Mobile phone exempt costs
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When an employee incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these...
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Reminder to look out for tax credit renewal packs
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HMRC has begun sending the annual tax credit renewal packs to some 2.5 million tax credit claimants and is encouraging recipients to renew their...
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Debt respite scheme launched
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A new scheme, aptly named Breathing Space, was launched 4 May 2021. Breathing Space will give those facing financial difficulties space to receive...
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Changing the terms of a salary sacrifice arrangement
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A salary sacrifice arrangement is effectively an agreement to reduce an employee’s entitlement to cash pay, usually in return for a non-cash...
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Restarting a dormant or non-trading company
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HMRC must be informed when a non-trading or dormant company starts trading again and becomes active for Corporation Tax. Companies can use HMRC...
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VAT – transfer as a going concern
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The transfer of a business as a going concern (TOGC) rules concern the VAT liability of the sale of a business. Normally the sale of the assets of...
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Tax-free capital gains
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As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The...
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Tax on savings interest
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If you have taxable income of less than £17,570 in 2021-22 you will have no tax to pay on interest received. This figure is calculated by adding...
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New self-build initiative
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In a surprise weekend announcement, the Housing Secretary Robert Jenrick has revealed new plans for £150 million of funding to make it easier and...
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Tax Diary May/June 2021
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1 May 2021 – Due date for Corporation Tax due for the year ended 30 July 2020. 19 May 2021 – PAYE and NIC deductions due for month...
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Small trading tax exemption for charities
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The tax treatment of charities can be complex. Many charities trade either as part of their charitable interests or to raise funds. As a first...
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Correcting errors on VAT returns
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Where an error on a past VAT return is uncovered, businesses have a duty to correct the error as soon as possible. As a general rule, any...
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