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Have you got your EORI number?

Have you got your EORI number? UK businesses will need an ‘Economic Operator Registration Identification’ (EORI) number to trade with the EU after Brexit. If there is a ‘no-deal’ Brexit In the event that the UK leaves the EU on 31 October 2019...

Beat the changes to main residence ancillary reliefs

Beat the changes to main residence ancillary reliefs From 6 April 2020, two of the reliefs associated with the Capital Gains Tax (CGT) main residence relief are to be significantly curtailed. Therefore, if you are likely to be affected and are currently considering...

A One Year Tax Break for Zero Emission Company Cars

A One Year Tax Break for Zero Emission Company Cars The UK government recently announced its intention to exempt newly registered zero-emission company cars from a benefit in kind tax charge for one year from April 2020. This exemption underlines the key role that the...

Improve task organisation with this simple concept

Improve Task Organisation with this Simple Concept. The daily grind, for so many, can feel like a constant juggling act. You attempt to balance work, household chores, bills, family – and hopefully some leisure in between if there’s any time leftover. Trying to...

Latest Employer Bulletin

Latest Employer Bulletin The latest edition of HMRC’s Employee Bulletin was issued in June. Topics covered in the bi-monthly magazine, include some of the following: Guidance for employers to help their employees with tax-free childcare for the summer holidays. Advice...

Workforce preparations for Brexit

Workforce Preparations for Brexit The government has advised that EU citizens who wish to continue to work, live, or study in the UK, after it leaves the EU on 31 December 2020, should apply to the EU Settlement Scheme (EUSS). An employer toolkit is available to...

It’s that time of year again!

It’s That Time of Year Again! At this time of every year, HM Revenue and Customs embark on a massive computerised reconciliation process. This is to check that those with PAYE records, but not in self-assessment, have paid the right amount of tax in the preceding tax...

Six Ways an App Can Support Business Growth

The use of the smartphone has changed dramatically over the past decade: it has gone from being merely a gadget to being an increasingly used and increasingly important lifestyle and business tool. A report by Ofcom (the UK regulator for the communications services)...

New advisory fuel rates for company cars

The new fuel rates take effect from 1 June 2019, although the previous rates can be used for an additional month. These rates only apply to employees who are using a company car in the following scenarios: When employees are reimbursed for business travel in their...

Ancillary Capital Gains reliefs consultation

The Capital Gains Tax (CGT) consultation on Private Residence Relief (PRR) and on changes to ancillary reliefs is now closed. The consultation ran from 1 April 2019 until 1 June 2019. Historically, PRR has been a very useful way to reduce the taxable gains arising...

Companies House open consultation

HMRC currently has an open consultation on proposals to further improve the role of Companies House, with a view to having businesses submit more information for the purpose of helping to tackle economic crime. The consultation’s focus is to stop the registered...

Tax code mix up for Welsh taxpayers

From April 2019 onwards, the Welsh Government has devolved powers to decide the rates of Income Tax payable by Welsh taxpayers. The above means the Welsh Government have the ability to vary the Welsh rates of Income Tax or to keep them the same as those paid by...

P11D submission deadline

The HMRC form P11D is the form employers use to report the details of taxable expenses and benefits provided to employees and directors during the course of a tax year, after that year has ended. Employees pay tax on the benefits disclosed on the submitted P11D via a...

Minimum wage regulations

In a recent report by the Low Pay Commission (LPC), it was found that the number of people being paid less than the statutory minimum wage is on the rise. In April 2018, 439,000 workers were paid less than the National Minimum Wage (NMW), and out of those individuals,...

5 Top Tips for Successful Freelancing

5 Top Tips for Successful Freelancing Here we provide some top tips for keeping your freelancing work organised, healthy, and successful! Although it is not possible to provide a one-size-fits-all plan, these tips will certainly help to keep your freelancing affairs...

VAT fuel charge updates

There are new road scale fuel charges with which businesses must comply effective from 1 May 2019. The updated valuation table includes the new scale charges, and is available to view...

Scottish Air Departure Tax plans further delayed

The plans to replace Air Passenger Duty (APD) with Air Departure Tax (ADT) have been delayed by the Scottish Government until at least 2020. As part of the Scotland Act 2016, the Scottish Parliament can charge travellers tax when leaving Scottish airports. As a...

Pensions Dashboard Initiative

The Pensions Dashboard is a new Government initiative which will now move forward, it has been confirmed. The dashboard will be introduced with a view to allow individuals to save for retirement and to view information from multiple pensions on one centralised...

Employer Bulletin

The latest version of the Employer Bulletin is available to view online. The April edition includes the following topics, and more: Cash Allowances, Flexible Benefits Packages and Salary Sacrifice Unpaid work trials and the National Minimum Wage EU Exit Preparedness...

Tax scams update

HMRC and Action Fraud have warned of high numbers of springtime scams. These tend to target those who may be less experienced with the tax system, such as the young and the elderly. Between March and May 2018, HMRC received nearly 250,000 reports of phishing, and...

Improving your Productivity in Three Easy Ways

According to Close Brothers, in terms of productivity – something assumed to be one of the largest challenges facing business – the UK lags behind the rest of the G7 by 16%. Nearly half of UK small and medium-sized enterprises (SMEs) say new technology would increase...

Structures and Buildings Allowance Consultation

The Spring Statement, delivered in March by Philip Hammond, included an update and open consultation on Structures and Buildings Allowance (SBA). The relief is available for new commercial structures and buildings – and will also be available where an existing...

Making Tax Digital for VAT update

The new Making Tax Digital for VAT (MTDfV) rules came into effect on the 1 April 2019. The new rules require businesses with an annual VAT-taxable turnover above £85,000 to keep digital records for VAT purposes, and to submit their VAT return to HMRC using...

P11D Deadline for Submission to HMRC

P11D forms are due, by 6 July 2019, for the year which ended on 5 April 2019. The P11D is used to report benefits and some expenses provided to directors and employees. If, as an employer, you report your employee benefits by year, using payrolling, you do not need to...

Updates to Income Tax for 2019/20

The new tax year, effective from 6 April 2019, brings changes to income tax allowances and bands. The following updates now apply. Rates of Tax While the basic rate of tax will remain at 20%, the 2019/20 basic rate band – the threshold above which income is taxable at...

New Brexit Advisory Tool

The UK Government has issued new advice to small businesses on how they could be affected by the UK’s leaving the EU. The documents contain advice regarding a range of issues, such as sending and receiving personal data and EU-UK trading. The UK government recommends...

Brexit no deal preparation – HMRC advice

If the UK crashes out of the EU with no deal, many UK businesses will need to apply the same processes to EU trade that apply when trading with the rest of the world. For instance, they will need to register for an Economic Operator and Registration Identification...

3 Steps to increase your website traffic

To help drive more customers to your website, it is key to maximise the impact from search through SEO (Search Engine Optimisation). Improved SEO enables your website to be discovered and to rank with relevance, so that it appears at the top of the search engine...

Contributions to Pensions Auto Enrolment to increase

The Pensions Regulator has issued guidance for employers concerning the increase in minimum pension contributions, which took effect on 6 April 2019. Duration Employer minimum Total minimum contribution Current contributions 2% 5% 6 April 2019 onwards 3%...

Increase in Minimum Wage

The National Minimum Wage (NMW) and National Living Wage (NLW), the legal minimum wage rates that must be paid to employees increased on the 1 April, with employers liable to be penalised for any failure to comply. The new rates are: Rate from 1 April 2018 Rate from 1...

Company Car Fuel Rates

HMRC has just published their new company car advisory fuel rates, which are effective from the 1 March 2019. The rates only apply when, as an employer, you either: reimburse employees for business travel in their company cars; or, require employees to repay the cost...

Employers Update from HMRC

In the February Bulletin, HMRC has included updates on the following: End of year reporting; Reporting expenses and benefits; Student Loan notices and a new type of Student Loan repayment that employers will need to be able to process via payroll (Post Graduate...

Start date for Making Tax Digital for VAT is here

Most businesses with VAT return periods beginning on or after 1 April 2019 will need to comply with the regulations mandated for VAT. For businesses with “more complex” VAT, this date has been deferred to 1 October 2019. This delay applies to trusts, not for profit...

Five steps to help you set up as self-employed

If you have made the decision to move towards working for yourself, the options to consider are whether to be a sole trader, a shareholding director of a limited company, or to trade as a partnership. Once you’ve decided, HMRC will need to be informed. If you choose...

Protect your pensions!

The Insolvency Service has urged individuals saving for retirement to protect their pension pots from criminals and ‘negligent trustees’. Research carried out by the Service found that criminals use a range of tactics to convince savers to part with their funds,...

HMRC Voice ID system

The non-profit organisation Big Brother Watch has made a report to the Information Commissioners Office (ICO), claiming that HMRC has broken data protection laws by capturing millions of callers’ voice data on the HMRC Voice ID System, and that people have been...

Spring Statement 13th March 2019

The Chancellor of the Exchequer, Philip Hammond, has announced that the government will respond to the forecast from the Office for Budget Responsibility (OBR) in the Spring Statement on Wednesday 13 March 2019. While Hammond has already stated that the Spring...

Post-Brexit Preparations

UK VAT-registered businesses which trade with the EU are being urged by HMRC to be prepared for the possibility of a no-deal Brexit. HMRC sent letters to 145,000 firms advising businesses to take three actions ahead of the 29th March 2019 leave date: Register for a UK...

Making Tax Digital for VAT pilot update

HMRC has extended the Making Tax Digital for VAT (MTDfV) pilot scheme to all eligible businesses, on the mandated compliance for VAT return periods beginning on or after 1 April 2019. However, MTDfV for some ‘more complex’ businesses has been deferred until 1 October...

Update letter from The Pensions Regulator

The Pensions Regulator (TPR) is beginning to write reminders to all employers that, from 6 April 2019, the minimum amount to be paid to a workplace pension is increasing to 8% – and that they, the employers, must contribute at least 3% of the total contribution. To be...

Scottish Budget income tax changes

The Scottish Draft Budget took place on 12 December 2018. To assist those of you who might be affected, we have published a table containing the 2019/20 proposed rates and bands (for non-savings and non-dividend income), along with the 2018/19 rates and bands....

List of deliberate tax defaulters published online

HMRC have published an updated list containing details of taxpayers who have been penalised for deliberate errors in their tax returns or have purposely failed to comply with tax requirements. HMRC are able to publish details where an investigation has been made and...

Scottish Budget property tax changes

The 2019/20 Scottish Draft Budget includes changes to Scottish Land and Buildings Transaction Tax (LBTT). The policy priority for residential Land and Buildings Transaction Tax (LBTT) continues to be to help first-time buyers and those moving through the property...

HMRC’s most bizarre excuses for late returns

As the deadline approaches for submitting returns, here are HMRC’s strangest reasons for late or failed submissions, from taxpayers who missed the Self-Assessment deadline last year. My mother-in-law is a witch and put a curse on me. I’m too short to reach the post...

Employer tax rates and thresholds for 2019/20

HMRC have updated the online guidance available, now providing a detailed list of income tax and NIC rates applicable to employers for 2019/20. The comprehensive list can be used by employers for 2019/2020 for payroll and employee expenses. The list includes: PAYE tax...

Guide to completing P11Ds published

A new online guide has been published by HMRC to aid employers in determining which benefits and expenses need to be declared in the P11D forms. These forms can be completed online using: the PAYE online for employers’ service; or the online end-of-year expenses and...

MTD VAT Pilot is Now… Open to All

MTD VAT Pilot is Now… Open to All HMRC announced (10/1/2019) that their Making Tax Digital for VAT (MTDfV) pilot is now open to all those mandated to keep digitally compliant records and to file MTD-compatible VAT returns for return periods commencing after 31...

Marketing considerations for 2019

As we leave 2018 behind, it’s worth taking stock of this period of increased regulation on customer data protection and privacy – in parallel with its acceleration in marketing technology capabilities. This blog provides an overview of what to consider in terms of the...

Advisory fuel rates for company cars

From 1st December 2018, there have been new company car advisory fuel rates published, stating that the previous rates can be used for up to one month from the date the new rates apply. The rates only apply to employees using a company car, and the advisory fuel rates...

Scottish tax bands diverge further

On the 12 December 2018, Derek Mackay, the Scottish Finance Secretary, unveiled the Scottish Budget for 2019/20 . You will recall that this time last year he introduced two additional tax bands, which meant that Scottish resident taxpayers would now pay income tax at...

Stamp duty relief benefits 180,000 new homeowners

According to HMRC, more than 180,000 first-time buyers have benefitted from First Time Buyers’ Relief (FTBR) from Stamp Duty Land Tax (SDLT). Introduced in the November 2017 Budget, FTBR has saved homeowners more than £426 million. FTBR is a relief from a charge on...

Brexit: The ‘No Deal’ Scenario

In preparation for the possibility of the UK leaving the EU without a Withdrawal Agreement, the Government has published a collection of documents outlining what a “no deal” Brexit could mean. They have stated: “The government does not want or expect a no deal...

Choosing the right location for your business

With Amazon’s recent decision on the new location for their business, here are some aspects to consider when making a similar investment of your own. The location should be consistent with your particular style and image. If your business is retailing, do you want a...

HMRC Tax Return Filing Time

The deadline for submitting 2017/18 self-assessment tax returns online is 31 January 2019 with a penalty of £100 if the return is late. Last year approximately 11 million taxpayers completed the return with 10.7 million being on time. In a statement, Angela MacDonald,...

Changes to Capital allowances

The Budget includes an increase to the Annual Investment Allowance (AIA) for two years up to £1 million. This is in relation to qualifying expenditure incurred from 1 January 2019, currently at £200,000 per year. Additional changes to the rules outlined include the...

Changes to Entrepreneurs’ Relief

For disposals on or after 29 October 2018, the Chancellor announced changes to the Entrepreneurs’ Relief (ER) rules. During his October Budget, he introduced a requirement for a person claiming ER to have at least a 5% interest in the distributable profits and the net...

Autumn Budget 2018

In the Autumn Budget, the Chancellor Philip Hammond stated that “austerity is coming to an end, but discipline will remain”. He outlined a promise for a “double deal dividend” from Brexit and referenced that there is likely to be a full-scale Spring Budget if Brexit...

Making Tax Digital for VAT pilot

In the middle of October, HMRC opened the Making Tax Digital for VAT pilot. This is now available for nearly 70% of those mandated to file MTD-compliant VAT returns for all future VAT-return periods starting after the 31 March 2019. The requirement to join VAT-MTD...

The Budget 2018

The end is nigh. During what one could be forgiven for thinking was a pre-election budget, the Chancellor confidently stated that ‘austerity is coming to an end – but discipline will remain’. He then went on to promise a ‘double deal dividend’ if Brexit...

Five Steps to a Successful Business Strategy

When setting out on a new venture or business idea, so many businesses do not succeed. This could be down to a combination of factors. Yet, one common factor is the challenges associated with executing the idea and establishing it in the market. To ensure your idea or...

Self-employed Class 2 National Insurance remains

The government has decided not to abolish Class 2 National Insurance Contributions (NICs) from April 2019. This is today paid at a rate of £2.95 per week by self-employed individuals with profits of £6,205 or more annually. Robert Jenrick, Exchequer Secretary to the...

VAT Making Tax Digital – A Giant Step

Growing confidence It’s official. Sole traders and companies with up-to-date VAT affairs are now able to join HMRC’s test phase for VAT Making Tax Digital (MTD). While testing of VAT-MTD started last April, until now it has been on a limited, controlled,...

Latest guidance from HMRC in Employer Bulletin

HMRC Employer bulletins are magazines published every two months, giving up-to-date information on payroll topics for employers and agents. The latest edition has useful information on reporting payroll information, information on the National Living Wage and the...

5 Steps to Resilience

Running and managing your own business can be one of the hardest challenges of your life. The ups, the downs, the cash flow challenges, finding the right people – the list is endless. Likewise, though, are the ups in terms of success: winning the next deal, finding...

New Fuel Rates published for Company Cars

New company car advisory fuel rates were published, on September 1st, with the guidance indicating that the previous rates may be used for up to one month from the date the new rates applied. This only effects employees using a company car. The listed rates are shown...

HMRC warns: Declare offshore assets

As of 1 October, the new Requirement to Correct (RTC) rules are upon us. Previously, under HMRC Offshore Disclosure Facilities, taxpayers had been encouraged to come clean with an offer of lower penalties than would have been incurred if “the error” had been...

Tax legislation next round published

For the Finance Bill 2018-19, the government has published draft legislation that could affect a range of taxes, from Stamp Duty Land Tax (SDLT) to Income Tax. This is now open for consultation and is aligned to the commitment from the government for a ‘competitive...

Relief for first-time buyers in Scotland

Around 80% of first-time buyers will pay no Scottish Land and Buildings Transaction Tax (LBTT). 30 June 2018 saw the introduction of the First-Time Buyers tax relief. The change has meant that the zero-rated LBTT threshold has increased from £145,000 to £175,000 for...

Rising interest rates from Bank of England

The recent Bank of England 0.25% interest rate increase (to 0.75%) sees UK interest rates at their highest since March 2009. This change will have an immediate impact on interest costs, such as mortgages for those on variable or tracker rates, whilst the rise may take...

Raising finance for your business: Where to start

To help you kick-start your business, there are several ways in which to raise finance to get your idea underway or to further accelerate your growth. At the time of writing, these are the most common routes to explore for finance. However, new offerings for finance...

Cold calling ban requested on pensions

HMRC recently issued a consultation concerning draft technical regulations to ban pension cold calling The consultation document sets out the policy intentions behind the proposed ban and invites comments on the draft regulations to implement the ban set out at Annex...

Making Tax Digital for VAT (MTDfV)

HMRC has published a new VAT Notice (700/22), ‘Making Tax Digital for VAT’. The new notice provides information on the new rules with which VAT-registered entities will have to comply. For VAT return periods commencing after 31 March 2019, VAT-registered entities with...

Summer holidays and Tax-Free Childcare

Throughout the summer holidays, the government has been reminding parents seeking help for childcare costs that they can use Tax-Free Childcare (TFC). This is worth up to £2,000 per child per year, to pay for regulated holiday clubs. Findings from a recent survey by...

HMRC proposes new VAT rules for construction services

Subject to consultation, HMRC proposes to introduce new VAT rules for construction services, which have been published in a draft statutory instrument for consultation. It suggests, under the draft legislation, that supplies of standard or reduced-rated construction...

Fraudsters stopped by HMRC, saving the public £2.4m

Fraudsters have been tackled by HMRC, with a focus on the use of premium rate phone numbers for services HMRC provide for free. The reported fraudsters create fake websites for HMRC and then look to charge for what are actually free services from HMRC, through...

RTI filing extended by HMRC until April 2019

The payroll Real Time Information (RTI) late filing easement has been extended by HMRC until April 2019. For the RTI payroll, it is a requirement for employers to submit details of payments made to employees on or before the day that salaries/wages are paid. The new...

HMRC confirms UK ‘tax gap’ fall to 5.7%

The tax gap for 2016 – 2017 has fallen to 5.7%, HMRC has confirmed. The “tax gap” relates to the tax that should be paid and the actual tax paid to HMRC. In a statement, Mel Stride, Financial Secretary to the Treasury, said: ‘These really positive figures show that...