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Beware fake tax rebate offers

22/02/2024

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, phone calls and texts are being sent from around the world as HMRC and other agencies continue to combat the

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Cost of living final payment 2023-24

22/02/2024

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details of Cost of Living Payments due in the 2023-24 tax year were published in 2023 and have recently been updated with

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Are you self-employed?

22/02/2024

Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a self-assessment return can be issued on time and to

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Types of limited companies

22/02/2024

A limited company is a company ‘limited by shares’ or ‘limited by guarantee’. Limited by shares This is the most common limited company structure. A limited by shares company is a separate legal entity owned by its shareholders and managed by its

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Entitlement to Business asset disposal relief

22/02/2024

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available sellers can benefit from a 10% tax charge on exit from their

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Letting part of your home

22/02/2024

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family's main residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However, where part of the home has been let out the

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Top-line, bottom-line?

20/02/2024

Most small business owners are happy, from a financial point of view, if sales are in line with expectations. And there are obvious grounds for this conclusion, after all, if sales dry up there are no funds feeding into cashflow. Unfortunately,

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Importing or exporting for the first time?

20/02/2024

If you are considering selling or buying to or from companies based outside the UK, you may well be overawed by the plethora of regulation you are required to be familiar. As a first step, you could make use of the GOV.UK website and access HMRC’s

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A reminder that NLW and NMW rates are increasing

15/02/2024

A reminder for our readers that the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase with effect from 1 April 2024. The increase will see the NLW rate increased to £11.44 per hour, an increase of over £1 over the

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Checking Furnished Holiday Let property occupancy

15/02/2024

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The

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Eligibility for the VAT Flat Rate Scheme

15/02/2024

The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 months to be no more than £150,000, excluding VAT. The annual taxable turnover limit is the total of everything that a business sells

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Tax on inherited private pensions

15/02/2024

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have nominated you by telling their pension provider that

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What is Class 1A NIC?

15/02/2024

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. Class 1A NICs are also due on charge on termination awards above a £30,000 threshold that have not already been subjected to Class 1

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Autumn Finance Bill 2023 update

15/02/2024

The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill 2023-24. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Statement. The Bill has

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The Valuation Office Agency tackles holiday lets

14/02/2024

The Valuation Office Agency (VOA) is writing to some owners of self-catering holiday lets that are assessed for business rates. They are doing this because they need further information about the income and expenditure of these properties. Last

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Full-time and part-time contracts

14/02/2024

As an employer, the tax and employment responsibilities you have for your staff will depend on the type of contract you give them and their employment status. Contract types include: full-time and part-time contracts fixed-term contracts agency

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Tax Diary March/April 2024

09/02/2024

1 March 2024 - Due date for Corporation Tax due for the year ended 31 May 2023. 2 March 2024 - Self-Assessment tax for 2022-23 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2024, or an agreement has been

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Alcohol duty freeze takes effect

08/02/2024

As part of the Autumn Statement measures the Chancellor announced that the duty rates on beer, cider, wine and spirits would be frozen at the current rates until 1 August 2024. This change took effect from 1 February 2024 and will last for 6

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Record number of taxpayers file on time

08/02/2024

HMRC has confirmed that more than 11.5 million people submitted their 2022-23 self-assessment tax returns by the 31 January deadline. This included over 778,000 taxpayers who left their filing until the final day and almost 33,000 that filed in the

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Reporting employee changes to HMRC

08/02/2024

There are rules that businesses must follow when they are reporting employee changes. These changes must be sent to HMRC using a Full Payment Submission (FPS). The FPS is a submission that is required every time you pay your employees and must be

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Landlords - claiming maintenance and repairs costs

08/02/2024

Landlords are able to claim for allowable expenses as a deduction from their rental income when calculating taxable rental profits to declare to HMRC. The expenses must relate wholly and exclusively for the purposes of renting out the

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Should you pay tax on selling goods online?

08/02/2024

HMRC has published new guidance for taxpayers that regularly sell goods or services through an online marketplace. The guidance makes it clear that this activity could be treated as a ‘trade’ for UK tax purposes. If this is the case taxpayers may

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Using your own vehicles for work-related journeys

08/02/2024

If you are an employee and use your own money to buy things you need for your job you can sometimes claim tax relief for the associated costs. Usually, it is only possible to claim tax relief for the cost of items used solely for your work. You may

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Government promotes electric vehicles

06/02/2024

The government department active in the promotion of electric vehicles has published guidance regarding the costs, charging issues and infrastructure. We have extracted a few comments and reproduced them in this post. Buying an electric

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Does your business offer customs services?

06/02/2024

If your business does offer customs services, did you know that HMRC could offer you a free listing on their published lists. HMRC do not vet, approve or recommend individual firms. Information is simply provided to HMRC by customs agents and fast

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Time to Pay your tax

01/02/2024

Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time to Pay service. Any tax, duty, penalties or surcharges that you cannot

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Penalties if you missed the filing deadline

01/02/2024

Have you missed the 31 January 2024 filing deadline for your 2022-23 self-assessment return? If you have missed the filing deadline, then you will be charged a £100 fixed penalty if your return is up to 3 months late, regardless of whether you owed

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File early to have self-assessment tax coded out

01/02/2024

The coding out threshold may entitle you to have tax underpayments collected via your tax code when you are in employment or in receipt of a company pension. Instead of paying off debts in a lump sum, money is collected in equal monthly instalments

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Joining or leaving the VAT Cash Accounting Scheme

01/02/2024

The VAT Cash Accounting Scheme can offer useful benefits to small businesses. Under standard VAT accounting, VAT is payable on sales whether or not the customer has paid and can lead to claims for Bad Debt Relief. By using the VAT Cash Accounting

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Capital sums derived from assets

01/02/2024

HMRC’s guidance is clear that where a capital sum is derived from an asset, the relevant legislation treats the owner as having made a disposal for capital gains purposes. The legislation contained in s22 TCGA92 states that there is: “…..a

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