Feb 15

LITRG calls for a rise in the High Income Child Benefit Charge threshold

The Low Incomes Tax Reform Group (LITRG) has urged the government to raise the High Income Child Benefit Charge (HICBC) threshold to avoid it affecting basic-rate taxpayers for the first time in April 2021. The LITRG stated that this goes against the original policy intent, and is ‘likely to cause the government additional difficulties in raising […]

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Bonus of £1,000 to help businesses take on trainees

The government has announced that employers can now apply for a £1,000 bonus, a cash boost, to help them take on new trainees. The new scheme will support young people to gain the skills and experience they need from the start, helping them to get a job, an apprenticeship, or to pursue further study. The […]

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Scottish Land and Buildings Transaction Tax

As part of the Scottish Budget, Finance Secretary Kate Forbes also announced changes to Land and Buildings Transaction Tax (LBTT) which apply from 1 April 2021. The Scottish Government’s stated policy priority for residential LBTT remains to help first-time buyers and to assist people as they progress through the property market. The current rates and […]

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Rogue employers named and shamed for failing to pay employees the minimum wage

HMRC has published the names of 139 named companies that failed to pay minimum wages amounting to £6.7 million to over 95,000 workers. HMRC has named 139 companies, including major household names, that have underpaid their employees and have been fined. The offending companies failed to pay £6.7 million to their workers, in a breach […]

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Scottish Budget Income Tax

Scottish Budget Income Tax Finance Secretary Kate Forbes delivered the 2021/22 Scottish Draft Budget on Thursday 28 January 2021, setting out the Scottish Government’s financial and tax plans. The Government has devolved powers to set the rates and bands of income tax (other than those for savings and dividend income) which apply to Scottish resident […]

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10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns

HMRC has revealed that more than 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns by the 31 January deadline. The remaining 1.8 million whose tax return is now late will not be charged a late filing penalty provided they submit their return online by 28 February. Taxpayers who did not pay their Self […]

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Jan 11

HMRC and Advertising Standard Authority launch new action to disrupt promoters of tax avoidance schemes

HMRC and the Advertising Standards Authority (ASA) have launched a new joint enforcement notice to cut out misleading marketing by promoters of tax avoidance schemes. The joint enforcement notice aims to disrupt the activity of promoters and protect individuals from being presented with misleading adverts which may tempt them into tax avoidance. The enforcement notice […]

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Check if you can claim a grant through the Self-Employment Income Support Scheme

HMRC is advising the self employed that the Self-Employment Income Support Scheme (SEISS) has been extended. Taxpayers who were not eligible for the first and second grant will not be eligible for the third. To make a claim for the third grant the taxpayer’s business must have had a new or continuing impact from coronavirus between 1 […]

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Institute of Directors warns Capital Gains Tax (CGT) rise would adversely affect entrepreneurs

The Institute of Directors (IoD) has warned the government that a rise in CGT would affect Britain’s entrepreneurial spirit. The business group believes CGT could be targeted by the Treasury and increased in order to help put public finances back on a stable footing following the coronavirus (COVID-19) pandemic. Tej Parikh, Chief Economist at the […]

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VAT Deferral

HMRC has issued some guidance to taxpayers that deferred their VAT payments between 20 March and 30 June 2020 and still have payments to make. HMRC is advising taxpayers who deferred their VAT payments to: pay the deferred VAT in full on or before 31 March 2021 or opt in to the VAT deferral new […]

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Chancellor announces £4.6 billion lockdown grant package

Chancellor Rishi Sunak has announced a new £4.6 billion package of grants to support businesses through the latest national lockdown. UK businesses in the retail, hospitality and leisure sectors are to be given one-off grants worth up to £9,000. The payments are expected to support 600,000 business properties across the UK. A further £594 million […]

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Self assessment deadline approaching

The deadline for submitting your 2019/20 self assessment return is 31 January 2021. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities. […]

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Extension of the Job Retention Scheme

Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (CJRS) until the end of April 2021. Businesses adversely affected by the coronavirus (COVID-19) can make use of the CJRS until the end of April, with the government continuing to pay 80% of employees’ salaries for hours not worked. Employers will only be required to […]

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Jan 06

Happy New Year Covid 19 support update

A Happy New Year to all. With the elevation of concerns over Covid-19, we have decided to do a brief New Year’s message on those things that businesses and individuals may want to think about given the current Tier 4 in Wales and new Tier 5 in England. There will be an additional financial impact […]

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Dec 07

£1 million Annual Investment Allowance cap extended

The Treasury has confirmed that the £1 million cap on the Annual Investment Allowance (AIA) is to be extended for an additional year as the government continues to look at ways to stimulate the economy. The AIA provides a tax write off against profits for expenditure incurred on plant and machinery by businesses and owners […]

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HMRC confirms MTD for corporation tax to be mandated from 2026

In a new consultation HMRC has confirmed that Making Tax Digital for corporation tax (MTD for CT) will not be implemented until 2026 ‘at the earliest’. The consultation considers how the principles created for MTD could be established for companies within the charge to CT. It outlines the potential design of the MTD for CT […]

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Self assessment taxpayers warned to watch out for scammers posing as HMRC

HMRC is warning self assessment taxpayers to be alert to the danger of scammers posing as the tax authority in the lead up to the tax return deadline. Every year HMRC issues thousands of SMS messages and emails as part of its push to remind people to file before the 31 January deadline. HMRC says […]

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Advisory fuel rates for company cars Dec 2020

New company car advisory fuel rates have been published and took effect from 1 December 2020. 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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Minimum Wage Increases from April 2021

Increased minimum wage rates have been announced to take effect from 1 April 2021. The government has announced that the National Living Wage (NLW) will increase by 2.2% from £8.72 to £8.91, and will be extended to 23 and 24 year olds for the first time. For workers aged under 23, Commissioners recommended smaller increases […]

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Gifts to employees can be tax-free

Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee. A tax exemption is available which should help employers ensure that the benefits provided are exempt and do not result in a reportable employee benefit in […]

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