News
The government is looking to introduce a new relief that would provide a VAT boost to charitable donations. The new VAT relief would be designed to encourage businesses to donate everyday items to charities without creating a VAT liability. A 12-week consultation on the proposed changes will be launched before 23 July 2024.
Under the
New rules that stop employers from withholding tips from people working in the hospitality, leisure and services sectors are a step closer following the publication of a new Code of Practice on tipping.
The Employment (Allocation of Tips) Act 2023 colloquially known as the Tipping Act received Royal Assent on 2 May 2023. However, the
The self-employed tax basis period reform has changed the way trading income is allocated to tax years. Under the reforms, the tax basis period has changed from a ‘current year basis’ to a ‘tax year basis’.
This means that all sole trader and partnership businesses must now report their profits on a tax year basis, beginning with the
HMRC has the power to make directors personally liable for paying the tax debts of companies they have been involved in under certain limited circumstances. This can also apply to certain other individuals associated with a company.
A joint and several liability notice tells the recipient that they are personally responsible, along with
Business rates are a tax on non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. The money raised through business rates is used to help fund local services like the police, fire and rescue services.
Business rates are generally calculated by multiplying the rateable value of
Customs declarations can be difficult and time consuming to complete. Businesses can make their own custom's declarations; however, this is complex and requires specialist skills and software.
Most businesses use a specialist such as a customs agent, broker, freight forwarder or fast parcel operator to submit import and export customs
The government has launched the new Help to Grow: Management Essentials course; a short online course with practical tips and resources for small business leaders.
It is based on the 12-week Help to Grow: Management Course and is suited for leaders of newer or smaller SMEs, or those who are looking to explore the principles of business
The Government has tabled amendments to expand the territorial extent of the Post Office Offences Bill. Convictions resulting from the Post Office Horizon scandal in Northern Ireland will now be within scope.
This blanket exoneration will automatically quash convictions brought about by the scandal, including 26 in Northern Ireland,
HMRC’s Childcare account can be used to claim free childcare (if eligible) or pay for Tax-Free Childcare. HMRC’s sign in page for the account states that in order ‘…to keep getting free childcare or Tax-Free Childcare, you must sign in every 3 months and confirm your details are up to date’.
There are various eligibility rules that must
There is useful guidance published on GOV.UK that explains the do’s and don’ts for Standard Visitors to the UK. Visitors to the UK who are classed as a ‘Standard Visitor’ are allowed in the UK for tourism, business, study (courses up to 6 months) and other permitted activities.
Permitted activities include the following:
for tourism,
The Cycle to Work scheme allows employers to provide bicycles and cyclists’ safety equipment to employees as a tax-free benefit. The scheme must be offered to all employees and the bike must be used mainly for qualifying journeys i.e., between home and work. However, private use of the bike is also allowed. Where the scheme conditions are
In general, there is no Capital Gains Tax (CGT) liability created when a property used as the main family residence is sold. An investment property which has never been used as a home will not qualify. This relief from CGT is commonly known as private residence relief.
Taxpayers are entitled to full relief from CGT when all of the
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.
The allowance increased to the present maximum level of £175,000 from 6 April 2020. The
There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is available at https://www.gov.uk/check-national-insurance-record
In order to use this service, you will need to have a Government Gateway account. If you do not have an account, you can apply to set one up
The government’s Tipping Act is a step closer to coming into force, as the Code of Practice is published and laid before Parliament. The new Code of Practice will protect the tips of more than 2 million workers giving them a fair share of the tips received by a company.
Millions of UK workers are set to take home an estimated £200
In a recent press release, the Department for Energy Security and Net Zero confirmed that consumers are set to benefit from cheaper and more convenient energy deals as part of new measures to create a smart, flexible electricity system to help save money on bills. They said:
“New proposals set out in a recent consultation will
Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax on certain benefits and expenses via the RTI system. This is known as payrolling and removes the requirement to complete a P11D for the selected benefits at the tax year end.
The deadline for submitting the 2023-24 forms P11D,
A reminder of the changes to Scottish Income Tax rates for the 2024-25 tax year. It was announced as part of the Scottish Budget measures that a new tax band called the advanced rate band will apply a 45% tax rate on annual income between £75,000 and £125,140 and would come into effect from 6 April 2024.
In addition, 1p was added to the
From April 2026, the government will mandate the reporting and paying of Income Tax and Class 1A National Insurance Contributions on benefits in kind via payroll software. This represents a significant change to the current system and should reduce the administrative requirements and simplify the tax system for both employers and
A UK Visas and Immigration (UKVI) account can be used by eligible users to view and prove their immigration status online. This may be required to provide proof of your status to employers or higher education providers.
The service can also be used to update personal details or to check what rights you have in the UK, for example the
A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a capital gains tax liability or for companies to calculate corporation tax liability on chargeable gains. The request for a PTVC should be made using the CG34 form. HMRC’s guidance says the form must be completed and sent to the address on
Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year.
Class 4 NIC rates for the tax year 2024-25 are 6% (2023-24: 9%) for chargeable profits between £12,570 and £50,270 plus 2% on any profits over £50,270.
A number of categories of people are exempt
1 May 2024 - Due date for corporation tax due for the year ended 30 July 2023.
19 May 2024 - PAYE and NIC deductions due for month ended 5 May 2024. (If you pay your tax electronically the due date is 22 May 2024).
19 May 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2024.
19 May 2024 - CIS tax
The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for Covid support scheme abuse, up more than 80% on the previous year, and that the average length of director disqualification for Covid misconduct in 2023-24 was almost 10 years.
The Covid Bounce Back Loan
Latest News
- VAT boost to charitable donations
02/05/2024 - More...
The government is looking to introduce a new relief that would provide a VAT boost to charitable donations. The new VAT
- New tips guidance published
02/05/2024 - More...
New rules that stop employers from withholding tips from people working in the hospitality, leisure and services sectors
- Self-employed tax basis period reform
02/05/2024 - More...
The self-employed tax basis period reform has changed the way trading income is allocated to tax years. Under the
Newsletter
With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!
