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Self-employed Class 2 NIC changes cancelled
12/09/2018 - More...
In a surprise move, the government has announced that, following a lengthy consultation, the planned abolition of Class 2 National Insurance Contributions (NIC) will not take place in the current parliament. The announcement was made in a written statement by Robert Jenrick MP, the Exchequer Secretary to the Treasury on 6 September 2018.

Receipts to cover certain expenses to be abolished?
12/09/2018 - More...
A new measure to remove the requirement for employers to check receipts for expense claims made by employees using the HMRC benchmark scale rates or overseas scale rates is to be introduced. The change will be included in the Finance Bill 2018-19. The benchmark scale rates can be used by employers to reimburse staff for subsistence

How to tell if a tax office email is fraudulent
12/09/2018 - More...
HMRC continues to warn taxpayers to be aware of email phishing scams. Phishing emails are used by fraudsters to access recipients' valuable personal details, such as usernames and passwords. Fake email messages can appear to be genuine but clicking on a link from within the email can result in personal information being compromised and

CGT Rollover Relief
12/09/2018 - More...
Capital Gains Tax (CGT) Rollover Relief is a valuable relief that allows for a delay in the payment of CGT on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over

Telephone advice a reasonable excuse
12/09/2018 - More...
The First-tier Tribunal (FTT) recently heard an appeal against late filing penalties imposed on both partnership and individual self-assessment returns for 2010-11 and 2011-12. There were also appeals made in respect of the years 2005-6 to 2009-10 but the FTT noted these were made outside the statutory time limits and accordingly, the

Tax on rental profits
12/09/2018 - More...
A taxpayer, Miss Akan, appealed to the First Tier Tribunal (FTT) against assessments in relation to Income Tax, Capital Gains Tax and penalties relating to income arising from, and from her disposal of, 15 Binnie House, London SE1. The underlying facts in this case are complex. Miss Akan grew up at 15 Binnie House, a third floor flat

Acas publishes new guidance on employment references
12/09/2018 - More...
ACAS has published new guidance on employment references aimed at both employers and employees based on the questions it receives on its helpline. The guidance makes clear that there is usually no legal obligation on employers to provide a reference, but employers who do give them must make them true, fair and accurate. The guidance

Advice for importers if 'no deal' Brexit
04/09/2018 - More...
The UK is set to leave the EU on 29 March 2019 and as things currently stand, it would seem that we are no closer to reaching a negotiated withdrawal agreement. The chances of Britain leaving the EU without any working agreement, known as a 'no deal' Brexit is in some ways looking increasing likely, and certainly cannot be ignored. The

Advice for exporters if 'no deal' Brexit
04/09/2018 - More...
We have already examined matters that must be addressed by those importing goods to the UK if there is a 'no deal' Brexit (See previous articles). In this article we will look at the impact this would have on UK businesses exporting goods to the EU, currently known as intra-EU dispatches. A no-deal Brexit would see tariffs imposed on

Make a claim on an estate
04/09/2018 - More...
There are special intestacy rules that govern how assets are divided if you die without making a will. If this happens your assets are passed on to family members in accordance with a set legal formula. This can result in a distribution of assets that would not be in keeping with your final wishes, and can be especially problematic for

Take care when making VAT reclaims
04/09/2018 - More...
The Court of Appeal recently heard a taxpayer's appeal against a decision of the Upper Tribunal to recover an amount of overpaid VAT. The claim related to historic VAT claims colloquially known as Fleming claims. Until March 2009, there existed an important opportunity to make claims dating back as far as the introduction of VAT in 1973

Update on Bank Referral Scheme
04/09/2018 - More...
The government’s Bank Referral Scheme was launched in November 2016. The scheme, created by the Small Business, Enterprise and Employment Act 2015, is designed to help improve SME access to finance and competition in the SME lending market. The bank referral scheme imposes a statutory duty on nine of the UK’s biggest banks to pass on the

Student loan refunds
04/09/2018 - More...
Student Loans are part of the government's financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is directly

Students working summer jobs
04/09/2018 - More...
We would like to remind any students that had a summer, job that they may be entitled to claim back any tax overpaid. Students (and other temporary workers) are not required to pay any income tax if their earnings are below the tax-free personal allowance. When preparing payroll calculations, employers are required to calculate the

Lost your national insurance number?
04/09/2018 - More...
Taxpayers who have lost or forgotten their national insurance number should first try and locate the number on paperwork such as their tax return, payslip or P60. Taxpayers with access to their personal tax account can also login to view or print a letter with their national insurance number. If the national insurance number cannot be

Change in national minimum wage penalties in a TUPE transfer situation
02/09/2018 - More...
HMRC has advised that it has changed its approach to charging financial penalties when enforcing the National Minimum Wage (NMW) where there has been a transfer of employees from one employer to another under the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE). Since 2 July 2018, where there has been a TUPE

Capital Gains after divorce or separation
28/08/2018 - More...
When spouses or civil partners are living together they are both treated as separate individuals for Capital Gains Tax (CGT) purposes. However, assets can be transferred between them free of CGT. This means that when a couple are together there is no CGT payable on assets gifted or sold to their spouse or civil partner. There are

Allowable costs for property businesses
28/08/2018 - More...
Costs that can be deducted by individuals that have a property rental business, depend on the type of property that is being rented out. There are three main categories of property business that need to be considered. Residential properties This is by far the most common type of investment property held by individuals. Tax relief can be

What is Mileage Allowance relief?
28/08/2018 - More...
Employees who use their own car at work can under certain circumstances be paid a tax-free allowance by their employers when using their own car, van, motorcycle or bike for work purposes. This is known either as Mileage Allowance Relief or a Mileage Allowance Payment. It is important to note that this tax-free allowance, does not include

IHT Disclosure of Tax Avoidance Schemes from April 2018
28/08/2018 - More...
The Disclosure of Tax Avoidance Schemes (DOTAS) legislation, targets taxpayers who implement listed tax avoidance schemes as well as the promoters of tax avoidance schemes. New regulations came into force on 1 April 2018 that extended the scope of the IHT hallmark to make it more comprehensive. HMRC has been careful to listen to

Venture Capital Schemes advance assurance
28/08/2018 - More...
There are four tax-advantaged Venture Capital Schemes currently available: The Seed Enterprise Investment Scheme (SEIS) The Enterprise Investment Scheme (EIS) Venture Capital Trusts (VCTs) and The Social Investment Tax relief (SITR) There are a significant number of qualifying conditions that must be met by companies looking to use

Funeral Expenses Payment
28/08/2018 - More...
Paying for a funeral can be expensive, and research shows that the average funeral arranged using a funeral director costs over £4,000. The Funeral Expenses Payment or Funeral Payment is a government scheme for people on low incomes, and receiving certain benefits to help them pay for a funeral. If you receive a Funeral Expenses

Updating the PSC register
28/08/2018 - More...
The register of People with Significant Control (PSC register) came into effect on 6 April 2016. The PSC register is used to identify and record the people who exert significant control over UK companies, often known as beneficial owners. A PSC is anyone in a company or LLP who meets one or more of the conditions listed in the

Claiming the employment allowance
28/08/2018 - More...
The employment allowance of £3,000 per year, is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process. An employer can claim less than the maximum if this will cover their total Class 1 NIC bill. Eligible employers that have

Latest News

Self-employed Class 2 NIC changes cancelled
12/09/2018 - More...
In a surprise move, the government has...

Receipts to cover certain expenses to be abolished?
12/09/2018 - More...
A new measure to remove the requirement...

How to tell if a tax office email is fraudulent
12/09/2018 - More...
HMRC continues to warn taxpayers to be...