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Tax News

Jun 11, 2019

The Cycling Minister, Michael Ellis, has announced a number of changes to the Cycle to Work scheme in an announcement that was timed to coincide with Bike week. Bike week is an annual celebration to showcase cycling across the UK and runs f...

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Jun 11, 2019

The High Income Child Benefit Charge (HICBC) was introduced in January 2013 and applies a charge to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial bene...

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Jun 11, 2019

Fraudsters have been blocked from using HMRC’s most used helpline numbers after the introduction of new defensive controls. These fraudsters had been able to make calls to taxpayers across the UK which appeared to be coming from HMRC ...

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Jun 11, 2019

The TV licence fee has not been payable by those aged 75 or over since 2001. During 2015, the government reached an agreement with the BBC as part of the last charter renewal that it will take on the cost of free television licences for ove...

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Jun 11, 2019

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This includes email messages, text messages a...

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Jun 11, 2019

A surprising amount of free information about companies is available from Companies House. This is in line with the government’s commitment to free data and ensures that all publicly available digital data held on the UK register of c...

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Jun 11, 2019

In some industries, employers provide accommodation to employees because this is required by the nature of the job. There are no tax charges in respect of the provision of living accommodation where it is necessary for the proper perform...

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Jun 11, 2019

Statement of Practice 4/97 sets out HMRC’s views on the correct treatment for tax purposes of commission, cashbacks and discounts. Cashbacks are taken to mean lump sums received by a customer as an inducement for entering into a trans...

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Jun 11, 2019

A change to the VAT rules first announced at Budget 2018, will come into effect from 1 October 2019. This change will make the supply of construction services between construction or building businesses subject to the domestic reverse charg...

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Jun 04, 2019

There are many taxpayers who have reached the State Pension age and continue to work. In most cases they no longer need to pay any National Insurance Contributions (NICs). At State Pension age, the requirement to pay Class 1 and Class 2 NI...

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Jun 04, 2019

If you are self-employed and running a business from your home, there are simplified arrangements available for claiming a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses r...

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Jun 04, 2019

The Working Tax Credit (WTC) is designed to help taxpayers on low incomes by providing top-up payments and includes those who do not have children. There are extra amounts available for qualifying childcare expenses and working households i...

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Jun 04, 2019

The government has announced new plans to crackdown on high pressure and bullying tactics to sell pre paid funeral plans. These tactics are often used to target those who are old and vulnerable and unaware exactly what they are buying. In s...

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Jun 04, 2019

There are distinct rules that VAT registered businesses must follow when keeping VAT records. This includes keeping proper business and accounting records, a separate VAT account as well as copies of all VAT invoices received and issued. Th...

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Jun 04, 2019

If a permanent home (domicile) is in the UK then any foreign situated property owned at date of death will be chargeable to Inheritance Tax. The site of an asset is usually the place where the asset in question is considered to be located f...

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Jun 04, 2019

Under the current rules non-resident companies with a trading business in the UK are liable to pay UK Corporation Tax on their profits made through a permanent establishment/branch or agency. This includes trading income and any income from...

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Jun 04, 2019

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay t...

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May 28, 2019

Employees can often reimburse their employers for benefits provided in order to lessen their taxable benefits and thereby reduce or avoid a tax charge. This is referred to in the legislation as ‘making good’ and most often invol...

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May 28, 2019

The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2019. The NLW first came into effect on 1 April 2016 and is the minimum hourly rate that must be paid to those aged 25 or over. The new rat...

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May 28, 2019

There are a number of reasons why you may need to register with HMRC to submit a tax return. This could include: if you are self-employed and earning more than £1,000 per year from the self-employed activity, if you are a company ...

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May 28, 2019

The Company Unique Taxpayer References (UTR) is the primary identifier for the company and should be used whenever HMRC is contacted and when tax returns are filed. When a new limited company is registered, Companies House will inform HMRC...

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May 28, 2019

Historically, the term bed and breakfasting (sale and repurchase) of shares referred to transactions whereby someone sold shares one day and bought them back the next morning. This used to have Capital Gains Tax (CGT) benefits by crystallis...

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May 28, 2019

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date - the date to which accounts are prepared - falls between 31 March and 5 April. However, overlap profits can arise where a...

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May 28, 2019

Where a freeholder (or landlord) of a property grants a new lease to a new tenant there are sometimes upfront payments due, usually known as a lease premium. The payments of these premiums are increasingly popular, and the tax implications ...

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