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06-05-2021
Reminder to look out for tax credit renewal packs

Reminder to look out for tax credit renewal packs

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 ... read more

06-05-2021
Mobile phone exempt costs

Mobile phone exempt costs

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 ... read more

06-05-2021
COVID support grants that are taxable

COVID support grants that are taxable

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 ... read more

06-05-2021
CIS – types of work and businesses affected

CIS – types of work and businesses affected

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 ... read more

06-05-2021
Impact of residence and domicile

Impact of residence and domicile

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 ... read more

06-05-2021
Cryptoassets for individuals - taxes that apply

Cryptoassets for individuals - taxes that apply

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 ... read more

05-05-2021
Debt respite scheme launched

Debt respite scheme launched

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 ... read more

29-04-2021
Tax Diary May/June 2021

Tax Diary May/June 2021

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 ... read more

29-04-2021
End to COVID-19 adjusted right to work checks

End to COVID-19 adjusted right to work checks

The government has confirmed, in its updated guidance on carrying out right to work checks during the coronavirus pandemic, that the temporary COVID-19 adjusted right to work check process will come to an end on 16 May 2021. This temporary process, ... read more

29-04-2021
New self-build initiative

New self-build initiative

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 ... read more

29-04-2021
Tax on savings interest

Tax on savings interest

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 ... read more

29-04-2021
Tax-free capital gains

Tax-free capital gains

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 ... read more

29-04-2021
VAT – transfer as a going concern

VAT – transfer as a going concern

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 ... read more

29-04-2021
Restarting a dormant or non-trading company

Restarting a dormant or non-trading company

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, ... read more

29-04-2021
Changing the terms of a salary sacrifice arrangement

Changing the terms of a salary sacrifice arrangement

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 ... read more

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