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What is a tax calculation?

  • 1 December 2021
  • by Oana Ion
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A tax calculation is created by HMRC if you have not paid the right amount of tax. HMRC’s annual reconciliation of PAYE for the tax year 2020-21 is now almost complete. HMRC use salary and pension information to calculate if…

New warnings from HMRC re tax frauds

  • 29 November 2021
  • by Oana Ion
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Fraudsters are continuing to target taxpayers with scam emails in advance of the 31 January 2022 deadline for submission of Self-Assessment returns. In fact, over the last year, HMRC received nearly 360,000 reports about bogus tax rebate referrals. A number…

Business gifts

  • 24 November 2021
  • by Oana Ion
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The rules for deciding whether a gift given in the course of business is deductible are complex. The rules for business gifts generally follow those for business entertaining expenditure. This means that HMRC takes the view that in general business…

Self-Assessment countdown

  • 19 November 2021
  • by Oana Ion
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There are now less than 75 days to file your 2020-21 Self-Assessment tax return. Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return but over 1.8 million taxpayers missed the 31 January deadline. The deadline…

What can be transferred between group members?

  • 18 November 2021
  • by Oana Ion
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Corporation Tax relief may be available when a company or organisation makes a trading loss. Companies that are eligible for group relief can transfer losses and certain other deficits to companies within the same group by means of Group or…

VAT business test

  • 18 November 2021
  • by Oana Ion
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There are a number of conditions that must be satisfied in order for an activity to be within the scope of UK VAT. One of the conditions that needs to be carefully considered when deciding whether an activity is within…

Vehicles eligible for a plug-in grant

  • 15 November 2021
  • by Oana Ion
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The low-emission vehicles plug-in grant can help you save up to £2,500 on the purchase price of new low-emission vehicles. The scheme was first launched in 2011 and is available across the UK with dealers using the grant towards the…

Vehicle benefit charges from April 2022

  • 10 November 2021
  • by Oana Ion
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The vehicle benefit charges were updated following the Chancellor’s Budget speech. Where employees are provided with fuel for their own private use by their employers, the car fuel benefit charge is applicable. The fuel benefit charge is determined by reference…

Autumn Budget 2021 – £1 million Annual Investment Allowance

  • 9 November 2021
  • by Oana Ion
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In the Spring Budget earlier this year, the government announced that the temporary Annual Investment Allowance (AIA) cap of £1 million would be extended until 31 December 2021. The Chancellor, delivering the Autumn Budget revealed that the temporary cap will…

Self-employed basis period reforms

  • 8 November 2021
  • by Oana Ion
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In September, the government announced that the introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) had been delayed by one year until April 2024. There had been widespread concerns about the speed of the MTD for ITSA…

Improvements to the apprenticeship system

  • 5 November 2021
  • by Oana Ion
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As part of the Autumn Budget and Spending Review 2021, the government has confirmed that it will continue to meet 95% of the apprenticeship training costs for employers who do not pay the Apprenticeship Levy. In addition, it will deliver…

Autumn Budget 2021 – Recovery Loan Scheme

  • 4 November 2021
  • by Oana Ion
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The Recovery Loan Scheme was launched on 6 April 2021. The scheme currently allows businesses of any size to access loans and other kinds of finance between £1,000 and £10 million. The project was initially meant to close on 31…

Autumn Budget 2021 – Minimum Wage increases

  • 3 November 2021
  • by Oana Ion
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The Chancellor of the Exchequer, Rishi Sunak, confirmed that the government has accepted in full the proposals of the Low Pay Commission for increasing minimum wage rates from 1 April 2022. This puts the government back on track to reach…

Tax Diary November/December 2021

  • 1 November 2021
  • by Oana Ion
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1 November 2021 – Due date for Corporation Tax due for the year ended 31 January 2021. 19 November 2021 – PAYE and NIC deductions due for month ended 5 November 2021. (If you pay your tax electronically the due…

Autumn Budget Summary 27 October 2021

  • 28 October 2021
  • by Oana Ion
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As with the Spring Budget 2021, much of the detail for the Autumn Budget had been leaked to the press before the official report to parliament, 27 October 2021. But we now have all the details and, as usual, there…

Self-Assessment filing deadlines

  • 21 October 2021
  • by Oana Ion
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The 2020-21 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2021. The tax deadline for submitting online returns is 31 January 2022. Late submission of a Self-Assessment return will become liable to a £100 late filing…

Getting prepared to use Freeport customs sites

  • 19 October 2021
  • by Oana Ion
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In the Spring Budget earlier this year, the chancellor announced that eight Freeport locations would be created in England. The Freeports will be in the East Midlands Airport, Felixstowe and Harwich, the Humber region, Liverpool City Region, Plymouth, the Solent,…

What goods are eligible for the margin scheme?

  • 18 October 2021
  • by Oana Ion
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There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to account for VAT on their profit margin i.e., on the difference between the cost of acquiring an item and its sale price rather than…

Have you claimed your Child Trust Fund cash?

  • 15 October 2021
  • by Oana Ion
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Young persons who turned 18 on or after 1 September 2020 may have cash waiting in a dormant Child Trust Fund (CTF) account. This could be as much as or more than £1,000. The actual amount on deposit depends on…

Don’t miss out on this tax allowance

  • 14 October 2021
  • by Oana Ion
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If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,220 from HMRC. The marriage allowance is available to qualifying married couples and those in a civil partnership…