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Industry News

Less is more – MTD regulations relaxed

Less is more – MTD regulations relaxed

Starting from April 2019, most VAT-registered businesses that have a taxable turnover over £85,000 are required to keep their VAT records digitally and use Making Tax Digital (MTD)

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Claim for money owed to you

Claim for money owed to you

If you are owed money by an individual or business, there is a procedure you can use called making a court claim. This was more commonly referred to as taking someone to a 'small claims

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Reasonable excuses for late payment or filing

Reasonable excuses for late payment or filing

There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. As a first step, it may be possible to make an appeal against a tax decision. There is

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VAT Margin Scheme on sales of vehicles

VAT Margin Scheme on sales of vehicles

A Margin Scheme is an optional method of accounting which allows certain businesses to calculate VAT based on the 'value' they add to the goods they sell, rather than on the full

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Pre-trading expenses for a rental business

Pre-trading expenses for a rental business

There are special rules for the pre-trading expenses of a rental business. If the expenses were in relation to a letting, then a deduction may be allowed where the following conditions are

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Companies eligible for Group Relief

Companies eligible for Group Relief

Corporation Tax relief may be available when a company or organisation makes a trading loss. Companies that are eligible for Group Relief can transfer losses and certain other deficits to

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Seed Enterprise Investment Scheme

Seed Enterprise Investment Scheme

The SEIS provides for extensive Income Tax and Capital Gains Tax (CGT) breaks for investors and this greatly encourages much needed seed capital in new businesses. The SEIS is most valuable

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The Pensions Regulator targets law-breaking employers

The Pensions Regulator targets law-breaking employers

Employers who flout their automatic enrolment pension duties are being targeted with short-notice inspections by The Pensions Regulator (TPR). TPR is using data to pinpoint specific

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Want to pay-off your student loan in full?

Want to pay-off your student loan in full?

Student Loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are

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Tax on a private pension you inherit

Tax on a private pension you inherit

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will

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CGT and chattels

CGT and chattels

A charge to Capital Gains Tax (CGT) usually arises after an asset is sold. However, there are special rules concerning the sale of certain personal assets that are worth considering. That

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Entrepreneurs’ relief minimum period increased from April 2019

Entrepreneurs’ relief minimum period increased from April 2019

Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital

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The scope of CGT incorporation relief

The scope of CGT incorporation relief

Where a taxpayer owns a business as a sole trader or in partnership, a Capital Gain will be deemed to arise if the business is converted into a company by reference to the market value of

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Employee Car Ownership Scheme (ECOS)

Employee Car Ownership Scheme (ECOS)

An Employee Car Ownership Scheme (ECOS) is a set of arrangements whereby employees acquire cars from a specified, often single source and within a specified financing framework. The use of

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HMRC phishing emails warning

HMRC phishing emails warning

HMRC continues to warn of the ever-present problem of fraudulent phishing emails. The emails typically look to obtain taxpayers personal and or financial information such as passwords,

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Using the Help to Save scheme

Using the Help to Save scheme

The Help to Save scheme for people on low incomes was launched in September 2018. The scheme allows those in work entitled to Working Tax Credit and in receipt of Working Tax Credits or

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Be Data Aware campaign

Be Data Aware campaign

The Information Commissioner's Office (ICO) has launched a new "Be Data Aware" campaign to help people understand how organisations might be using their personal data to target

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Landlords, time to consider your options?

Landlords, time to consider your options?

Two changes to the way Private Residence Relief works are due to come into effect from April 2020. These changes could reduce the amount of CGT relief available on the sale of a private

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Submitting P11Ds is just the start of your obligations

Submitting P11Ds is just the start of your obligations

We would like to remind employers that the deadline for submitting the 2018-19 forms P11D, P11D(b) and P9D is 6 July 2019. P11D forms are used to provide information to HMRC on all Benefits

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Last call, are you ready for revised digital filing of your VAT returns?

Last call, are you ready for revised digital filing of your VAT returns?

Most VAT registered businesses with a turnover above the VAT threshold need to be ready to keep digital records for VAT purposes, and to file their VAT returns, as required by the new Making

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Chargeable benefits from cheap loans

Chargeable benefits from cheap loans

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the

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How to treat post-cessation items if property business ceases

How to treat post-cessation items if property business ceases

There are special rules for the taxation of post-cessation receipts after a trade has ceased. The legislation clearly states that the person who receives or is entitled to the post-cessation

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What is a Close Company?

What is a Close Company?

A Close Company is broadly defined as a company that is controlled by: five or fewer participators or any number of participators who are also directors or where more than half the

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Child benefit payments

Child benefit payments

The weekly rates of child benefit for the only or eldest child in a family is currently £20.70 and the weekly rate for all other children is £13.70. These rates have remained

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