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More about Debt Relief Orders
23/04/2019 - More...
Last week we posted that it is over 10 years since Debt Relief Orders (DROs) were first introduced in April 2009. This week we have fleshed out the details of who can claim and some of the restrictions that apply. What is a DRO? A DRO is a special way of dealing with debts available to those with minimal assets and low income. If an

Maternity pay explained
23/04/2019 - More...
How much maternity leave can you take? If you work as an employee and become pregnant you are eligible to take up to 52 weeks of statutory maternity leave. This is made up of 26 weeks of ordinary maternity leave plus an extra 26 weeks of additional maternity leave. If you give the correct notice period to your employer this means you are

How to register as self-employed
23/04/2019 - More...
Are you self-employed? HMRC’s guidance says that you are probably self-employed if you: run your business for yourself and take responsibility for its success or failure; have several customers at the same time; can decide how, where and when you do your work; can hire other people at your own expense to help you or to do the

Dealing with property income losses
23/04/2019 - More...
Where a property business makes a loss, the loss can usually be carried forward and set against future rental business profits. HMRC’s guidance is clear that any losses made in one rental business, cannot be carried across to any other rental business the customer carries on at the same time in a different legal capacity. There is

VAT and transfer of business as a going concern
23/04/2019 - More...
The transfer of a business as a going concern (TOGC) rules concern the VAT liability on 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. However, where the sale of a business includes assets and meets certain conditions, the sale will

Corporation Tax for non-resident companies
23/04/2019 - More...
Non-resident companies with a trading business in the UK are liable to pay UK Corporation Tax on their profits made through a permanent establishment/branch or agency. If the non-resident company is deemed liable to pay Corporation Tax, then its chargeable profits are: any trading income arising directly or indirectly through or from

VAT registration thresholds
23/04/2019 - More...
HMRC’s VAT Notice 700/1: should I be registered for VAT? has recently been updated. The update reflects the fact that the taxable turnover threshold, that determines whether businesses should be registered for VAT has been frozen at £85,000 from 1 April 2019. In addition, the taxable turnover threshold that determines whether

Making an EU VAT refund claim
23/04/2019 - More...
The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The exact rules of what VAT is refundable depends on the other countries' rules for claiming input tax. It is important to note that VAT incurred in foreign countries can never be reclaimed on

Tenth anniversary of first Debt Relief Order
16/04/2019 - More...
Debt Relief Orders (DROs) were first introduced in April 2009. The DROs assist people who have small levels of assets and insufficient surplus income to deal with debts under £20,000. In a news release published by the Insolvency Service we are told that in the last 10 years, more than 254,000 DROs have been approved for people with debts

Estate Agents targeted
16/04/2019 - More...
HMRC has launched an unannounced crackdown on money laundering regulation non-compliance by estate agents. This clampdown resulted in over 50 visits by HMRC staff to estate agents across England that were suspected of trading without being registered as required under money laundering regulations. This crackdown includes targeting those

Job related expenses you can claim against your tax
16/04/2019 - More...
If you are an employee and use your own money to buy things that you need for your job, you may be able to claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items that are used solely for your work. There is no tax relief available if your employer pays you back in full for an item

Welsh Income Tax takes effect
16/04/2019 - More...
The start of the 2019-20 tax year marked a fundamental change to the way Income Tax is calculated for people who live in Wales. The new Welsh rates of Income Tax (WRIT) are payable on the non-savings and non-dividend income of those defined as Welsh taxpayers. The revenue from the WRIT will go to the Welsh Government. The UK government

Let Property Disclosure Campaign
16/04/2019 - More...
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities, whether due to misunderstanding the tax rules or because of deliberate tax evasion. The campaign was launched in

Outline of special rules for use of vouchers and credit tokens
16/04/2019 - More...
HMRC’s Employment Income Manual is clear that there are special rules when an employee receives goods or services by reason of their employment, that the employee does not pay for in full. The first step should always be to consider whether a voucher or credit-token was used to obtain them. Any non-cash vouchers, for example gift

What is domicile?
16/04/2019 - More...
Domicile is a general legal concept which in basic terms is taken to mean the country where you permanently belong. However, determining domicile status can be complex. In fact, HMRC guidance states that domicile cannot be defined precisely, but the concept rests on various basic principles. Every individual must have a domicile at all

The VAT concept of business
16/04/2019 - More...
The VAT system is policed by HMRC and there can be heavy penalties for breaches of the legislation. There are four conditions that must be satisfied in order for an activity to be within the scope of UK VAT. These conditions are that the activity: is a supply of goods or services that the supply takes place in the UK is made by a

New guidance on the impact of Brexit on workplaces
15/04/2019 - More...
Acas has published new general guidance to assist employers and employees in understanding the impact that Brexit may have in their workplace and it gives advice regarding the steps they may want to take before the UK leaves the EU. It advises that EU membership can impact workplaces in several ways, such as: providing goods and

Right to work checks for EU nationals after Brexit
10/04/2019 - More...
The government has published new guidance which confirms that, once the UK leaves the EU and whether this is with a deal or not, there will be no change to the way EU, EEA and Swiss citizens prove their right to work until 1 January 2021. Irish citizens will continue to have the right to work in the UK and prove their right to work as

Capital expenditure for property businesses
10/04/2019 - More...
There are different rules which apply to different types of capital expenditure for a property business. One of the main areas to consider in deciding whether a repair is a deductible expense is whether it is revenue or capital. Capital expenditure cannot be deducted in computing the profits of a property business, however there are

Dormant assets scheme expanded
09/04/2019 - More...
Under the current scheme, banks and building societies transfer the money held in dormant accounts to a central reclaim fund. The reclaim fund is responsible for managing dormant account money, meeting reclaims and passing on surplus money to various charities for reinvestment in the community. The original account holder retains the

Latest advice from government if we leave the EU
09/04/2019 - More...
Although the EU have now extended the deadline to agree the withdrawal agreement - to 31 October 2019 - there is still a chance we will exit with a no-deal outcome. In a pamphlet recently published by the government we are provided with some important areas to consider if we leave the EU without a deal. For example, any UK business that

Child Benefit Tax Charge
09/04/2019 - More...
The High Income Child Benefit charge applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving child benefit either by reducing or removing the benefit entirely. If you or your partner have exceeded the £50,000 threshold for the first

Late filing penalty notices delayed
09/04/2019 - More...
In an agent update published earlier this year HMRC wrote that as part of EU Exit contingency planning, a change would be made to the timings for sending notification of Self Assessment penalties. The £100 penalty notices are normally issued in February but HMRC suggested that they might be delayed as late as the end of April. It has now

Corporation Tax loss relief for losses carried forward
09/04/2019 - More...
Corporation Tax relief may be available where your company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same or previous accounting period. The loss can also be set against future qualifying trading income. Any

 

Latest News

More about Debt Relief Orders
23/04/2019 - More...
Last week we posted that it is over 10 years since Debt Relief Orders (DROs) were first introduced in April 2009. This

Maternity pay explained
23/04/2019 - More...
How much maternity leave can you take? If you work as an employee and become pregnant you are eligible to take up to 52

How to register as self-employed
23/04/2019 - More...
Are you self-employed? HMRC’s guidance says that you are probably self-employed if you: run your business for

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