21-10-2021
Self-Assessment filing deadlines
The 2020-21 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2021. The tax deadline for submitting online returns is 31 January 2022. Late … read more
21-10-2021
Claiming tariff quotas to reduce import duties
Tariff quotas are a special mechanism for importing limited supplies of specific goods at a lower rate of customs duty than would normally apply. The quotas usually apply to … read more
21-10-2021
Transport restrictions eased
The government has announced plans to introduce a temporary extension to road haulage cabotage rules to alleviate pressures with the supply chain due to lorry driver shortages and … read more
21-10-2021
VAT Margin Scheme bad debt relief
The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer … read more
21-10-2021
Haulage company charged with loan fraud
An interesting case has seen a haulage company based in the West Midlands have their operator licence revoked. This followed a public inquiry into the company by the traffic … read more
21-10-2021
Payments received after company is dissolved
Any assets or rights (but not liabilities) remaining in a company at the date of dissolution will pass to the Crown as ownerless property. This happens under what is known as ‘bona … read more
14-10-2021
Have you claimed your Child Trust Fund cash?
Young persons who turned 18 on or after 1 September 2020 may have cash waiting in a dormant Child Trust Fund (CTF) account. This could be as much as or more than £1,000. The actual … read more
14-10-2021
Letting agencies and the Money Laundering Regulations
HMRC is responsible for the money laundering supervision of certain businesses including letting agencies. Businesses that HMRC is responsible for supervising should be aware of … read more
14-10-2021
Don’t miss out on this tax allowance
If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,220 from HMRC. The marriage allowance is available to … read more
14-10-2021
What goods are eligible for the margin scheme?
There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to account for VAT on their profit margin i.e., on the difference between the cost of … read more
14-10-2021
Valuing property for ATED
The Annual Tax on Enveloped Dwellings (ATED) is a tax payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions … read more
14-10-2021
Getting prepared to use Freeport customs sites
In the Spring Budget earlier this year, the chancellor announced that eight Freeport locations would be created in England. The Freeports will be in the East Midlands Airport, … read more
07-10-2021
£500m support for vulnerable households
The government has launched a new £500 million package of support for vulnerable households. The new Household Support Fund will be used to help those most in need with essentials … read more
07-10-2021
Hospitality trades temporary reduction in VAT has expired
The temporary reduced rate of 5% for hospitality, holiday accommodation and attractions that came into effect in July 2020 ended on 30 September 2021.
However, the government had … read more
07-10-2021
Raising capital using the EIS
The Enterprise Investment Scheme (EIS) has been designed to increase investment in the early development of high potential growth businesses. Companies seeking EIS investment are … read more
07-10-2021
Reporting grants received to HMRC
Most COVID support grants are treated as taxable income in the same way as other taxable receipts and need to be reported to HMRC. The grants are treated as income where the … read more
07-10-2021
Tax and termination payments
The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions … read more
07-10-2021
£500 million Plan for Jobs Expansion
The Chancellor, Rishi Sunak, has announced a £500 million expansion of the Plan for Jobs as part of his speech delivered to the party faithful at the Tory annual conference in … read more