebate if they have incurred certain expenses related to their employment. HMRC’s press release on the matter specifically

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X-factor VAT bonus

X-factor VAT bonus

The Chancellor, Philip Hammond has announced that the government will waive the VAT equivalent on the sales of this year’s X-Factor Christmas Charity single. All proceeds from the sale of

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Employing someone to work in your home

Employing someone to work in your home

When you employ someone to work in your home, it is your responsibility to ensure you meet the employee's rights and deduct the correct amount of tax from their salary. This can include

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UK VAT claims by non-EU businesses

UK VAT claims by non-EU businesses

The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount of VAT that is refundable depends on

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HMRC writes to taxpayers in Wales

HMRC writes to taxpayers in Wales

HRMC has written to two million taxpayers in Wales concerning the introduction of the Welsh rates of Income Tax (WRIT) from 6 April 2019. The WRIT will be payable on the non-savings and

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Taxation of termination payments

Taxation of termination payments

In the 2016 Budget, the government announced that termination payments over £30,000 would be subject to employer National Insurance Contributions (NICs) from April 2018. In the 2017 Budget,

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Who can or cannot claim the Employment Allowance

Who can or cannot claim the Employment Allowance

The Employment Allowance of £3,000 per year is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the

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When you can utilise overlap relief

When you can utilise overlap relief

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which accounts are prepared annually, falls between 31 March and 5

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Statutory employee benefit pay to rise from April 2019

Statutory employee benefit pay to rise from April 2019

In a written ministerial statement, the government has announced the proposed new rates for Statutory Maternity Pay (SMP), Statutory Adoption Pay (SAP), Statutory Paternity Pay (SPP),

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Tax Diary December 2018/January 2019

Tax Diary December 2018/January 2019

1 December 2018 - Due date for Corporation Tax due for the year ended 29 February 2018. 19 December 2018 - PAYE and NIC deductions due for month ended 5 December 2018. (If you pay your tax

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When to report and pay Capital Gains Tax

When to report and pay Capital Gains Tax

The annual Capital Gains Tax (CGT) exemption for individuals is £11,700 for 2018-19. A husband and wife each benefit from a separate exemption. Same-sex couples who acquire a legal status as

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Inheritance Tax if you live abroad

Inheritance Tax if you live abroad

The Inheritance Tax rules can be difficult to fathom when an expat or another person with connections to the UK living outside the country dies. The liability to Inheritance Tax in the UK

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Claim tax relief for job related expenses

Claim tax relief for job related expenses

Employees who use their own money to buy things they need for their job can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost

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Coding out debts deadline

Coding out debts deadline

The coding threshold entitles taxpayers to have tax underpayments collected via their tax code, provided they are in employment or in receipt of a UK-based pension. The coding process

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Pension automatic enrolment changes

Pension automatic enrolment changes

Automatic enrolment for workplace pensions encourages many employees to start making provision for their retirement with employers, and as a bonus, government also contributes to their

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New advisory fuel rates published

New advisory fuel rates published

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

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VAT - FRS limited cost trader

VAT - FRS limited cost trader

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

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CGT and investment clubs

CGT and investment clubs

Investment clubs are loosely defined as a group of people who get together to buy and sell shares on the stock market with a view to making a profit. An investment club does not have any

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Tax on savings interest

Tax on savings interest

In the current tax year, anyone with taxable income of less than £16,850 will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for

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Claim £2,500 broadband voucher

Claim £2,500 broadband voucher

The Gigabit Broadband Voucher Scheme was launched in March this year to help small businesses and local communities connect and gain access to full fibre superfast broadband speeds. The

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Options if you are owed money

Options if you are owed money

It can be very difficult for small businesses to know what options are available when their customers owe them money. This can arise when business owners are uncomfortable chasing a debt for

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What is a Personal Tax Account?

What is a Personal Tax Account?

Personal Tax Accounts (PTAs) were launched in 2015 and works as an online resource to allow taxpayers to review and update their details in real time. For many routine requests and services

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HMRC promotes tax saving opportunities

HMRC promotes tax saving opportunities

To mark the occasion of Talk Money Week, HMRC has published a news release trumpeting five tax saving opportunities. Whilst these tax saving opportunities are routinely available to many

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