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Industry News

HMRC strike causes CIS delays

HMRC strike causes CIS delays

Some 400 HMRC helpline service advisers who are members of the Public and Commercial Services (PCS) Union have been on strike intermittingly since 10 May 2023. These strikes are by staff

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Help to Save extended to April 2025

Help to Save extended to April 2025

HMRC has confirmed that plans to extend the Help to Save scheme by 18 months, until April 2025 have been confirmed. The Help to Save scheme is intended to help those on low incomes to boost

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New employment rights for parents and carers

New employment rights for parents and carers

Three new pieces of legislation that received cross party support were granted Royal Assent on 24 May 2023. The Neonatal Care (Leave and Pay) Act 2023: This new Act will allow for up to

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Selling your home – taxes to pay

Selling your home – taxes to pay

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief

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Selling all or part of your company

Selling all or part of your company

If you are selling your company, there are important actions you must take to properly finalise your affairs. Please note that this is not an exhaustive list, and it is important to check

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Can a charity claim Gift Aid?

Can a charity claim Gift Aid?

Charities can claim Gift Aid on donations made by eligible taxpayers. This can boost donations by an extra 25% if the donor makes a Gift Aid Declaration (GAD). To claim Gift Aid, charities

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Involuntary “give-aways”

Involuntary “give-aways”

If you sell services, rather than supply goods, this usually involves you providing advice for a fee. If your advice is sought after, the amount you can charge for your service(s) may be

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Claim a tax refund for work expenses

Claim a tax refund for work expenses

HMRC has issued a press release to remind employees that may be able to claim a claim tax relief for bills they pay that are related to their employment. The most recent figures show that

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New patents service

New patents service

The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, trade marks and copyright. The

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Gift aid tax benefits

Gift aid tax benefits

The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This

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Residence affects Income Tax in UK

Residence affects Income Tax in UK

There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the UK. Where this is the case, the question arises as to whether or not the taxpayer is

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Clearance to secure exempt distribution status

Clearance to secure exempt distribution status

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be subject to Income Tax. If certain conditions are met, the payment

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Transfer of Business as a Going Concern

Transfer of Business as a Going Concern

The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable

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Action to contain cost of living pressures – groceries

Action to contain cost of living pressures – groceries

The Competition & Markets Authority has issued an update on the action it is taking to ease price rises in grocery bills. In their press release issued on 15 May 2023, the CMA said: As

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The importance of being interested

The importance of being interested

Conversation takes a turn for the worse if you have an opinion that your client has no idea how to solve their problem(s) and all they need to do is listen to your solution. And you may be

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HMRC interest rates increase again

HMRC interest rates increase again

The Bank of England’s Monetary Policy Committee (MPC) met on 10 May 2023 and voted 7-2 in favour of raising interest rates by 25 basis points to 4.5% in a move to try and continue to tackle

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Filing deadline for share scheme operators

Filing deadline for share scheme operators

There are a number of government approved share schemes which offer tax advantages to employees. The approved schemes are Share Incentive Plans (SIPs), Save As You Earn (SAYE) schemes,

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Check your NIC record

Check your NIC 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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Consultation on taxation of cryptoasset loans

Consultation on taxation of cryptoasset loans

In April 2022, the government announced a package of measures intended to make the UK a global cryptoasset technology hub. One of the issues raised at the time concerned the tax treatment of

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Capital Gains during separation and divorce

Capital Gains during separation and divorce

The Capital Gains Tax (CGT) rules that apply during separation and divorce changed for disposals that occur on or after 6 April 2023. These changes extended the period for separating spouses

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Tax on public transport season tickets

Tax on public transport season tickets

There are certain tax rules that it is important to be aware of where you pay for the public transport costs of your employees. The provision of public transport costs include: season

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Tax by stealth

Tax by stealth

There is a plausible link between a rise in tax payments if tax rates increase or if tax allowances and reliefs fall. But what happens if there is no change in tax rates or allowances? In

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Tax Diary June/July 2023

Tax Diary June/July 2023

1 June 2023 - Due date for corporation tax due for the year ended 31 August 2022. 19 June 2023 - PAYE and NIC deductions due for month ended 5 June 2023. (If you pay your tax electronically

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Monthly chores for CIS contractors

Monthly chores for CIS contractors

The Construction Industry Scheme (CIS) is a set of special rules covering tax and national insurance for those working in the construction industry. Businesses in the construction industry

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