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Industry News

ICO issues notices of intention to fine BA and Marriott

ICO issues notices of intention to fine BA and Marriott

Following an extensive investigation, the Information Commissioner’s Office (ICO) has announced that it has issued a notice of its intention to fine British Airways (BA) £183.39

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Reminder to sign up for Making Tax Digital before August

Reminder to sign up for Making Tax Digital before August

VAT registered businesses with a turnover above the VAT threshold, need to be ready to keep digital records for VAT purposes using Making Tax Digital (MTD). This means that businesses must

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Will you have to repay Child Benefit for 2018-19?

Will you have to repay Child Benefit for 2018-19?

The High Income Child Benefit charge 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

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Be wary of 60% Income Tax charge

Be wary of 60% Income Tax charge

For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any

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Tax simplification for self-employed

Tax simplification for self-employed

The Office of Tax Simplification (OTS) was established in July 2010 to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a new document

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Rules for off-payroll working from April 2020

Rules for off-payroll working from April 2020

The rules for individuals providing services to the public sector via an intermediary such as a Personal Service Company (PSC) changed from April 2017. The new rules shifted the

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Corporate Capital Loss Restriction

Corporate Capital Loss Restriction

Under current rules up to 100% of chargeable gains can be set against carried-forward capital losses. For accounting periods ending on or after 1 April 2020, large companies and

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Draft legislation for Finance Bill 2019-20

Draft legislation for Finance Bill 2019-20

The Government has published the draft legislation for Finance Bill 2019-20, along with accompanying explanatory notes, tax information and impact notes, responses to consultations and other

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Reminder to renew your tax credit claim

Reminder to renew your tax credit claim

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2019. Claimants who do not renew on-time may have their payments

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Home to work travel that may be allowed

Home to work travel that may be allowed

Whilst there is usually no tax relief for ordinary commuting - home to work - there are a number of exceptions. The term 'ordinary commuting' is defined to mean travel between a

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Its still possible to claim 100% tax allowance for electric vehicles

Its still possible to claim 100% tax allowance for electric vehicles

First Year Allowances (FYA’s) are available for expenditure on new unused electric vehicles and other cars within the threshold for low CO2 emissions. Businesses can claim FYA of 100%

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When you can’t reclaim VAT

When you can’t reclaim VAT

For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means that businesses must consider where there is any personal or private use of

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Disposal of goodwill – capital or income

Disposal of goodwill – capital or income

The First-Tier Tribunal (FTT), in the case of Villar v Revenue and Customs examined whether the disposal of goodwill was capital or income in nature. The taxpayer in this case was a renowned

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OpRA’s defined

OpRA’s defined

The Optional Remuneration Arrangements (OpRA) legislation was introduced with effect from 6 April 2017. The legislation counters the tax and NIC advantages of benefits where an employee

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Loss buying restrictions

Loss buying restrictions

Under qualifying circumstances, Corporation Tax (CT) relief is available where your company makes a trading loss. The trading loss can be used by offsetting the loss against other gains or

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Changes to the Employment Allowance

Changes to the Employment Allowance

It was announced as part of the Autumn Budget 2018 measures that access to the Employment Allowance was to be restricted. From 6 April 2020, the £3,000 NIC Employment Allowance will

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New guidance on cookies published

New guidance on cookies published

The Information Commissioner's Office (ICO) has published new guidance on the use of cookies and similar technologies, as well as an associated blog. The guidance looks at cookies and

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New cyber security guidance published

New cyber security guidance published

The National Cyber Security Centre (NCSC) has published guidance to help small to medium sized organisations prepare their response to, and plan their recovery from, a cyber incident. The

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Reducing penalties for late disclosure of income

Reducing penalties for late disclosure of income

You can use the Digital Disclosure Service (DDS), if you need to make a voluntary disclosure of income or other taxable events that have not previously been reported to HMRC. Other current

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Advising HMRC of changes in your personal details

Advising HMRC of changes in your personal details

If your personal details change, you may be required to notify HMRC as this can affect your entitlement to certain tax breaks and or benefits. For example, you need to tell HMRC if: you

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Tax payment time again

Tax payment time again

If you make Self-Assessment payments on account, you will no doubt be aware that the second instalment for 2018-19 is due on 31 July 2019. The amount due for payment is usually the same as

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How HMRC measure the profits of different trades

How HMRC measure the profits of different trades

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

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HMRC security deposits

HMRC security deposits

The security deposit legislation was extended to both Corporation Tax and Construction Industry Scheme (CIS) deductions from April 2019. The security deposit regime allows HMRC to obtain

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House of Commons summer recess

House of Commons summer recess

The House of Commons summer recess has been confirmed after parliament voted 223 to 25 in favour of the move. This means that the House will rise on Thursday 25 July and return on Tuesday 3

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