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Industry News

Outdoor measures to be made permanent

Outdoor measures to be made permanent

Temporary measures that have given a huge boost to high streets and hospitality during the pandemic could be made permanent following a public consultation launched in September 2021. From

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Budget date announced

Budget date announced

The Chancellor of the Exchequer, Rishi Sunak has confirmed that the next UK Budget will take place on Wednesday, 27 October 2021. This will be the Chancellor’s third Budget and the first one

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Pension triple-lock abandoned for one year

Pension triple-lock abandoned for one year

The government has confirmed that its triple-lock guarantee on pensions is to be abandoned for one year. The guarantee was first introduced in 2010 and has remained in place until now. This

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Capped social care costs from October 2023

Capped social care costs from October 2023

The government has announced new plans to cap social care costs in England from October 2023. This change is expected to see the introduction of a new £86,000 cap on care costs across an

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Dental Associates tax status update

Dental Associates tax status update

HMRC has, for many years, accepted that associate dentists are generally treated as self-employed. These agreements have been approved by the British Dental Association (BDA) and the Dental

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Class 1 NIC changes extend to Class 1A contributions

Class 1 NIC changes extend to Class 1A contributions

It is important to bear in mind that the 1.25% increase in National Insurance contributions (NICs) for 2022-23 will apply to National Insurance Class 1 and Class 4 contributions from April

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Do tax-payers need to register for Self-Assessment

Do tax-payers need to register for Self-Assessment

There are a number of reasons why a taxpayer needs to complete a Self-Assessment return. This includes if they are self-employed, a company director, have an annual income over £100,000 and

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Gender pay gap reporting to commence from 5 October

The Equality and Human Rights Commission (EHRC) confirmed in February 2021 that enforcement action against employers for failing to report their gender pay gap data for the last reporting

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Using your Personal tax accounts

Using your Personal tax accounts

HMRC’s Personal tax accounts (PTAs) were launched in 2015. The service works as an online resource to allow taxpayers to review and update their details in real time. For many routine

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Claiming a tax refund

Claiming a tax refund

If you think that you have paid too much tax to HMRC you can usually claim back any overpaid tax. The exact method for making a claim depends on a number of factors including whether or not

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Child benefit when child turns 16

Child benefit when child turns 16

Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August on or after a child’s 16th Birthday. Under qualifying circumstances, the

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Deadline for notifying an option to tax (VAT) land and buildings

Deadline for notifying an option to tax (VAT) land and buildings

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that

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Back to school – help with childcare costs

Back to school – help with childcare costs

As children have returned to school, HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for breakfast and after school clubs. The TFC scheme can

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National Insurance increase to fund NHS and social care

National Insurance increase to fund NHS and social care

The Prime Minister announced increases in National Insurance Contributions (NIC) of 1.25% from April 2022, to contribute to increases in the NHS and social care budgets. The increases will

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Dividend tax increase announced

Dividend tax increase announced

The 1,25% increase in NIC contributions from April 2022 will be mirrored by a similar increase in the tax charge on dividends. From April 2022, the dividend tax increases will apply as

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Claiming CGT Gift Hold-Over relief

Claiming CGT Gift Hold-Over relief

Gift Hold-Over Relief is effectively a deferral of Capital Gains Tax (CGT) when assets are given away (including certain shares) or sold for less than they are worth to help benefit the

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Tax relief on charitable donations

Tax relief on charitable donations

If you are a higher rate or additional rate taxpayer, you are eligible to claim relief on the difference between the basic rate and your highest rate of tax. The charity you donate to can

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How to deal with tax appeals

How to deal with tax appeals

There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. It is important to note that not all decisions by HMRC can be appealed against. There is

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Tax treatment of incentive award schemes

Tax treatment of incentive award schemes

Companies use incentive award schemes to encourage their employees in various ways. For example, to sell more of their own goods and services. The award can be in various forms including

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Income excluded from UK property business

Income excluded from UK 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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Scope and legal basis of VAT

Scope and legal basis of VAT

The scope and legal basis of how VAT is charged on taxable supplies is defined as follows in the VAT Act 1994: VAT shall be charged on any supply of goods or services made in the United

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Tax Diary September/October 2021

Tax Diary September/October 2021

1 September 2021 - Due date for Corporation Tax due for the year ended 30 November 2020. 19 September 2021 - PAYE and NIC deductions due for month ended 5 September 2021. (If you pay your

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Reporting travel and subsistence benefits

Reporting travel and subsistence benefits

There is no requirement to report certain routine expenses to HMRC. The types of expenses and benefits covered are referred to as exemptions and have replaced dispensations which can no

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Covering pension contributions with unused allowances

Covering pension contributions with unused allowances

The annual allowance for tax relief on pensions is currently set at £40,000. The annual allowance is further reduced for high earners. This means that if your income is in excess of £240,000

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