Sep 09

HMRC outlines changes to late payment penalty regime

HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them ‘fairer and more consistent across taxes’. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA). […]

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Increase in public trust in charities Blog

Aug 06

Increase in public trust in charities

Public trust in charities has reached its highest level since 2014, according to research published by the Charity Commission. An independent study showed that people’s trust in charities scored an average of 6.4 out of 10, up from 6.2 a year ago and significantly higher than the low of 5.5 recorded in 2018. The highest […]

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Data reveals 1.9 million workers remain on furlough Blog

Data reveals 1.9 million workers remain on furlough

The Coronavirus Job Retention Scheme (CJRS) is being wound down on 30 September 2021 and data published by HMRC has revealed that 1.9 million workers remain on furlough. The data showed that the number of employees furloughed on the CJRS fell by 590,000 during June. The total number of furloughed workers is 1.9 million. The data […]

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HMRC updates Salary Sacrifice guidance Blog

HMRC updates Salary Sacrifice guidance

HMRC has updated the guidance on salary sacrifice. HMRC has removed the guidance on ‘Salary sacrifice arrangements set up before 6 April 2017’ as the transitional arrangements for calculating the value of the benefit came to an end on 5 April 2021. A salary sacrifice arrangement is an agreement to reduce an employee’s entitlement to […]

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ension scams average losses now over £50,000 Blog

Pension scams average losses now over £50,000

According to the latest figures from Action Fraud the average loss from pension scams has reached £50,949 this year. That is more than double the typical figure of £23, 689 reported last year. Action Fraud said the losses in each case ranged from less than £1,000 to as much as £500,000, and the real figures […]

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ICAEW urges HMRC to scrap exemptions to simplify VAT rules Blog

ICAEW urges HMRC to scrap exemptions to simplify VAT rules

In response to HMRC’s consultation on simplifying the rules relating to land and property, the Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to abolish all VAT exemptions and remove all VAT options. The ICAEW stated that the VAT rules regarding land and property are ‘unnecessarily complex’ and stand to benefit […]

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Claiming the fifth self-employed Income Support Blog

Claiming the fifth self-employed Income Support Scheme (SEISS) grant

HMRC has issued guidance on claiming the fifth and final self-employed Income Support Scheme (SEISS) grant. Unlike previous SEISS grants the amount of the fifth grant available is determined by how much a self-employed individual’s turnover is reduced. The fifth grant is 80% of three months’ average trading profits capped at £7,500 for those self-employed […]

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The government has published draft Finance Blog

The government has published draft Finance Bill clauses

The Government has published draft clauses for the next Finance Bill, which broadly cover pre-announced policy changes. The government is committed, where possible, to publishing most tax legislation in draft for technical consultation before the relevant Finance Bill is laid before Parliament. The consultation will close on 14 September 2021. Internet link: GOV.UK Draft Finance Bill […]

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Consultation launched on self-employed basis Blog

Consultation launched on self-employed basis period reform

HMRC has recently launched a consultation on how basis periods can be reformed for income tax for the self-employed. The consultation seeks to gather views on how best to implement a proposal to simplify the rules under which profits of an unincorporated trading business are allocated to tax years using basis periods. The consultation also includes […]

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Jul 13

800,000 claim tax relief for working from home

HMRC has confirmed that almost 800,000 employees who have been working from home during the pandemic have already claimed tax relief on household related costs. The saving is worth up to £125 per year for each employee, and eligible workers can claim the full year’s entitlement if they have been told to work from home […]

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440,000 tax credit claimants still to renew their claims

HMRC is reminding tax credit claimants that they have until 31 July 2021 to renew their claims. According to HMRC, 440,000 claimants have yet to renew their claims. More than 2.5 million annual tax credits packs were posted to claimants between late April and early July 2021. Claimants will have either received an ‘auto-renewal’ reminder […]

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Over 280,000 families now using Tax-Free Childcare_1

Over 280,000 families now using Tax-Free Childcare

More than 282,000 working families used a Tax-Free Childcare (TFC) account during March 2021, according to figures from HMRC. HMRC stated that it is the highest recorded number of families in any one month since the scheme was launched in April 2017. These families received a share of more than £33 million in government top-up […]

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Schemes create one stop shop for VAT on EU trade_1

Schemes create one stop shop for VAT on EU trade

Three schemes were launched on 1 July to deal with VAT on business-to-consumer supplies of goods and services to EU customers. They are known as the ‘Union’, ‘non-Union’ and ‘import’ schemes. The schemes are designed to facilitate the collection of VAT by one EU member state, which is then passed on to the member state […]

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HMRC launches 13,000 investigations into COVID-19 support schemes

HMRC has launched nearly 13,000 investigations into alleged abuse of the government’s coronavirus (COVID-19) financial support schemes. A freedom of information request revealed that, up to the end of March 2021, HMRC opened 12,828 investigations into alleged cases of fraud. 7,384 of these investigations related to abuse of the COVID-19 support schemes. 5,020 investigations were […]

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Property tax changes

From 1 July 2021 there are changes to the Stamp Duty Land Tax (SDLT) and Land Transaction Tax (LTT) bands for residential property. SDLT is payable by the purchaser in a land transaction occurring in England and Northern Ireland. The following rates and thresholds apply for SDLT from 1 July 2021 to 30 September 2021: […]

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Apprenticeship cash boost_1

Apprenticeship cash boost

The government has confirmed that employers of all sizes in England can now apply for £3,000 in extra funding to help them take on new apprentices. The boost to the apprenticeship incentive scheme was confirmed by Chancellor Rishi Sunak in the Budget in March. The claims portal opened on 1 June and businesses can apply […]

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Furlough scheme starts to wind down

The government’s Coronavirus Job Retention Scheme (CJRS) begins winding down from 1 July. The latest data from the Institute for Fiscal Studies (IFS) shows that at the end of April 3.4 million jobs were still on furlough so the change to the furlough scheme will affect thousands of employers across the country. Since last March, […]

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Forms P11D - reporting employee benefits blog-100

Jun 11

Forms P11D – reporting employee benefits

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2021, are due for submission to HMRC by 6 July 2021. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process […]

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Advisory fuel rates for company cars blog-100

Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 June 2021. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on […]

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Trade credit insurance scheme to close blog-100

Trade credit insurance scheme to close

The temporary Trade Credit Reinsurance (TCR) scheme that helped struggling supply chain firms secure insurance protection during the pandemic will close at the end of June, it has been confirmed. In a statement, the government and the Association of British Insurers said the scheme will close on 30 June as planned. The TCR scheme was […]

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