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11 June 2019

The TV licence fee has not been payable by those aged 75 or over since 2001. During 2015, the government reached an agreement with the BBC as part of the last charter renewal that it will take on the cost of free television licences for over-75s by 31 May 2020 as part of the fee settlement. 

The BBC estimated that the change would have reduced their licence fee income by around £745m a...

11 June 2019

Fraudsters have been blocked from using HMRC’s most used helpline numbers after the introduction of new defensive controls. These fraudsters had been able to make calls to taxpayers across the UK which appeared to be coming from HMRC by mimicking helpline numbers. These fraudsters are usually operating as part of large criminal gangs with deep pockets and cutting-edge technological to target...

04 June 2019

If a permanent home (domicile) is in the UK then any foreign situated property owned at date of death will be chargeable to Inheritance Tax. The site of an asset is usually the place where the asset in question is considered to be located for legal purposes. The site of immovable property is the place or country where the property is situated.

Certain assets are excluded from the charge...

04 June 2019

If you are self-employed and running a business from your home, there are simplified arrangements available for claiming a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses rules are not available to limited companies or business partnerships involving a limited company.

The use of the flat rate expenses for business work...

04 June 2019

Under the current rules non-resident companies with a trading business in the UK are liable to pay UK Corporation Tax on their profits made through a permanent establishment/branch or agency. This includes trading income and any income from property or rights used by, or held by or for, the permanent establishment/branch or agency (except dividends or other distributions received from...

04 June 2019

The Working Tax Credit (WTC) is designed to help taxpayers on low incomes by providing top-up payments and includes those who do not have children. There are extra amounts available for qualifying childcare expenses and working households in which someone has a disability. The basic amount of WTC is £1,960 a year and is always included for qualifying applicants. There are also payments that...

04 June 2019

There are distinct rules that VAT registered businesses must follow when keeping VAT records. This includes keeping proper business and accounting records, a separate VAT account as well as copies of all VAT invoices received and issued. There is no requirement to issue a VAT invoice for retail supplies to unregistered businesses unless requested by the customer.

A simplified VAT...

04 June 2019

The government has announced new plans to crackdown on high pressure and bullying tactics to sell pre paid funeral plans. These tactics are often used to target those who are old and vulnerable and unaware exactly what they are buying. In some cases, the funeral plans are sold with misleading promises and to maximise the salesperson's commission.

Demand for funeral plans has grown...

04 June 2019

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 National Insurance on reimbursed travel expenses where...

04 June 2019

There are many taxpayers who have reached the State Pension age and continue to work. In most cases they no longer need to pay any National Insurance Contributions (NICs).

At State Pension age, the requirement to pay Class 1 and Class 2 NICs on employed or self-employed earnings ceases. However, you will remain liable to pay any NICs that were due to be paid on earnings before you...

28 May 2019

Historically, the term bed and breakfasting (sale and repurchase) of shares referred to transactions whereby someone sold shares one day and bought them back the next morning. This used to have Capital Gains Tax (CGT) benefits by crystallising a gain or a loss but is no longer tax effective over such a short period. The rules changed in 1998 when new legislation introduced special share...

28 May 2019

1 June 2019 - Due date for Corporation Tax due for the year ended 31 August 2018.

19 June 2019 - PAYE and NIC deductions due for month ended 5 June 2019. (If you pay your tax electronically the due date is 22 June 2019)

19 June 2019 - Filing deadline for the CIS300 monthly return for the month ended 5 June 2019. 

19 June 2019 - CIS tax deducted for the month ended 5 June...

28 May 2019

There are a number of reasons why you may need to register with HMRC to submit a tax return. This could include:

  • if you are self-employed and earning more than £1,000 per year from the self-employed activity,
  • if you are a company director,
  • if you have an annual income over £100,000 and / or if you have certain income from savings, investment or property.
  • ...
28 May 2019

Where a freeholder (or landlord) of a property grants a new lease to a new tenant there are sometimes upfront payments due, usually known as a lease premium. The payments of these premiums are increasingly popular, and the tax implications can be complicated depending on the length of the lease.

For leases of 50 years or less a proportion of the premium is taxed as income. The...

28 May 2019

The Company Unique Taxpayer References (UTR) is the primary identifier for the company and should be used whenever HMRC is contacted and when tax returns are filed.

When a new limited company is registered, Companies House will inform HMRC of the new company and a UTR (ten-digit number) will be issued. HMRC will then issue a letter to the company's registered address outlining important...

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