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News

New cashback scheme proposed
21/10/2020 - More...
The government has announced plans to allow customers to get cashback from shops without needing to make a purchase. At the moment, cashback is only available to those who buy goods. The new proposals have been put in place to help protect the UK’s cash system following a steady decline in the use of cash. This process has accelerated

Closing a limited company
21/10/2020 - More...
There are a number of reasons why you may decide to close your limited company. This could be because a limited company structure no longer suits your needs, your business is no longer active, or the company is insolvent. You will usually need the agreement of all the company’s directors and shareholders to close down the company. The

Brexit countdown importers
21/10/2020 - More...
As we have reported previously, the UK government has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has formally accepted this position. This means that the process for importing goods from the EU will change from 1 January 2021. HMRC has published

Brexit countdown exporters
21/10/2020 - More...
The Brexit transition period is due to end on 31 December 2020 and this means that the process for exporting goods to the EU will change from 1 January 2021. Current guidance published by HMRC states that from 1 January 2021, businesses will need to make customs declarations when exporting goods to the EU. This is what you currently have

Clock ticking on the Annual Investment Allowance
21/10/2020 - More...
The Annual Investment Allowance (AIA) allows for a 100% tax deduction on qualifying expenditure on plant and machinery to be deducted from your profits before tax. The relief is normally capped at £200,000 per annum but was temporarily increased to £1 million for a 2-year period from 1 January 2019 to 31 December 2020. This means that

Distributions in anticipation of striking off rules
21/10/2020 - More...
The Extra Statutory Concession (ESC) - C16 was a well-used extra-statutory concession that allowed company directors to treat final distributions as a capital disposal and close down their business in an efficient manner. ESC C16 was withdrawn in March 2012 and replaced by s1030A Corporation Tax Act 2010 (CTA 2010) provisions. This move

Starting rate of Income Tax for savings
21/10/2020 - More...
In the current tax year, anyone with taxable income of less than £17,500 will have no tax to pay on their savings income - 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 £12,500 personal allowance. However, this £5,000 starting rate

When you can or can’t use the VAT Cash Accounting Scheme
21/10/2020 - More...
Under standard VAT accounting, VAT is payable on sales whether or not the customer has paid and can lead to a claim for Bad Debt Relief. Under the Cash Accounting Scheme, VAT does not need to be paid over until the customer has paid. A business can enter this scheme provided their estimated VAT taxable turnover for the next VAT year is

New financial support measures announced
21/10/2020 - More...
The Chancellor, Rishi Sunak, has delivered his third major statement to the House of Commons in less than a month. This followed the Winter Economy Plan on 24 September and further announcements on 9 October that expanded the scope of the Job Support Scheme and introduced new grants for businesses forced to close because of local or

Gaming behind the wheel?
19/10/2020 - More...
Unbelievably, it has been illegal to make phone calls or text while driving a car, but not illegal to play games or take photos. Clearly, this loophole is begging to be closed and new legislation proposed, 17 October 2020, will aim to do just that. A Government announcement says: People using a hand-held mobile phone in all

Last orders please…
18/10/2020 - More...
From 1 January 2021, UK businesses that export, import or transport goods to and from the EU will need to comply with a number of new regulations. Inevitably, some will fall short and these will create delays, in your goods reaching EU customers, the goods of EU suppliers reaching you, and transport drivers spending more time than is

New Freeports to cope with Brexit
14/10/2020 - More...
The government is moving ahead with plans to build free trade zones - known as Freeports - across Britain after Brexit. Freeports are a special kind of port where normal tax and customs rules do not apply. In their place, simplified customs procedures and duty suspensions on goods applies. The initiative would allow firms to import

Students warned of tax scams
14/10/2020 - More...
HMRC is warning new students starting university that they could be targeted by scammers trying to steal their money and personal details. As new students start the academic year they can be particularly vulnerable to tax scams. Coupled with an increase in remote working due to the pandemic can leave students particularly exposed to the

Applying for Green Homes Grants
14/10/2020 - More...
Home owners and landlords in England can apply for a grant to make their home more energy efficient. The Green Homes Grant will cover at least two-thirds of the cost up to £5,000 per household. For low income households these grants will cover all costs up to £10,000. The scheme runs until 31 March 2021. The Green Homes Grants provides

New three-tier COVID-19 alert levels
14/10/2020 - More...
On 12 October, the Prime Minister announced the introduction of a new three-tier system of local COVID-19 alert levels across England. The new system sets the levels at medium, high and very high based on local transmission rates. The legislation to write the new three-tier system into law was approved by Parliament on 13 October

Are your construction clients ready for reverse charge changes?
14/10/2020 - More...
New VAT rules for building contractors and sub-contractors come into effect from 1 March 2021. The new rules will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge will only apply to supplies of specified construction services to other businesses

Companies House warn of delays in postal submissions
14/10/2020 - More...
Company filing deadlines were extended for companies with filing deadlines between 27 June 2020 and 5 April 2021. Companies House is warning of delays in postal submissions and have said it is taking much longer than usual to process paper documents, forms and letters sent by post. Accounts filed on paper need to be manually checked and

Donating land, property or shares to a charity
14/10/2020 - More...
There are special rules in place for taxpayers who gift land, property or certain shares to charity. This can include Income Tax and Capital Gains Tax (CGT) relief provided all the necessary conditions are met. There is no Income Tax relief on donations to community amateur sports clubs (CASCs). Income Tax relief Where qualifying assets

Time To Pay limits increased
14/10/2020 - More...
One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help tax payers affected by COVID-19 to use the Time To Pay service. Businesses and self-employed people in financial distress and with outstanding tax liabilities may be eligible to receive support with their tax

Levelling up or levelling down?
12/10/2020 - More...
Our government has introduced a three-tier system for determining the local state of COVID infection and how restrictions in each area of England are to be applied. The grades are instructive. The three categories are: Medium alert level - This will cover most of the country and will consist of the current national measures, which

The don’ts of the new 3-tier system
12/10/2020 - More...
The new 3-tier system for classifying local COVID alert status sets out what you should not do depending on the classification of your local area. At present they only apply to England. In summary they are: Local COVID Alert Level - Very High This is for areas with a very high level of infections. The Government will set a baseline of

Job Support Scheme Expansion
10/10/2020 - More...
On Friday 9 October, the Chancellor, Rishi Sunak announced an extension to the Job Support Scheme (JSS). The expanded scheme will include additional support for employees of businesses that are forced to close because of local or national lockdown measures. The extended scheme will run in parallel with the main JSS for 6 months from 1

31 October paper Self-Assessment filing deadline
07/10/2020 - More...
The 2019-20 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2020. Due to the impact of coronavirus, taxpayers were able to delay making their second payment on account for the 2019-20 tax year (due on 31 July 2020) until 31 January 2021. It has also been announced that most taxpayers will be able to

Grants overclaimed?
07/10/2020 - More...
Any business that has overclaimed a Coronavirus Job Retention Scheme (CJRS) grant must pay back the overpayment to HMRC. The rules outlined below for paying HMRC back an overclaim also apply to businesses that would like to make a voluntary repayment because they do not want or need the grant. Any overpayments can be corrected in your

 

Latest News

  • New cashback scheme proposed

    21/10/2020 - More...

    The government has announced plans to allow customers to get cashback from shops without needing to make a purchase. At the moment, cashback is only available to those who buy

  • Closing a limited company

    21/10/2020 - More...

    There are a number of reasons why you may decide to close your limited company. This could be because a limited company structure no longer suits your needs, your business is no

  • Brexit countdown importers

    21/10/2020 - More...

    As we have reported previously, the UK government has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December

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