Do you need to register for Self-Assessment?28/09/2023
Taxpayers that need to complete a Self-Assessment return for the first time are required to notify HMRC. This is a final reminder that the latest date that HMRC should be notified, by new Self-Assessment taxpayers, for the 2022-23 tax year, is 5 October 2023. The deadline for filing the 2022-23 Self-Assessment tax return online and paying...More...
Unclaimed Child Trust Fund Accounts28/09/2023
HMRC has published their latest statistics on Child Trust Funds (CTFs) that reveal that whilst around 500,000 accounts have now matured, there remains some 430,000 funds that have matured but remain unclaimed.
If you turned 18 on or after 1 September 2020 there may be cash waiting for you in a dormant CTF. The average market value of an...More...
Accommodation that qualifies as Holiday Lets28/09/2023
The furnished holiday lettings (FHL) rules allow holiday letting of properties that meet certain conditions to be treated as a trade for specific tax purposes.
In order to qualify as an FHL, the following criteria need to be met:
The property must be let on a commercial basis with a view to the realisation of profits. Second homes or...More...
Community Investment Tax Relief scheme28/09/2023
The Community Investment Tax Relief (CITR) scheme is designed to encourage investment in accredited Community Development Finance Institutions (CDFIs). The tax relief under the scheme is available to both individuals and companies.
CDFIs may take a range of forms including:
community loan funds, which make capital available to...More...
Replacement of domestic items relief28/09/2023
The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The allowance is available for the replacement cost of domestic items such as free-standing wardrobes, curtains, carpets, televisions, fridges and...More...
VAT Capital Goods Scheme28/09/2023
The VAT Capital Goods Scheme (CGS) is a means of spreading the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable supplies relating to the use of an asset over its lifetime.
The adjustment period for land and...More...
Charity Trustees Quiz26/09/2023
The Charity Commission has launched the next phase of its trustee campaign which aims to increase charity trustees’ knowledge and drive a positive change in charities’ governance.
The campaign encourages trustees to check what they know about their duties and aims to increase their awareness of the Commission’s 5-minute guides.
Help for businesses launching new AI26/09/2023
Organisations across the country will be able to demonstrate that their new artificial intelligence and digital innovations meet regulatory requirements so they can quickly bring them to market.
In their press release published 19 September 2023, the Department for Science, Innovation and Technology said:
A new pilot scheme set to...More...
Change to Company Accounts filing21/09/2023
The Economic Crime and Corporate Transparency Bill has completed its initial journey through the House of Commons and the House of Lords and is now at the stage known as, consideration of amendments. This is where the second House’s amendments are considered, and the Bill may go back and forth until both Houses agree on the Bill. The Bill...More...
Activities subject to the scope of VAT21/09/2023
There are a number of conditions that must be satisfied for an activity to be within the scope of UK VAT.
An activity will fall within the scope of VAT when all the following conditions are met:
it is done for consideration;
it is a supply of goods or services;
the supply is made in the UK;
it is made by a taxable person; or
Tax on incentive rewards 21/09/2023
Companies may use incentive award schemes to encourage their employees in various ways. For example, to sell more of their own goods and services. The award can be in forms including cash, vouchers or other gifts.
Where an employer meets the tax payable on a non-cash incentive award given to a direct employee, by entering into a PAYE...More...
Utilising Capital Gains Tax losses21/09/2023
Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule, if the asset would have been liable to CGT had a gain taken place, then the loss should be an allowable deduction.
The exact treatment of losses depends on whether they are:
losses of the same year of assessment as the...More...
No gain - no loss transfers in groups of companies21/09/2023
There are special rules concerning the transfer of assets in groups of companies. In most cases, this means that where assets are moved around group companies, there are no immediate capital gains consequences. This effectively allows for a tax neutral, no gain - no loss transfer opportunity.
HMRC’s manuals states that:
This is achieved...More...
Repairs or replacement of business assets21/09/2023
The term 'capital allowances' is used to describe the allowances available to businesses to secure tax relief for certain capital expenditure. The rules that govern the purchase of capital equipment such as computer equipment, vehicles and machinery by businesses are different to those for day to day business expenses that can be deducted...More...
Changes afoot at Companies House19/09/2023
Due to new legislation working its way through Parliament, Companies House will be making a number of significant changes. In a recent blog post, they made the following announcement:
We’re approaching a pivotal moment in the history of Companies House. This legislation, The Economic Crime and Transparency Bill, will fundamentally change...More...
Calculate tax on company cars14/09/2023
Where an employee with a company car is provided with fuel for their own private use by their employers, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car applied to a fixed amount, currently £27,800. For example, a CO2 rating of...More...
Paying tax by debit card or business credit card14/09/2023
It is possible to pay HMRC by corporate credit card or corporate debit cards. The use of these cards is subject to a fee. Payment by personal debit cards is currently fee-free. There is also no charge for payment by Direct Debit, bank transfer or cheque.
HMRC has not accepted personal credit cards since January 2018 when credit card...More...
Checking your National Insurance record14/09/2023
HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up online.
By signing in to the 'Check your National Insurance record' service you will also activate...More...