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If you sell residential property in the UK, with a few exceptions, you must file a ‘UK Land Return’ within 30 days of completion and pay the Capital Gains Tax (CGT) due. We are finding that clients are not being advised of this by their solicitors, so if you are…
The Government is committed to encouraging more and more people to drive electric cars and have reduced or eliminated the income tax benefits of providing electric company cars or charging points for employees. Since 6 April 2019 there has been no taxable benefit for employees where they use an electric…
In the Budget on 3rd March, the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1st April 2021 and 31st March 2023. However, it now transpires that this tax relief is only available to limited companies, with the latest Finance Bill revealing…
‘Small’ businesses will be outside the new IR35 obligations that we posted about on 5th February this year. Such organisations will continue to use the current IR35 rules, with the worker and his own company self-assessing whether the rules apply to the contract they have with their client. The definition…
Reports to HMRC of possible furlough fraud have doubled in recent months. The Furlough scheme has protected 11.4 million jobs, costing £57 billion of Chancellor Rishi Sunak’s total bailout plan of £352 billion. Reports of potential fraud on this and other COVID support schemes such as the ‘bounce’ back’ loan…
From April 2023 a holiday home will only be liable for business rates and potentially qualify for Small Business Rates Relief (SBRR) and that it is actually let as holiday accommodation for a minimum number of days. Homeowners need to have evidence of this starting from April 2022.
In the current crisis, it appears that young people in particular are being hit hard on the employment front, leaving many of them susceptible to ‘easy-to-earn’ cash scams. Criminals are targeting 21 to 30 year olds through social media, jobs websites and scam e-mails to recruit ‘money mules’ to help…
In the March Budget an emergency extension to the ‘loss carry back’ rules from one year to three years was put in place by the Government, allowing businesses in ‘troubled waters’ due to the pandemic to claim tax refunds, helping to mitigate losses. Incorporated businesses (including those with de facto…
With the prices for puppies increasing so drastically through the pandemic and some breeds fetching price tags as high as £3,000, HMRC is now reviewing the sale of litters for potential tax revenue. As has been mentioned in a previous post, you can make up to £1,000 profit a year…
PLEASE NOTE THAT THIS INFORMATION IS ONLY RELEVANT IF YOU PROCESS A PAYROLL.IF WE PROCESS YOUR PAYROLL, THE BELOW WILL BE TAKEN CARE OF SO THERE IS NOTHING FOR YOU TO DO. As the 2020/21 Tax Year draws to a close, there are important points that need to be taken…