News
HMRC strike causes CIS delays01/06/2023 - More...
Some 400 HMRC helpline service advisers who are members of the Public and Commercial Services (PCS) Union have been on strike intermittingly since 10 May 2023. These strikes are by staff working in HMRC’s East Kilbride and Newcastle offices. The striking workers are with the department of Personal Taxation Operations on Employer
Help to Save extended to April 2025
01/06/2023 - More...
HMRC has confirmed that plans to extend the Help to Save scheme by 18 months, until April 2025 have been confirmed. The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save between £1 and £50 every calendar month and receive a 50% government bonus. The 50% bonus is
New employment rights for parents and carers
01/06/2023 - More...
Three new pieces of legislation that received cross party support were granted Royal Assent on 24 May 2023. The Neonatal Care (Leave and Pay) Act 2023: This new Act will allow for up to 12 weeks of paid neonatal care leave. This will be made available to employed parents if their new-born is admitted to neonatal care so they can spend
Selling your home – taxes to pay
01/06/2023 - More...
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence relief. Taxpayers are usually entitled to full relief from CGT where all the following conditions are
Selling all or part of your company
01/06/2023 - More...
If you are selling your company, there are important actions you must take to properly finalise your affairs. Please note that this is not an exhaustive list, and it is important to check what else may be required. We have summarised below some of the main steps you need to take if closing your business: Your responsibilities when
Can a charity claim Gift Aid?
01/06/2023 - More...
Charities can claim Gift Aid on donations made by eligible taxpayers. This can boost donations by an extra 25% if the donor makes a Gift Aid Declaration (GAD). To claim Gift Aid, charities need to obtain a Gift Aid declaration from the donor. It should state that the donor: has paid the same amount or more in Income Tax or Capital
Involuntary “give-aways”
30/05/2023 - More...
If you sell services, rather than supply goods, this usually involves you providing advice for a fee. If your advice is sought after, the amount you can charge for your service(s) may be considerable. Which is why you should be wary of giving away your advice FOC. Why would you do this? Why would you part with your hard-won expertise
Claim a tax refund for work expenses
25/05/2023 - More...
HMRC has issued a press release to remind employees that may be able to claim a claim tax relief for bills they pay that are related to their employment. The most recent figures show that more than 800,000 taxpayers claimed tax refunds for work expenses during the 2021-22 tax year with an average claim of £125. A claim can be made online
New patents service
25/05/2023 - More...
The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, trade marks and copyright. The process of applying for a patent is set to change significantly over the next 12 months. The IPO has published a transformation document which sets out
Gift aid tax benefits
25/05/2023 - More...
The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This means that when a basic rate taxpayer claims gift aid on a £10 donation, the charity can reclaim from HMRC the £2.50 of tax paid on that donation. If you
Residence affects Income Tax in UK
25/05/2023 - More...
There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the UK. Where this is the case, the question arises as to whether or not the taxpayer is liable to pay Income Tax in Scotland or elsewhere. As a general rule, the Scottish rate of Income Tax (SRIT) is payable on the non-savings and
Clearance to secure exempt distribution status
25/05/2023 - More...
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be subject to Income Tax. If certain conditions are met, the payment can be treated as an exempt distribution. An exempt distribution is a payment that is not treated as a distribution. It is treated as consideration
Transfer of Business as a Going Concern
25/05/2023 - More...
The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where the sale of a business includes assets and meets certain conditions the sale will be
Action to contain cost of living pressures – groceries
24/05/2023 - More...
The Competition & Markets Authority has issued an update on the action it is taking to ease price rises in grocery bills. In their press release issued on 15 May 2023, the CMA said: As cost of living pressures have grown, the CMA has been working to understand how well markets in essential goods and services are working. Along with
The importance of being interested
24/05/2023 - More...
Conversation takes a turn for the worse if you have an opinion that your client has no idea how to solve their problem(s) and all they need to do is listen to your solution. And you may be right in your interpretation of the facts, but will the client appreciate your apparent unwillingness to listen? If AI systems ever crack this
HMRC interest rates increase again
18/05/2023 - More...
The Bank of England’s Monetary Policy Committee (MPC) met on 10 May 2023 and voted 7-2 in favour of raising interest rates by 25 basis points to 4.5% in a move to try and continue to tackle continued inflation. This is the twelfth consecutive time that the MPC has increased interest rates with rates now the highest they have been since
Filing deadline for share scheme operators
18/05/2023 - More...
There are a number of government approved share schemes which offer tax advantages to employees. The approved schemes are Share Incentive Plans (SIPs), Save As You Earn (SAYE) schemes, Company Share Option Plans (CSOPs) and Enterprise Management Incentive (EMI) schemes. The deadline for submitting the online employment related securities
Check your NIC record
18/05/2023 - More...
HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply online. By signing in to the 'Check your National Insurance record' service you will also activate your personal tax
Consultation on taxation of cryptoasset loans
18/05/2023 - More...
In April 2022, the government announced a package of measures intended to make the UK a global cryptoasset technology hub. One of the issues raised at the time concerned the tax treatment of Decentralised Finance (DeFi) and staking. DeFi lending and staking encompasses a range of activities that reward users who deposit cryptoasset
Capital Gains during separation and divorce
18/05/2023 - More...
The Capital Gains Tax (CGT) rules that apply during separation and divorce changed for disposals that occur on or after 6 April 2023. These changes extended the period for separating spouses and civil partners to make no gain/no loss transfers for up to three years after they cease to live together. The new rules also provide for an
