News

New cashback scheme proposed

22/10/2020

The government has announced plans to allow customers to get cashback from shops without needing to make a purchase. At the moment, cashback is only available to those who buy goods. The new proposals have been put in place to help protect the UK’s

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Closing a limited company

22/10/2020

There are a number of reasons why you may decide to close your limited company. This could be because a limited company structure no longer suits your needs, your business is no longer active, or the company is insolvent. You will usually need the

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Brexit countdown importers

22/10/2020

As we have reported previously, the UK government has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has formally accepted this position. This means that the

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Brexit countdown exporters

22/10/2020

The Brexit transition period is due to end on 31 December 2020 and this means that the process for exporting goods to the EU will change from 1 January 2021. Current guidance published by HMRC states that from 1 January 2021, businesses will need to

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Clock ticking on the Annual Investment Allowance

22/10/2020

The Annual Investment Allowance (AIA) allows for a 100% tax deduction on qualifying expenditure on plant and machinery to be deducted from your profits before tax. The relief is normally capped at £200,000 per annum but was temporarily increased to

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Distributions in anticipation of striking off rules

22/10/2020

The Extra Statutory Concession (ESC) - C16 was a well-used extra-statutory concession that allowed company directors to treat final distributions as a capital disposal and close down their business in an efficient manner. ESC C16 was withdrawn in

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Starting rate of Income Tax for savings

22/10/2020

In the current tax year, anyone with taxable income of less than £17,500 will have no tax to pay on their savings income - interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is

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When you can or can’t use the VAT Cash Accounting Scheme

22/10/2020

Under standard VAT accounting, VAT is payable on sales whether or not the customer has paid and can lead to a claim for Bad Debt Relief. Under the Cash Accounting Scheme, VAT does not need to be paid over until the customer has paid. A business can

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New financial support measures announced

22/10/2020

The Chancellor, Rishi Sunak, has delivered his third major statement to the House of Commons in less than a month. This followed the Winter Economy Plan on 24 September and further announcements on 9 October that expanded the scope of the Job Support

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Gaming behind the wheel?

20/10/2020

Unbelievably, it has been illegal to make phone calls or text while driving a car, but not illegal to play games or take photos. Clearly, this loophole is begging to be closed and new legislation proposed, 17 October 2020, will aim to do just that.

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Last orders please…

19/10/2020

From 1 January 2021, UK businesses that export, import or transport goods to and from the EU will need to comply with a number of new regulations. Inevitably, some will fall short and these will create delays, in your goods reaching EU customers,

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New Freeports to cope with Brexit

15/10/2020

The government is moving ahead with plans to build free trade zones - known as Freeports - across Britain after Brexit. Freeports are a special kind of port where normal tax and customs rules do not apply. In their place, simplified customs

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Students warned of tax scams

15/10/2020

HMRC is warning new students starting university that they could be targeted by scammers trying to steal their money and personal details. As new students start the academic year they can be particularly vulnerable to tax scams. Coupled with an

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Applying for Green Homes Grants

15/10/2020

Home owners and landlords in England can apply for a grant to make their home more energy efficient. The Green Homes Grant will cover at least two-thirds of the cost up to £5,000 per household. For low income households these grants will cover all

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New three-tier COVID-19 alert levels

15/10/2020

On 12 October, the Prime Minister announced the introduction of a new three-tier system of local COVID-19 alert levels across England. The new system sets the levels at medium, high and very high based on local transmission rates. The legislation to

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Are your construction clients ready for reverse charge changes?

15/10/2020

New VAT rules for building contractors and sub-contractors come into effect from 1 March 2021. The new rules will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. The reverse

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Companies House warn of delays in postal submissions

15/10/2020

Company filing deadlines were extended for companies with filing deadlines between 27 June 2020 and 5 April 2021. Companies House is warning of delays in postal submissions and have said it is taking much longer than usual to process paper

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Donating land, property or shares to a charity

15/10/2020

There are special rules in place for taxpayers who gift land, property or certain shares to charity. This can include Income Tax and Capital Gains Tax (CGT) relief provided all the necessary conditions are met. There is no Income Tax relief on

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Time To Pay limits increased

15/10/2020

One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help tax payers affected by COVID-19 to use the Time To Pay service. Businesses and self-employed people in financial

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Levelling up or levelling down?

13/10/2020

Our government has introduced a three-tier system for determining the local state of COVID infection and how restrictions in each area of England are to be applied. The grades are instructive. The three categories are: Medium alert level - This

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