News


Beware sting in VAT Annual Accounting Scheme
23/05/2018
The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. The main benefits of the scheme include the requirement to file one VAT return per year. This can significantly reduce the amount of administration time and the associated cost of preparing and submitting quarterly VAT returns. A recent Read more...


Give now pay later – what are the settlement rules?
23/05/2018
The settlement rules are intended to prevent an individual from gaining a tax advantage by making arrangements that divert his or her income to another person who may be liable at a lower rate of tax or is not liable to Income Tax. Where a settlor has retained an interest in a property in a settlement the income arising is treated as Read more...


Company van use – the tax consequences
23/05/2018
There are a number of tax consequences to be aware when employees are provided with company vans and fuel. A company van can be defined as a van made available to an employee by reason of their employment. There is usually nothing to report to HMRC if the van is used solely for business journeys, as a pool van or for vans provided as part Read more...


CGT base cost uplift on death
23/05/2018
Special rules apply to assets when they are passed to a beneficiary after the death of the benefactor. In some cases Inheritance Tax may be due on the transfer. However, there can also be a hidden benefit known as a Capital Gains Tax (CGT) uplift on death (see details of the benefits below). The CGT uplift mostly benefits a surviving Read more...


Tax exempt gifts paid out of income
23/05/2018
Many taxpayers are aware that there is an annual Inheritance Tax exemption of £3,000 for gifts and this can be carried forward to the following tax year if not used to make a maximum gift of £6,000. You can also give as many gifts of up to £250 per person as you want during the tax year but only if you haven’t used another exemption on Read more...


Can’t afford to pay your tax bill?
23/05/2018
HMRC understands that taxpayers will sometimes experience difficulties with paying their tax bill and stress that taxpayers should make contact with them as soon as they realise that there is a problem. This is good advice as burying your head in the sand will only make matters worse. Taxpayers should contact the Business Payment Read more...


New advisory fuel rates published
23/05/2018
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and no Class 1A Read more...


New guidance published for employers on setting dress codes and sex discrimination
21/05/2018
Following a joint report ("High heels and workplace dress codes") published by the House of Commons Women and Equalities Committee and Petitions Committee in January 2017, the Government Equalities Office has finally published promised new guidance on “Dress codes and sex discrimination – what you need to know”. The new guidance is aimed Read more...


Responding to a County Court claim
16/05/2018
It is important that any correspondence received from the County Court is dealt with promptly. This should include taking proper legal advice when appropriate. Usually, a creditor asks the County Court to make a county court judgment (CCJ) against a person who is refusing to pay their bill. The CCJ rules apply to court orders in England Read more...


When might you be due a tax refund?
16/05/2018
HMRC has issued helpful guidance that explains when you might be due a tax refund and how to make a claim. According to HMRC you may be able to claim a refund if you: are employed and had too much tax taken from your pay; have stopped work; sent a tax return and paid too much tax; have paid too much tax on pension Read more...

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