13-11-2019
Increase in National Living Wage?
An independent review into the evidence on minimum wage rates has been published by the government. The review concludes that increases in the National Living Wage (NLW) have … read more
13-11-2019
Employing staff for the first time
There is a multitude of rules and regulations that you must be aware of when you start employing staff for the first time. A full examination of the rules is beyond the scope of … read more
13-11-2019
Basic business structures
It is important to be aware of the main basic business structures available if you are considering starting a new business. There are three commonly used forms of business … read more
13-11-2019
HMRC’s tax app
A free HMRC tax app is available to taxpayers.
The APP can be used to see:
your tax code and National Insurance number
an estimate of the tax you need to pay
your income and … read more
13-11-2019
Tax when partnership assets are distributed in kind
Partnerships are treated as transparent for Capital Gains Tax (CGT). This means that each partner is responsible for their share of any capital gains arising on the disposal of … read more
13-11-2019
Furnished holiday let qualifying tests
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for certain tax purposes.
In order to qualify as a … read more
13-11-2019
Waivers of remuneration
A waiver of remuneration happens when a director or an employee gives up their right to salary or other cash remuneration and gets nothing in return. Where the employee gets a … read more
13-11-2019
Last chance to claim enhanced capital allowances
There is a special scheme known as the enhanced capital allowances (ECA) scheme for energy-saving technologies. The ECA scheme enables a business to claim accelerated tax relief … read more
06-11-2019
Finance Bill 2019-20 shelved
The Government’s draft finance bill has been shelved as we countdown to the general election on 12 December 2019. The consultation on the draft legislation has closed, but … read more
06-11-2019
What is a negligible value claim?
A negligible value claim is a claim made by a taxpayer when an asset they own has become of negligible value, i.e. it is worthless or worth next to nothing. The taxpayer … read more
06-11-2019
Employing someone to work in your home
When you employ someone to work in your home, it is your responsibility to meet the employee's rights and deduct the correct amount of tax from their salary. This can include … read more
06-11-2019
Interest on children’s savings
All children in the UK have their own personal annual tax allowance. However, anti-avoidance laws prevent this allowance being utilised by parents of children aged under 18 with … read more
06-11-2019
Transfer of business as a going concern
The transfer of a business as a going concern (TOGC) rules cover the VAT implications when a business is sold. Normally the sale of the assets of a VAT registered or VAT … read more
06-11-2019
What is a joint venture?
A joint venture is a commercial enterprise undertaken by two or more parties who otherwise retain their separate identities. The parties to the joint venture usually bring together … read more
06-11-2019
The meaning of ‘goodwill’ for CGT purposes
The meaning of goodwill for CGT purposes is complex. The term 'goodwill' is rarely mentioned in legislation and there is no definition of 'goodwill' for the … read more
31-10-2019
Tax Diary November/December 2019
1 November 2019 – Due date for Corporation Tax due for the year ended 31 January 2019.
19 November 2019 – PAYE and NIC deductions due for the month ended 5 November 2019. (If you … read more
29-10-2019
Coding out debts deadline
You can have tax underpayments collected via an adjustment to your PAYE tax code, provided you are in employment or in receipt of a UK-based pension. The coding adjustment applies … read more
29-10-2019
Just under 100 days to go
HMRC has published a news release to remind you that there is now less than 100 days to file your 2018-19 tax return. Last year over 11.5 million taxpayers were required to … read more