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Self-Assessment filing deadlines

21/10/2021

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

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Claiming tariff quotas to reduce import duties

21/10/2021

Tariff quotas are a special mechanism for importing limited supplies of specific goods at a lower rate of customs duty than would normally apply. The quotas usually apply to imports from specific countries. Most tariff quotas operate on a first come

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Transport restrictions eased

21/10/2021

The government has announced plans to introduce a temporary extension to road haulage cabotage rules to alleviate pressures with the supply chain due to lorry driver shortages and other global supply issues. The term cabotage in this context refers

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VAT Margin Scheme bad debt relief

21/10/2021

The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer and no payment has been received after an extended period (usually 6

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Haulage company charged with loan fraud

21/10/2021

An interesting case has seen a haulage company based in the West Midlands have their operator licence revoked. This followed a public inquiry into the company by the traffic commissioner for the West Midlands. The traffic commissioner found that

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Payments received after company is dissolved

21/10/2021

Any assets or rights (but not liabilities) remaining in a company at the date of dissolution will pass to the Crown as ownerless property. This happens under what is known as 'bona vacantia' which literally means vacant goods. The bodies that deal

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Have you claimed your Child Trust Fund cash?

14/10/2021

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 certain factors. Children born after 31

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Letting agencies and the Money Laundering Regulations

14/10/2021

HMRC is responsible for the money laundering supervision of certain businesses including letting agencies. Businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for failing to

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Don’t miss out on this tax allowance

14/10/2021

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 where a spouse or

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What goods are eligible for the margin scheme?

14/10/2021

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 on the full selling

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Valuing property for ATED

14/10/2021

The Annual Tax on Enveloped Dwellings (ATED) is a tax payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect certain companies, partnerships with company members and

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Getting prepared to use Freeport customs sites

14/10/2021

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,

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£500m support for vulnerable households

07/10/2021

The government has launched a new £500 million package of support for vulnerable households. The new Household Support Fund will be used to help those most in need with essentials over the coming months as the country continues its recovery from the

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Hospitality trades temporary reduction in VAT has expired

07/10/2021

The temporary reduced rate of 5% for hospitality, holiday accommodation and attractions that came into effect in July 2020 ended on 30 September 2021. However, the government had previously decided that reverting to the standard rate would be too

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Raising capital using the EIS

07/10/2021

The Enterprise Investment Scheme (EIS) has been designed to increase investment in the early development of high potential growth businesses. Companies seeking EIS investment are typically more developed than those looking for funding using the Seed

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Reporting grants received to HMRC

07/10/2021

Most COVID support grants are treated as taxable income in the same way as other taxable receipts and need to be reported to HMRC. The grants are treated as income where the business is within the scope of either Income Tax or Corporation Tax. This

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Tax and termination payments

07/10/2021

The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by making an employer liable to pay NICs on termination

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£500 million Plan for Jobs Expansion

07/10/2021

The Chancellor, Rishi Sunak, has announced a £500 million expansion of the Plan for Jobs as part of his speech delivered to the party faithful at the Tory annual conference in Manchester. The money will be used to help hundreds of thousands of people

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Tax Diary October/November 2021

30/09/2021

1 October 2021 - Due date for Corporation Tax due for the year ended 31 December 2020. 19 October 2021 - PAYE and NIC deductions due for month ended 5 October 2021. (If you pay your tax electronically the due date is 22 October 2021.) 19 October

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MTD for Income Tax has been delayed by one year to April 2024

30/09/2021

The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) has been delayed by one year until April 2024. This change was announced in a Written Statement to Parliament. The reason for the delay was given as combination of the

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Find customs agent to help with import/export declarations

30/09/2021

If you are moving goods to or from the UK then you need to ensure that you have all the correct procedures in place. This is a complex area, and you may need to consider the support of a customs agent to help with your import and / or export

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Make the most of tax-free trivial benefits

30/09/2021

The trivial benefits in kind (BiK) exemption applies to small non-cash benefits, for example a bottle of wine or a bouquet of flowers, given occasionally to employees. Although the benefit is defined as ‘trivial’, employers should remember that this

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OTS releases video update

30/09/2021

The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a recording of an online video update setting out its recent publications on

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More on possible change to tax year end date

30/09/2021

As we mentioned in a recent post, the Office of Tax Simplification (OTS) has released a new video on a number of possible changes to the tax regime. Perhaps the most radical of these ideas relates to the exploration of changes to the tax year end

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Completing a One Stop Shop VAT return

30/09/2021

HMRC’s guidance on how to complete and submit a One Stop Shop (OSS) VAT Return from 1 October 2021 has been updated. The special VAT return should only be completed by businesses registered for the OSS Union scheme. The OSS Union scheme can be used

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Government confirms plans for all tips to go to workers

28/09/2021

The government has published its response to its 2016 consultation on tipping, gratuities, cover and service charges and has confirmed its intention to bring forward legislative measures to ensure tips, gratuities and service charges go to workers in

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Student tax scam warning

23/09/2021

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. This is especially

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New timetable for import controls

23/09/2021

There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 December 2020, the process for importing goods from the EU effectively mirrors the process for all other international

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Government announces winter COVID plan

23/09/2021

The Prime Minister, Boris Johnson has set out the government’s autumn and winter plan for managing Covid. The government is aiming to sustain the progress made and prepare the country for future challenges, while ensuring the National Health

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SEISS claims deadline in a few days

23/09/2021

The final deadline for making a claim under the 5th Self-Employment Income Support Scheme (SEISS) is 30 September 2021. The SEISS scheme is only open to those self-employed with annual profits of less than £50,000 and who receive at least half their

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