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Industry News

Breathing space to help those in debt

Breathing space to help those in debt

HM Treasury has confirmed that the new 'breathing space' scheme to help those with problem debts will become operational next year. The scheme will provide legal protections from

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Scottish Income Tax rates announced 2020-21

Scottish Income Tax rates announced 2020-21

Public finance minister Kate Forbes delivered her first Budget statement to the Scottish Parliament on 6 February 2020. This followed the shock resignation of finance minister, Derek

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Still time to utilise annual tax-free allowance

Still time to utilise annual tax-free allowance

We would like to remind our readers that there is still time to use the annual exemption for Capital Gains Tax (CGT). In the current 2019-20 tax year, this amounts to £12,000. This

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Checking your NIC records

Checking your NIC records

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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Review occupancy for Holiday Lets owners

Review occupancy for Holiday Lets owners

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 holiday

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Change to off-payroll working rules

Change to off-payroll working rules

A welcome change to the implementation of the new off-payroll working rules has been announced. The Government has confirmed that the changes that come into effect April 2020 will not be

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Gifts to spouse or charity

Gifts to spouse or charity

There is usually no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. However, the gift is still treated as a disposal that has taken place for CGT

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Statutory payment rates 2020/21 confirmed

Statutory payment rates 2020/21 confirmed

Following the government policy paper published in January 2020, announcing the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay

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Draft regulations to increase the National Minimum Wage published

Draft regulations to increase the National Minimum Wage published

The draft National Minimum Wage (Amendment) Regulations 2020 have been laid before Parliament and are due to come into force on 1 April 2020. The regulations will increase the various rates

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Still time to plan for tax year 2019-20

Still time to plan for tax year 2019-20

As the deadline for submitting your 2018-19 tax return has passed, now is a good time to focus on the 2019-20 tax year. It is important to carry out an annual review and ensure that you have

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Changes to NIC from April 2020

Changes to NIC from April 2020

The Chancellor, Sajid Javid, has confirmed that a Conservative manifesto promise to increase the National Insurance contributions (NIC) thresholds to £9,500 will apply from April 2020.

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Farm payments during the transition period

Farm payments during the transition period

The Chancellor recently announced that the level of funding for direct payments for farmers would continue for 2020 at the same rate as 2019. This has now been confirmed by the Department

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Travel to EU during transition period

Travel to EU during transition period

For the time being, travel between the EU and UK continues as before. This means that if you have any travel plans to the EU during the rest of 2020 you can expect the pre-Brexit withdrawal

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Did you miss the Self-Assessment deadline?

Did you miss the Self-Assessment deadline?

Are you among the over 958,000 taxpayers that missed the 31 January 2020 filing deadline for 2018-19 Self-Assessment returns? If you missed the filing deadline you will be charged a

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Points to consider during transition period

Points to consider during transition period

Now that the formal Brexit withdrawal agreement is agreed, there will be changes to the rules for living, working, travelling and doing business in the UK and EU. These changes are expected

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Reminder of important CGT change from April 2020

Reminder of important CGT change from April 2020

A major change to the way Capital Gains Tax (CGT) is reported and paid will come into effect from 6 April 2020. Currently, the usual due date for paying any CGT owed to HMRC on property

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Reviewing clients using VAT Flat Rate Scheme

Reviewing clients using VAT Flat Rate Scheme

If you have clients that have been adversely affected by the new 'limited cost trader' test that was introduced on 1 April 2017, you should consider whether it will be more

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Tax Diary February/March 2020

Tax Diary February/March 2020

1 February 2020 - Due date for Corporation Tax payable for the year ended 30 April 2019. 19 February 2020 - PAYE and NIC deductions due for month ended 5 February 2020. (If you pay your tax

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New tax deadline for property sales

New tax deadline for property sales

The 6 April 2020 will see a seismic change in the deadline for UK residents that sell a residential property when Capital Gains Tax (CGT) on the sale is due. Currently, the due date for

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Reminder to keep company records

Reminder to keep company records

A recent County Court case serves as an important reminder to comply with the requirements to preserve and maintain proper company accounting records. The case concerned a fast food takeaway

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Brexit coin issued

Brexit coin issued

The Government has announced that a new 50 pence coin entered into circulation on 31 January to mark the UK’s departure from the European Union. The new coin, which was unveiled by the

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Importing from EU after 31 January 2020

Importing from EU after 31 January 2020

HMRC has published a useful list to help businesses be prepared to import goods from the EU to the UK after the 31 January 2020 Brexit date. In the short-term there will be a transition

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Exporting goods to EU after 31 January 2020

Exporting goods to EU after 31 January 2020

In tandem with the list for importing goods, HMRC has published a useful list to help businesses be prepared to export goods from the UK to the EU after the 31 January 2020 Brexit date. In

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Transporting goods out of the UK by road to or through the EU

Transporting goods out of the UK by road to or through the EU

HMRC has published a useful list to help businesses transport goods commercially when driving from the UK to or through Europe. In the short-term there will be a transition period during

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