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Reminder to look out for tax credit renewal packs

  • 24 May 2022
  • by Oana Ion
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HMRC is currently sending the annual tax credit renewal packs to some 2.1 million tax credit claimants and is encouraging recipients to renew their tax credits claim online. HMRC started writing to taxpayers at the end of April and expects…

Free company information

  • 23 May 2022
  • by Oana Ion
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A significant amount of information about companies can be obtained from Companies House. Companies House is responsible for incorporating and dissolving limited companies, examining and storing company information and making company information available to the public. Much of this information…

Tax benefits of switching to electric cars

  • 12 May 2022
  • by Oana Ion
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There are many benefits to encouraging electric cars, including lower running costs, the environmental advantages and reduced noise pollution. There are also tax benefits to promote the purchase of electric vehicles. We have listed some of these benefits below. The…

Builders – when you may not have to charge VAT

  • 10 May 2022
  • by Oana Ion
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VAT for most work on houses and flats by builders and similar trades, like plumbers, plasterers and carpenters, is charged at the standard rate of 20%. However, there are a number of exceptions where special VAT rules apply and a…

Tax Diary May/June 2022

  • 27 April 2022
  • by Oana Ion
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1 May 2022 – Due date for corporation tax due for the year ended 30 July 2021. 19 May 2022 – PAYE and NIC deductions are due for the month ended 5 May 2022. (If you pay your tax electronically…

Asset disposals are not subject to Capital Gains Tax

  • 25 April 2022
  • by Oana Ion
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Capital Gains Tax (CGT) is a tax on the profit made from selling certain assets such as property, shares or other investments. CGT is usually charged at a flat rate of 20% and applies to most chargeable gains made by…

Tax-free mileage expenses

  • 21 April 2022
  • by Oana Ion
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If you use your own vehicle for business journeys, then you may be able to claim a tax-free allowance from your employer known as a Mileage Allowance Payment or MAP. The allowance is paid when employees use their own car,…

Tax if you live abroad and sell a UK home

  • 20 April 2022
  • by Oana Ion
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One of the most often used and valuable of the Capital Gains Tax (CGT) exemptions covers the sale of the family home. In general, there is no CGT to pay on a property that has been used as the main…

Business tax cuts from April 2022

  • 19 April 2022
  • by Oana Ion
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A number of business tax cuts came into effect from April 2022. This includes an increase in the Employment Allowance from £4,000 to £5,000 The allowance enables eligible employers to reduce their National Insurance liability. An employer can claim less…

Resolving commercial rent debts

  • 8 April 2022
  • by Oana Ion
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A new law that seeks to resolve certain remaining commercial rent debts accrued during the pandemic received Royal Assent on 24 March 2022. The new law introduces a legally binding arbitration process to resolve certain outstanding commercial rent debts related…

Get help with childcare costs for Easter

  • 7 April 2022
  • by Oana Ion
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As the Easter holiday approaches, HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for regulated childcare, including holiday clubs and other out-of-school activities. The TFC scheme can help parents of children aged…

On your bike – cycle to work exemption

  • 5 April 2022
  • by Oana Ion
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The Cycle to Work scheme was introduced over 20 years ago to help promote the use of healthy ways to commute to work using an environmentally friendly mode of transport. The scheme allows employers to provide bicycles and cyclists’ safety…

Scammers target Self-Assessment taxpayers

  • 1 April 2022
  • by Oana Ion
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Fraudsters continue to target taxpayers with scam emails, texts and calls following the deadline for submitting Self-Assessment returns for 2020-21. In fact, over the last year, HMRC received more than 570,000 reports about suspicious HMRC contacts. Many of these scams…

Bare or simple trusts

  • 29 March 2022
  • by Oana Ion
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A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such as land, money and shares which form part of the trust. The person who puts assets into a trust is…

Overview of Digital Services Tax (DST)

  • 28 March 2022
  • by Oana Ion
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The UK’s Digital Services Tax (DST) began on 1 April 2020. This tax is designed to ensure that the major social media, search engines and online retailers are subject to a 2% tax on revenues generated from the participation of…

Spring Statement 2022

  • 25 March 2022
  • by Oana Ion
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The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing cost of living crisis. The Chancellor also stressed that, apart from the untold human suffering, the Russian invasion of Ukraine…

Extended loss relief carry-back

  • 24 March 2022
  • by Oana Ion
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A reminder that the temporary extension to the eligible carry-back period for trading losses applies to company accounting periods ending between 1 April 2020 and 31 March 2022 and tax years 2020-21 and 2021-22 for unincorporated businesses. This extended loss…

Exempt loans to employees

  • 21 March 2022
  • by Oana Ion
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An employee can benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the employee’s interest and the commercial rate the employee would have to pay on loan obtained elsewhere. These types of loans…

Revoking VAT option to tax land and buildings

  • 18 March 2022
  • by Oana Ion
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Special VAT rules allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject…