News

Automatic enrolment for the self-employed?

08/01/2019

The government has confirmed that they are to examine a number of different approaches to help encourage the self-employed to save for their retirement. The success of automatic enrolment for pension savings for the employed has helped highlight that pension savings for the self-employed are lagging behind those achieved for the employed.

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New 'global' pound coin

08/01/2019

HM Treasury has confirmed that the £1 coin will be going global. This announcement means that the UK’s Overseas Territories and Crown Dependencies will be able to design and mint their own versions of the 12-sided £1 coin replacing the older coins. The coins are expected to feature images celebrating the heritage of these territories,

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Check if your Holiday let property is qualifying

08/01/2019

The Furnished Holiday Let (FHL) rules, allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of

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Register a company and register for tax

08/01/2019

A new one-stop service to register a company and register for tax at the same time has been used by more than 200,000 businesses since it was introduced. The introduction of the Streamlined Company Registration Service was announced as part of the Small Business, Enterprise and Employment Act 2015 to help reduce administrative burdens and

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Changes to a building after the VAT option to tax

08/01/2019

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate. The ability to convert the treatment of VAT exempt

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Cash basis option for landlords

08/01/2019

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April 2017. The scheme is not open to limited companies and limited liability partnerships. The entry threshold for the cash basis scheme is £150,000 and you

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Genuine messages from HMRC

08/01/2019

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This includes: email messages, text messages and telephone contacts from HMRC. The latest updates on the list include information on a research

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Did you file your tax return Christmas Day?

01/01/2019

A new press release by HMRC has highlighted that 2,616 taxpayers took the time to file their tax return online on Christmas Day with a further 8,465 taxpayers completing their tax returns on Boxing Day. More than 11 million taxpayers are expected to complete a 2017-18 self assessment tax return this year. Taxpayers are reminded that the

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Don’t forget to pay your tax at the end of the month

01/01/2019

The 31 January 2019 is not just the final date for submission of your self assessment tax return but also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2017-18 tax year. In addition, the 31 January 2019 is also the payment date for any Capital Gains Tax due in relation to

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Paying young people and children

01/01/2019

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any employees who are family members. It is possible to employ young people if they are 13 or over but there are special rules about how long they

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Finance Bill delay

01/01/2019

The government published Finance (No.3) Bill 2017-19 on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance Bill in the current special two-year session of Parliament. The Bill, colloquially known as Finance Bill 2018-19 will become Finance Act 2019 after Royal Assent is received which is expected in March 2019

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Merchandise in Baggage

01/01/2019

There are special customs requirements for commercial goods or samples which are imported or exported by passengers in their accompanied baggage (hand carried). This is known as Merchandise In Baggage or MIB. MIB goods include the following: goods acquired for company use goods for sale spare parts trade samples whether or not

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Checking a National Insurance Record

01/01/2019

HMRC offers an online service to check a National Insurance record. 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 your personal tax account if you

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CGT Rollover Relief – ownership of assets

01/01/2019

Capital Gains Tax (CGT) rollover relief is a valuable relief that allows for a delay in the payment of CGT on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over

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New legislation implementing aspects of the Good Work Plan

01/01/2019

Following the recent publication of its “Good Work Plan”, the government has now laid before Parliament three statutory instruments to implement certain aspects of that Plan. The Employment Rights (Employment Particulars and Paid Annual Leave) (Amendment) Regulations 2018 and the draft Employment Rights (Miscellaneous Amendments)

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Naming scheme for unpaid employment tribunal awards launched

01/01/2019

The government’s recently published “Good Work Plan” included a commitment to establish a naming and shaming scheme for those employers who fail to pay employment tribunal awards. Immediately following publication of the Good Work Plan, the government introduced the scheme and published guidance on how it operates. The names of employers,

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Guidance for employers on new payslip legislation

01/01/2019

New legislation comes into force from 6 April 2019 which requires all employers to provide an itemised payslip to all workers, i.e. not just to employees, and to show hours on payslips where the pay varies by the amount of time worked. The government has now published guidance to help employers with the new rules on showing the hours on

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Advise HMRC if you stop being self-employed

18/12/2018

Any taxpayers that have ceased to be self-employed must advise HMRC of their change in status. There are a number of steps that must be followed if a taxpayer stops trading as a sole trader or if they are ending or leaving a business partnership. This is required so that HMRC can help to get the taxpayer's affairs in order. Taxpayers

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