HMRC clarify pre-registration of VAT policy

2nd December 2016

HMRC have recently published Brief 16 (2016), entitled Treatment of VAT incurred on assets that are used by the business prior to VAT registration. Broadly, the brief aims to clarify when, and to what extent, VAT is deductible and what to do if the correct treatment has not been applied.

Employment Allowance consultation launched

2nd December 2016

HMRC have launched a technical consultation on proposals to restrict the Employment Allowance (EA) from employers of 'illegal workers'. The consultation is open for comments until 3 January 2017.

Voluntary living wage increase takes effect

2nd December 2016

The official living wage rate has increased by 20p per hour to £8.45 an hour (£9.75 in London), which is higher than the UK-wide official National Living Wage for those over 25, currently set at £7.20, while those under 25 must be paid the national minimum wage (NMW).

Caps on income tax relief

2nd December 2016

In general terms, providing a business is undertaken on a commercial basis with a view to making a profit, tax relief should be available for trading losses incurred. It is usually possible to offset the loss against other taxable income from the same year, or the previous year.

December tax questions and answers

2nd December 2016

December tax questions and answers

Restriction of tax relief on finance costs for individual landlords

31st October 2016

New provisions will take affect from April 2017, which will see tax relief for finance costs on residential properties being gradually restricted over a period of three years, until, by 2020/21, all financing costs incurred by a landlord will be restricted to the basic rate of income tax.

NMW increases take effect

31st October 2016

New rates for the National Minimum Wage (NMW) took effect from 1 October 2016, and employers must ensure that they implement them accordingly.

Help-to-Save

31st October 2016

The Savings (Government Contributions) Bill is currently making its way through Parliament, having had its second reading in the House of Commons on 17 October 2016.

Self-assessment and disclosure

31st October 2016

Finance Act 2016, which became law on 15 September 2016, contains provisions designed to help clarify the time allowed for making a self-assessment.

November tax questions and answers

31st October 2016

November's tax question and answers.

New PSC register requirements take effect

1st June 2016

From 6 April 2016, all unlisted UK companies, limited liability partnerships (LLPs), or societas europaea (SEs) are required to maintain a register of the people who have significant control over them.

OTS examines potential for new trading vehicle

1st June 2016

The Office of Tax Simplification (OTS) recently published a series of recommendations following its simplification review of small company taxation.

HMRC go live with Verify identity authentication

1st June 2016

Gov.uk Verify, the online service taxpayers will need to use to prove their identity before accessing HMRC's digital services and other government online services, is now live.

Free pension advisory services to be merged

1st June 2016

Pension Wise, the free advice service set up to promote and advise on pensions reform and annuity freedoms, is to be merged with other publically funded advice services on pensions, to create a single website and advisory service.

June Questions and Answers

1st June 2016

June Questions and Answers

New credit card payment fees take effect

28th April 2016

Clients may be interested to know that HMRC have introduced a new schedule of fees, which apply from 1 April 2016, and replace the former 1.5% fee.

HMRC on house due diligence

28th April 2016

HMRC have published a consultation document covering proposals to introduce a fulfilment house due diligence scheme.

New student loan plans take effect

28th April 2016

Repayment of student loans is a shared responsibility between the Student Loans Company (SLC) and HMRC.

Companies to be liable for employees who facilitate tax cheating

28th April 2016

Plans to introduce a criminal offence for corporations who fail to stop their staff facilitating tax evasion.

May Questions and Answers

28th April 2016

May Tax Question and Answers

April Questions and Answers

31st March 2016

April 2016 tax question and answers.

Practical Implications of the dividend tax allowance

29th February 2016

The new rules governing the taxation of dividends are set to take effect in relation to dividends received after 5 April 2016.

Personal Savings Allowance Update

29th February 2016

From 6 April 2016, the personal savings allowance (PSA) will allow basic rate taxpayers to receive up to £1,000 of savings income tax-free.

Landlords' Replacement Wear and Tear Allowance

29th February 2016

Capital allowances are not available for expenditure on furniture and furnishings for use in dwelling houses.

March Questions and Answers

29th February 2016

March 2016 tax question and answers.

Stamp Duty Land Tax (SDLT) on additional properties

29th January 2016

Proposals to bring in higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties are expected to be finalised in time for the forthcoming Spring Budget on 16 March 2016.

HMRC prepare for National Living Wage (NLW)

29th January 2016

The government has recently launched its campaign to promote the introduction of the new national living wage (NLW), which will take effect from 1 April 2016.

Simplification of VAT MOSS for small businesses

29th January 2016

HMRC Brief 4/2016 entitled VAT MOSS - simplifications for businesses trading below the VAT registration threshold, outlines simplifications available to businesses trading below the UK's VAT registration threshold (currently £82,000) that make supplies of digital services (telecommunications, broadcasting or electronically supplied services) to consumers in other EU member states.

Could EA exemption be avoided?

29th January 2016

The Chartered Institute of Taxation (CIOT) has recently warned that Government plans to exclude one-person businesses from claiming the national insurance Employment Allowance (EA) from April 2016 will be too easy to dodge.

February Questions and Answers

29th January 2016

February 2016 tax question and answers.

Making Tax Digital: Launch of PTAs

4th January 2016

As part of a £1.3bn investment to transform HMRC into one of the most digitally advanced tax administrations in the world, HMRC have published a report and discussion paper setting out how new procedures for interacting with HMRC and paying tax will be implemented under the Making Tax Digital banner.

VAT Partial Exemption Changes Following Le Credit Lyonnais

4th January 2016

In Brief 22/15 HMRC confirm changes to the VAT Regulations 1995 to ensure that UK law is aligned with EU law following the decision of the European Court of Justice (ECJ) in the case Le Credit Lyonnais (C-388/11). The changes take effect from 1 January 2016.

2016 Fuel and Van Benefit Rates Set

4th January 2016

The Van Benefit and Car and Van Fuel Benefit Order 2015 (SI 2015/1979) comes into force on 31 December 2015 and takes effect for the tax year 2016-17 and subsequent tax years.

Introducing Innovative Finance ISAs

4th January 2016

From 6 April 2016, a new type of Individual Savings Account (ISA) will be launched - the Innovative Finance ISA.

January Questions and Answers

4th January 2016

January Question and Answers.

Tax-efficient savings for children

1st September 2015

There are a number of ways to save or invest for children - some accounts are tax-efficient but rigid, others are often flexible but liable to tax.

The future for intermediaries

1st September 2015

The Summer Budget 2015 contained an announcement that the government is to consult on proposals to improve the effectiveness of the existing intermediaries legislation, commonly known as IR35.

When tips are taxable

1st September 2015

Confusion often arises regarding tips and gratuities as the tax and NIC treatment depends on how they are paid to the recipient.

Paying inheritance tax

1st September 2015

Various rules exist for determining the time for payment of inheritance tax (IHT).

September Question & Answer's

1st September 2015

September Question & Answer's

Tax-free Childcare

30th July 2015

Tax-free childcare is part of the government's long-term plan to support working families and will provide up to 1.8m families across the UK with up to £2,000 of childcare support per year, per child, via a new online system.

Rent a Room

30th July 2015

In the Summer Budget 2015, the government announced that the level of rent-a-room relief will be increased from the current level of £4,250 to £7,500 from April 2016.

Help to Buy ISAs

30th July 2015

The new help-to-buy ISA, which is expected to be available from Autumn 2015, will enable first-time buyers to save up to £200 a month towards their first home.

Employment Allowance

30th July 2015

The Summer Budget 2015 contained two announcements affecting the employment allowance (EA).

August Questions and Answers

30th July 2015

August Tax Questions and Answers

Tax Reconciliation

1st July 2015

HMRC has started the tax reconciliation process for the majority of taxpayers who are taxed under PAYE.

RTI penalties

1st July 2015

Employers are supposed to be warned in advance that a penalty for a late PAYE report is due.

Reasonable Excuse

1st July 2015

If you have received a penalty for late filing of your personal tax return it is possible to get it cancelled if certain conditions are met.

VAT on Pre-trading Expenses

1st July 2015

When you register your business for VAT you can reclaim the VAT charge on goods you acquired within the previous four years, and on services provided to your business within the last six months.

July Question and Answer's

1st July 2015

July Question and Answer's

Make the Best of Allowances

1st June 2015

As the sole owner/director of your company you face a dilemma over how to extract income from that company.

Non-resident Capital Gains Tax

1st June 2015

If you are involved with sales of UK residential property where the buyer or seller is tax-resident outside of the UK, you need to be aware of a new tax that came into effect on 6 April 2015: non-resident CGT (NR CGT).

EIS Assurance

1st June 2015

The Enterprise Investment Scheme (EIS) provides some very attractive tax incentives for investors who subscribe for shares in small companies.

Staff Clothes

1st June 2015

If you provide clothes for your staff to wear at work you need to be aware of the tax and VAT implications which may vary according to the items provided.

June Question and Answer's

1st June 2015

June Question and Answer's

Forms P11D and P9D

1st May 2015

The forms P11D and P9D need to be submitted to HMRC by 6 July 2015 where expenses or benefits were provided to your employees in 2014/15, which are not covered by a dispensation, or are not otherwise exempt from tax.

Cancelling VAT or VAT-MOSS Registration

1st May 2015

If you registered for UK VAT in order to operate VAT-MOSS for your overseas sales of digital services to non-business customers, you may now find that the administration for such sales is just not worth the hassle.

ATED Reporting

1st May 2015

The annual tax on enveloped dwellings (ATED) now applies to residential properties worth over £1m that are owned by a company, or a partnership with one or more corporate members, or in some cases a unit trust.

Auto-enrolment Exemptions

1st May 2015

Have you received a letter from The Pension Regulator (TPR) telling you to "ACT NOW" to prepare for auto-enrolment? The letter gives you just a few weeks to nominate a contact to receive communications about auto-enrolment, with the threat of fines or prosecution if you don't take action.

Salary, dividend or pension contribution?

2nd March 2015

When you work for your own company you can decide how much salary to pay yourself, how much to pay into your pension fund, and what proportion of the remaining profits to take as a dividend.

RTI penalties

2nd March 2015

Last month we warned you about the penalties coming into effect for late filed RTI reports.

Child benefit claw-back

2nd March 2015

If you or your spouse/partner claim child benefit, and at least one of you has adjusted net income of £50,000 or more for the year, the highest earner must declare the benefit on their tax return in order to pay back part or all of the child benefit as a tax charge.

Company cars

2nd March 2015

Does your company still own or lease the car you use for private journeys?

March Questions and Answers

2nd March 2015

Tax questions and answers for March.

VAT Benchmarking

3rd February 2015

HMRC are currently writing to around 7,500 furniture retailers and car repair businesses asking the owners to check the figures reported on their VAT returns.

Supporting the Sick

3rd February 2015

It is such a pain when a key employee is off sick. You are required to pay that person statutory sick pay (SSP) once he or she has been absent from work for four days.

RTI Reports and Penalties

3rd February 2015

Real time information (RTI) was supposed to make the reporting of PAYE easier for employers, but it has introduced more filing deadlines, and new penalties for missing those deadlines.

Holiday Pay

3rd February 2015

There has been some panic whipped up in the media about employers having to pay vast amounts of back-dated holiday pay to employees who regularly get paid for overtime.

February Questions and Answers

3rd February 2015

February tax questions and answers.

VAT Moss new guidance

5th January 2015

On 1 January 2015 the VAT law changed for electronic services that are supplied digitally to non-business customers.

Incorporation of a business

5th January 2015

When a business incorporates and transfers its trade and assets to a company controlled by the seller, the assets must be transferred at open market value for tax purposes.

Shared parental leave and pay

5th January 2015

Where a child is due to be born (or adopted) on or after 5 April 2015, its parents will be entitled to share the 52 weeks of maternity leave and 39 weeks of maternity pay or maternity allowance which is currently available only to the mother.

Solicitors disclosure

5th January 2015

As a qualified solicitor you need to be very careful not to make mistakes on your tax returns, as a tax investigation could do serious harm to your professional reputation.

January Questions and Answers

5th January 2015

January Questions and Answers

2014 Autumn Statement - Update

12th December 2014

We recently sent you our Autumn Statement summary. Draft legislation has now been published and we are enclosing further information with more detail on specific areas which we thought you might find helpful in answering any queries your clients may have.

Cash Basis

3rd December 2014

From 6 April 2013 you can use two "simplifications" to make accounting easier for your unincorporated businesses: the cash basis and fixed rate deductions.

R&D Enhanced Deductions

3rd December 2014

Companies (not unincorporated businesses), can claim enhanced deductions for qualifying costs they incur on research and development (R&D) projects.

Let Property - Repairs or Improvements

3rd December 2014

If you let out residential property you need to know whether you can receive a tax deduction for the cost of replacing or repairing furniture and fittings provided inside that property.

Let Property - Furniture and Fittings

3rd December 2014

When your property is fully furnished you can claim a wear and tear allowance (10% of the net rents), each year to cover the cost of replacing furniture and furnishings such as carpets and curtains.

December Questions and Answers

3rd December 2014

Tax questions and answers for December.

Pensions Death Tax

31st October 2014

Currently if you die before you have started to draw your pension, the value of your pension fund will not usually be subject to inheritance tax (IHT) at 40%, as it is excluded from your estate.

Taskforce at Large

31st October 2014

HMRC has set up specialist tax investigation teams to concentrate on recovering unpaid tax from particular business sectors or as a result of tax fraud.

National Insurance Contributions

31st October 2014

It seems that HMRC is trying to gather every penny in tax and national insurance contributions (NIC), from every possible source.

Mini One Stop Shop (MOSS)

31st October 2014

This sounds like a friendly retail outlet where you might buy a pint of milk on a Sunday evening. In fact it is short-hand for the online portal which UK businesses should use from 2015 to account for VAT they owe in respect of digital services provided to customers in other EU countries.

November Questions and Answers

31st October 2014

November question and answers

Creating Extra Cash-flow

30th September 2014

Could your creative company benefit from a boost to its cash flow? If it produces computer games, films, high-end TV or animation programmes, it may qualify for a new payable tax credit.

Understanding the CIS

30th September 2014

If you are a contractor in the construction industry it is essential that you deduct the right amount of Construction Industry Scheme (CIS) tax from payments you make to subcontractors.

VAT on International Services

30th September 2014

When you sell services to businesses in other countries, the sale will generally be outside the scope of UK VAT. You don't charge VAT on your invoice, but you need to report the value of that sale as part of the total in box 6 on your VAT return.

Scottish Taxes

30th September 2014

The Scottish people have spoken and the majority have decided they want Scotland to remain part of the UK. However, that doesn't mean everything will remain the same.

October Questions and Answers

30th September 2014

Relevant questions and answers for October.

Late Filing Penalties

27th August 2014

From 6 October 2014 the HMRC computer will automatically issue you with a penalty if you submit your full payment submission (FPS) under RTI "late", or don't submit it at all for a month in which you paid your employees.

Redress Payments

27th August 2014

Was your business mis-sold an interest rate hedging product (IRHP) by its bank?

VAT On Multi-products

27th August 2014

Most products and services are subject to standard rate VAT at 20%, but some products are zero-rated (VAT applied at 0%), while others, e.g. rent for certain buildings, are exempt from VAT.

Travel Question

27th August 2014

If you contract through your own personal service company (PSC), you will be an employee of that company and you have to obey the strict tax rules that apply to employees' travel deductions when claiming expenses from your PSC.

September Questions and Answers

27th August 2014

September Questions and Answers

Accelerated Payments

1st August 2014

The Taxman now has the power to demand tax from you if you have used a registered tax avoidance scheme, or if he thinks the tax scheme you have used is similar to one that has been judged to fail by a Court or Tribunal.

Maximising Statutory Maternity Pay

1st August 2014

Paying statutory maternity pay (SMP) is not optional. It must be paid if your employee qualifies, but the good news is that a small business can recover 103% of the SMP paid from HMRC.

Commission Refunds

1st August 2014

If you invest through a firm of financial advisers, you may well receive a repayment of commission from that firm each year.

EC Sales Lists

1st August 2014

If your business is VAT registered and you sell goods or services into other European countries you must generally also submit an additional form to the Government called an EC Sales List (ESL also known as form VAT101).

August Questions and Answers

1st August 2014

Tax questions and answers for August 2014.

Real Time Information (RTI) Penalty Notices

1st July 2014

As an employer you may have received an RTI penalty warning letter accusing you of not submitting all of the RTI returns required for 2013/14.

VAT on Digital Services

1st July 2014

Do you sell digital services such as: music or software downloads, e-books or online videos? If so, do you know where your customers are, and whether they are businesses or individuals?

PAYE Reconciliations

1st July 2014

If most of your income is taxed under PAYE (Pay As You Earn) you may soon receive a reconciliation of the income tax you have paid compared to the amount that was due to be paid for 2013/14.

July Questions and Answers

1st July 2014

July Tax Questions and Answers

Marginal Tax Rates

29th May 2014

What rate of tax would you pay on an additional £1 of earnings? If your annual income is between £41,865 and £150,000 you may think the tax rate would be 40%, but the peculiarities of the UK tax system mean you could pay much more.

Real Time Information (RTI) Interest

29th May 2014

In the past some employers would play the PAYE system, holding on to the PAYE deductions until the last payment date of the year, and then paying the balance due before interest was charged.

VAT and Discounts

29th May 2014

Do you offer prompt payment discounts to your customers - known as PPDs?

Auto-enrolment

29th May 2014

Auto-enrolment is the term for the law that requires all employers to register their employees into a qualifying workplace pension scheme.

June Questions and Answers

29th May 2014

Question & Answers for June

Second Incomes

28th April 2014

The Taxman is reaching out to employees with second incomes; which could be anything from selling home-made items, to working as a self-employed consultant.

Second Homes

28th April 2014

If you have more than one home, - properties actually used as your home - you can elect for one of those properties to be your tax-exempt main home.

Tax Nudge

28th April 2014

A "nudge" in this context is a piece of advice or an arrangement designed to encourage you pick the option the Government wants to you to choose, such as contributing to a pension, or eating healthier foods.

Flat Rate VAT

28th April 2014

The flat rate VAT scheme for small businesses is designed to reduce administration hassle for the businesses that use it, not to reduce the amount of VAT the business pays over to HMRC, but that is often a side effect of using the scheme.

May Question & Answer

28th April 2014

May Q&A's

May Key Tax Dates

28th April 2014

May Key Tax Dates.

Salary and Dividend Strategy 2014/15

1st April 2014

As a director and shareholder of your own company you can decide how much salary to pay yourself each month in order to use your tax-free personal allowance in the most tax efficient way.

Salaried Members of LLPs

1st April 2014

Do you operate your business as an LLP? If you do, you need to be aware of the change in tax treatment of certain LLP members from 6 April 2014.

Cross-border Services

1st April 2014

You may have heard that the price of electronic books and music will rise on 1 January 2015.

Search for Landlords

1st April 2014

In our March newsletter we told you about HMRC's let property campaign (LPC) which aims to nudge landlords into confessing undeclared rental income.

April Question and Answer Section

1st April 2014

April Question and Answer Section

April Key Tax Dates

1st April 2014

April Key Tax Dates

Pensions clock is ticking

1st April 2014

A guest blog from Rob Grinter at Mark David HR Ltd: Pensions clock is ticking

Real Time Information (RTI) Penalties

27th February 2014

HMRC has experienced significant problems in reconciling amounts of PAYE due from employers, to the amounts reported under real time information (RTI).

Business Journeys

27th February 2014

A number of self-employed businesses have been waiting for a tax case to be decided which turned on the question of "what is a business journey?"... Read more

Let Property Campaign

27th February 2014

The taxman has launched another 'confess your tax sins' campaign aimed at individuals who have failed to declare rental income they have received from residential properties.

VAT on Books and Leaflets

27th February 2014

There is no VAT on printed books, booklets, newspapers, and leaflets. Well there is, - its zero-rate VAT, so the customer pays no VAT, but the supplier can reclaim the VAT it pays on purchases.

March Question and Answer's

27th February 2014

March Question and Answer's

March Key Tax Dates

27th February 2014

March Key Tax Dates

CGT on Home Developments

30th January 2014

Your main home is exempt from capital gains tax when you sell it, but only if you bought the property with the intention of living in it on a permanent basis, not as a project to renovate and sell.

Non-Resident Landlords

30th January 2014

If you leave the UK and let your property here, your letting agent (or the tenant where there is no agent) should deduct basic rate (20%) tax from the rents paid after deduction of certain expenses, under the non-resident landlord scheme (NRL).

VAT Penalties

30th January 2014

If you pay your VAT late to HMRC, even one day late, your card will be marked for a VAT penalty called a 'default surcharge'.

IHT Relief on Business Assets

30th January 2014

Inheritance tax (IHT) is payable at 40% on the net value of the assets you own when you die, plus (to a certain extent) on the value of the gifts you made in the seven years before you die.

February Question and Answer's

30th January 2014

February Question & Answer's

February Key Tax Dates

30th January 2014

Key tax dates in February

New RTI Relief

8th January 2014

Have you been struggling to send full payment summary (FPS) reports under RTI to HMRC on or before the days on which your employees are paid? T

Capital Allowances on Fixtures

8th January 2014

There are a number of capital allowance claims firms targeting businesses which have recently bought or sold commercial property.

Disguised Employment

8th January 2014

The Government is cracking down on situations in which workers are treated as self-employed for tax purposes, and hence pay low amounts of NICs, but from the outside they appear to act as employees. The following changes in the tax law are proposed to block the use of 'self-employed' workers working through LLPs or who are hired-out through employment agencies.

Partly-exempt Businesses

8th January 2014

If your business supplies some goods or services which carry VAT, and other items which are exempt from VAT (such as charitable events and financing), the business is likely to be partly-exempt for VAT purposes.

January Question and Answer Section

8th January 2014

January Question and Answer's

January Key Tax Dates

8th January 2014

January Key Tax Dates

December Question and Answer Section

29th November 2013

December Question and Answer's

RTI Penalties Around The Corner

29th November 2013

This tax year (2013/14) is the first year in which the majority of employers have submitted their PAYE data using real time information (RTI). HMRC has not yet imposed penalties for late RTI submissions made within the tax year, but that is about to change.

EFRBS Settlement

29th November 2013

If you have used an 'EFRBS' (employer financed retirement benefit scheme) since 2006, you should shortly expect to receive a letter from the Taxman. This will allow you to pay tax which may have been avoided by using the ERFBS.

VAT Due Payment Date

29th November 2013

When must your VAT payment reach HMRC? The correct answer is: seven days after the end of the month following the end of your VAT quarter. Not seven working days, seven calendar days.

Loans to Reduce IHT

29th November 2013

Have you used a loan to reduce the inheritance tax (IHT) which may be due when you die? A common IHT planning technique has been to take out a mortgage on the family home and use those borrowed funds to invest in assets that qualify for 100% exemption from IHT, such as farmland or shares quoted on the AIM stock market. The loan reduces the value of home subject to IHT, and the assets acquired don't attract an IHT charge.

Using the SEIS

29th October 2013

The seed enterprise investment scheme (SEIS) is designed to help small companies raise modest amounts of funding (up to £150,000).

Earn-out Payments on Business Sales

29th October 2013

When you sell a business, you may receive some of the consideration up front and another payment later if the business meets certain targets, that later payment is called an 'earn-out'.

VAT and Indirect Exports Change

29th October 2013

When you export goods to a country outside the EU the goods are 'zero-rated' for VAT purposes, which means you do not apply VAT to the value of the goods.

New RTI Messages

29th October 2013

Real time information (RTI) is all about one-way communications with HMRC.

October Question and Answer

29th October 2013

October Question and Answer

November Key Tax Dates

29th October 2013

November Key Tax Dates

New Employee Shareholder Status

27th September 2013

The Government thinks that employees who own shares in their employing company feel more involved in that business and hence are happy and loyal employees.

Contractor Loan Schemes

27th September 2013

Have you taken part in a contractor loan scheme? This is a tax saving scheme which was widely sold to workers in personal service industries, such as IT contractors.

Child Benefits When Turn 16

27th September 2013

If you have a child aged 16, check whether you are still receiving all the child benefit and child tax credits you expect to.

VAT on Sale of Commercial Buildings

27th September 2013

When purchasing or selling a commercial property one of the first things to establish is whether VAT will be applied to the price of the property.

October Question and Answer's

27th September 2013

October Question and Answer's from Newsletter

October Key Tax Dates

27th September 2013

October Key Tax Dates

Resurfacing - Repairs or Capital?

3rd September 2013

Any business owner whose property includes a road, driveway, or parking area, will have to repair those surfaces at some point. The question is whether to charge the costs to 'repairs' or to 'capital improvements' in the accounts.

New ATED Charge

3rd September 2013

The annual tax on enveloped dwellings (ATED) came into effect on 1 April 2013. This new tax applies to residential properties in the UK worth over £2 million, which are owned by a non-natural person, such as a company, trust or partnership that includes a company as a member.

VAT on Storage Change

3rd September 2013

The law on whether VAT must be charged on storage facilities changed from 1 October 2012. Before that date if you let out space for storage to individuals or businesses, that service could be exempt from VAT, if you had not elected for the whole building to be subject to VAT (AKA: 'opted to tax'). Since October 2012, if you are VAT registered, you generally need to charge VAT at 20% on the supply of storage areas..

Pension Lifetime Allowance

3rd September 2013

The Government want us to save enough so we can each draw an adequate pension in retirement, but if you save too much you will be stung with a 55% tax charge when you draw your pension. The boundary between 'enough' and 'too much' savings is set in law by the lifetime allowance, which is a value of your total pension savings at retirement. This allowance will be reduced from £1.5 million to £1.25 million on 6 April 2014.

September Question and Answer Section

3rd September 2013

Question and Answers for September

September Key Tax Dates

3rd September 2013

Tax Dates for September

August Question and Answer Section

31st July 2013

Tax questions and answers from August

VAT Mistakes

31st July 2013

If your company makes a deliberate VAT mistake, which results in less VAT being paid over to HMRC than is correctly due, you as the director of that company can be issued personally with a penalty.

RTI for Seasonal Workers

31st July 2013

Have you taken on casual workers this summer? Perhaps you are paying piece-rates for the amount of produce picked or packed by each person.

Self-billing Change

31st July 2013

The procedure of 'self-billing' is frequently used in the publishing and construction sectors, where a large business customer engages lots of smaller businesses as suppliers (eg authors or subcontractors).

My Tax Return Catch-up

31st July 2013

The Taxman has launched a campaign to persuade tardy taxpayers to submit their over-due tax returns for 2011/12 or earlier years.

Expenses and Benefits Reporting

27th June 2013

The deadline for submitting the annual returns of expenses and benefits (forms P11D and P9D) to HMRC is 6 July 2013.

Research and Development Claims

27th June 2013

Did you know there is a tax relief for companies which invent stuff? The process of inventing and solving the associated problems is called research and development (R&D). Companies can more than double the tax deduction given for the costs of R&D, and potentially get a refund of PAYE and NICs paid.

RTI Relaxation Extended

27th June 2013

The temporary relaxation of the RTI reporting requirements for small employers has been extended to 5 April 2014. It was due to apply only until 5 October 2013.

Machine Games Duty

27th June 2013

If you run a pub or other establishment which contains gaming machines, you should have already registered to pay machine games duty (MGD), which replaced the amusement machine licence duty (AMLD) from 1 February 2013.

July Question and Answer Section

27th June 2013

July Question and Answer Section

July Key Tax Dates

27th June 2013

Important tax dates for July 2013.

June Questions and Answers

3rd June 2013

June Questions and Answers

Letting Business Tax Reliefs

3rd June 2013

The tax treatment of businesses which involve the letting of property is not consistent across all taxes and tax reliefs. It's not logical, but just because the letting business qualifies for one tax relief it will not necessarily qualify for an apparently similar tax relief.

RTI Growing Pains

3rd June 2013

The Taxman is also causing RTI pains for employers and employees by issuing duff data.

May Question and Answer Section

29th April 2013

May Question and Answer's

Don't Rely on HMRC VAT Advice

29th April 2013

If you are uncertain about whether you can make a claim for VAT you have incurred, or how to treat a certain transaction for VAT purposes, you could try searching the HMRC website for a solution to your query.

Beware Pension Liberation

29th April 2013

Have you been approached by firms that promise you instant cash from your pension fund? This known as pension liberation, and involves taking cash from your pension fund before you reach the retirement age set by your pension scheme.

Sleeping Partners and NI

29th April 2013

In the past sleeping partners and inactive partners didn't have to pay NI contributions on their partnership profits.

RTI Round Up

29th April 2013

Real time information (RTI) has had a bumpy start. In brief these are the major problems and work-arounds discovered so far.

RTI Relaxation

3rd April 2013

The real time information (RTI) system for submitting PAYE information to HMRC must be used by small employers for all pay days on and after 6 April 2013. However, at the last minute the Government has agreed to a temporary relaxation of one of the RTI reporting requirements for employers with fewer than 50 employees.

Loans to Participators Trap

3rd April 2013

The 2013 Budget announcements included a brief outline of how the law will be changed to tax loans taken out of owner-managed companies by the shareholders/directors (known as participators). We have now seen the draft legislation so we can give you further details of how the tax law will apply for loans or repayments made on and after 20 March 2013.

SEIS Investment Extension

3rd April 2013

The Budget also included an announcement of the extension of capital gains tax (CGT) relief.

Cash Basis for Small Businesses

3rd April 2013

The cash basis was also mentioned in the 2013 Budget announcements, but now we have some more details.

April Questions and Answers

3rd April 2013

April newsletter question and answer section.

Annual Payroll and RTI

28th February 2013

Under real time information (RTI) PAYE reporting, a Full Payment Submission (FPS) report is required to be made to HMRC every time an employee is paid, not just once after the end of the tax year as is currently the case. RTI will be compulsory for most employers from the first pay date following 6 April 2013.

Make the Losses Work

28th February 2013

The value of shares quoted on the stock market has risen recently. This may encourage you to sell some investments before the end of this tax year (5 April 2013) in order to use your annual capital gains exemption and to soak up any capital losses.

Room Hire and Vat

28th February 2013

The letting of land is exempt from VAT unless it falls into one of the many exemptions from the exemption for VAT. One of those exemptions to the exemption is where accommodation is provided in hotels, inns, boarding houses and similar establishments, including rooms provided for the purpose of catering, i.e. an eating and drinking occasion.

Self-Employed Travel Expenses

28th February 2013

If you are self-employed you may have a number of customers you go to regularly to work at their premises. This could apply to mobile hairdressers, cleaners, gardeners, and even medical professionals who work at private clinics

March Question and Answer Section

28th February 2013

March Question and Answer Section from our March Newsletter