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12/05/2021 More...

Travel options for going abroad are slowly starting to reopen. From 17 May 2021, international leisure travel from England will no longer be illegal but strict border control measures remain in place. There are 3 different levels of restrictions for travelling abroad and returning to the UK based on traffic light system designation of...

12/05/2021 More...

The Jobseeker’s Allowance (JSA) is a benefit for those usually aged over 18 who are either not working or who are currently working less than 16 hours per week. Applicants must be capable of working and actively looking for work. There are three different types of JSA. However, two of these JSAs, the contribution based JSA and...

12/05/2021 More...

There are a number of ways a director can extract money from their limited company. The money can usually be withdrawn in one or more of the following ways. For most directors, the optimum way to minimise personal tax liabilities will be using a combination of these methods. Salary, expenses and benefits Dividends Director’s...

12/05/2021 More...

There are special rules concerning the liability to IHT on a transfer made during a person's lifetime. Most gifts made during this period are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. The gifts or transfers achieve their potential exempt status if the...

12/05/2021 More...

When VAT registered traders issue an invoice to a customer, they must seek to ensure that the correct rate of VAT is charged. Whilst most businesses in the UK charge VAT at the standard rate of 20% there are a number of different VAT rates and exemptions that need to be observed. In the UK, there are three separate VAT rates, the...

12/05/2021 More...

There are special procedures for importing goods into the UK. Following the end of the Brexit transition period, the process for importing goods from the EU effectively mirrors the process for all other international destinations. Businesses, especially those that only trade with EU, should be aware of the rules and be working...

10/05/2021 More...

As lockdown is being eased and opportunity to holiday opens, we felt it might be useful to set out bank holiday dates for the UK regions for the rest of this year. England and Wales - 2021 Date Day Holiday 31 May Monday Spring bank holiday 30 August Monday Summer bank holiday 27...

10/05/2021 More...

The instructions to tax your car on the GOV.UK website is reproduced below: To tax your car, motorcycle or other vehicle you will need to use a reference number from: a recent reminder (V11) or ‘last chance’ warning letter from DVLA your vehicle logbook (V5C) - it must be in your name the green ‘new keeper’ slip from a logbook if...

05/05/2021 More...

HMRC has begun sending the annual tax credit renewal packs to some 2.5 million tax credit claimants and is encouraging recipients to renew their tax credits claim online. The packs are being sent out over the next 6 weeks and should be with recipients by 4 June 2021. A renewal is required if the pack has a red line across the first page...

05/05/2021 More...

When an employee incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. This includes costs for phones provided to employees and reimbursement of employee’s own phone costs. As a rule, the provision of one mobile phone to a director or employee for private...

05/05/2021 More...

We would like to remind readers that existing legislation is in place to ensure that COVID support grants are treated as taxable income in the same way as other taxable receipts. The grants are treated as income where the business is within the scope of either Income Tax or Corporation Tax. This treatment extends to the Self-Employment...

05/05/2021 More...

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. The CIS covers all construction work carried out in the UK, including jobs such as: site preparation alterations dismantling construction repairs decorating demolition Exceptions to...

05/05/2021 More...

HMRC’s online guidance note for residence, domicile and the remittance basis: RDR1 is intended for UK residents and non-residents and covers the residence, domicile and remittance basis rules from 6 April 2013 and onwards. For most taxpayers, it will be clear whether they are resident in the UK. However, for taxpayers with complex...

05/05/2021 More...

In most cases, individuals hold cryptoassets (such as Bitcoin) as a personal investment, usually for capital appreciation in its value or to make purchases. They will be liable to pay Capital Gains Tax when they dispose of their cryptoassets. This includes: selling tokens exchanging tokens for a different type of cryptoasset using...

04/05/2021 More...

A new scheme, aptly named Breathing Space, was launched 4 May 2021. Breathing Space will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts. Under the scheme, people will be given legal protections from their creditors for 60 days,...

28/04/2021 More...

1 May 2021 - Due date for Corporation Tax due for the year ended 30 July 2020. 19 May 2021 - PAYE and NIC deductions due for month ended 5 May 2021. (If you pay your tax electronically the due date is 22 May 2021). 19 May 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2021. 19 May 2021 - CIS tax...

28/04/2021 More...

In a surprise weekend announcement, the Housing Secretary Robert Jenrick has revealed new plans for £150 million of funding to make it easier and more affordable for people to build their own homes. The new “Help to Build” low deposit mortgage scheme will help self and custom home building become a realistic option to get...

28/04/2021 More...

If you have taxable income of less than £17,570 in 2021-22 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570 personal allowance. However, it is important to note that if your total non-savings income...

28/04/2021 More...

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2021-22 is £12,300. Whilst most taxpayers are aware of their annual tax-free allowance and the exemption for the qualifying sale of the family home there are...

28/04/2021 More...

The transfer of a business as a going concern (TOGC) rules concern the VAT liability of the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where the sale of a business includes assets and meets certain conditions the sale will be...

28/04/2021 More...

HMRC must be informed when a non-trading or dormant company starts trading again and becomes active for Corporation Tax. Companies can use HMRC Online Services to supply the relevant information. When a company has previously traded and then stops, it would normally be considered as dormant. A company can stay dormant indefinitely,...

28/04/2021 More...

A salary sacrifice arrangement is effectively an agreement to reduce an employee’s entitlement to cash pay, usually in return for a non-cash benefit. This can include items such as company cars, childcare vouchers and additional employer pension contributions. The tax and NIC advantages of certain benefits provided as part of a salary...

21/04/2021 More...

One of the measures announced at the Budget was the introduction of a new Mortgage Guarantee Scheme to help home buyers purchase property. The scheme was officially made available from Monday, 19 April 2021. The new scheme is designed for prospective home buyers who only have a small deposit and are therefore unable to obtain mortgage...

21/04/2021 More...

The new Recovery Loan Scheme was launched on 6 April 2021. The new scheme allows businesses of any size to access loans and other kinds of finance between £25,000 and £10 million. The scheme will remain open until 31 December 2021 (subject to review). The scheme is intended to provide further support to businesses to help them recover...

 

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