Latest News

Keep up to date with our newsletter here

29 January 2020

In tandem with the list for importing goods, HMRC has published a useful list to help businesses be prepared to export goods from the UK to the EU after the 31 January 2020 Brexit date. In the short-term there will be a transition period during which all rules remain the same. The Government expects to have a trade deal in place with the EU by the end of the year.

The seven points of...

29 January 2020

HMRC has published a useful list to help businesses be prepared to import goods from the EU to the UK after the 31 January 2020 Brexit date. In the short-term there will be a transition period during which all rules remain the same. The Government expects to have a trade deal in place with the EU by the end of the year.

The six points of action listed below are likely to be relevant...

29 January 2020

The Government has announced that a new 50 pence coin entered into circulation on 31 January to mark the UK’s departure from the European Union. The new coin, which was unveiled by the Chancellor, Sajid Javid, who is also the Master of the Mint bears the inscription "peace, prosperity and friendship with all nations" as well as the Brexit date of 31 January 2020.

Commenting after seeing...

29 January 2020

A recent County Court case serves as an important reminder to comply with the requirements to preserve and maintain proper company accounting records. The case concerned a fast food takeaway company in Walsall. The sole director of the company was found to have failed to submit adequate accounting records to the tax authorities. This resulted in his disqualification from acting as a director...

29 January 2020

The 6 April 2020 will see a seismic change in the deadline for UK residents that sell a residential property when Capital Gains Tax (CGT) on the sale is due. Currently, the due date for paying any CGT you owe to HMRC is the 31 January following the end of the tax year in which a capital gain was made. This deadline gave taxpayers between 10 and 22 months to settle their CGT bill.

The...

23 January 2020

The Equality and Human Rights Commission (EHRC) has published new technical guidance on sexual harassment and harassment at work. It replaces previous guidance published in December 2017.

The new guidance explains employers’ legal responsibilities and the practical steps they should take to prevent and respond to harassment and victimisation at work. It also provides advice for workers...

22 January 2020

A new taskforce has been launched to tackle serious and organised waste crime, such as dumping hazardous materials on private land and falsely labelling waste so it can be exported abroad to unsuspecting countries.

This will be the first time that law enforcement agencies, environmental regulators, HMRC and the National Crime Agency have worked together to help stamp out waste crime as...

22 January 2020

Derek Mackay, Scotland’s finance secretary has announced that the Scottish Government’s Budget will be published for 2020-21 on 6 February 2020. The date has been selected in order to allow the Scottish Government time to prepare for the new tax year.

This is the first time that Scotland has held a Budget before the rest of the UK. The delay in the UK Budget until 11 March had left the...

22 January 2020

We have previously covered the importance of making a Will and ensuring that assets are divided amongst beneficiaries in the way best suited to personal circumstances. One of the most important reasons for doing so is to ensure that individuals do not die intestate (without a Will). This avoids estates being distributed in accordance with fixed criteria instead of the deceased person's...

22 January 2020

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 if a gain had resulted when sold, 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 gains,
  • losses of earlier...
22 January 2020

A recent press release by HMRC has revealed some of the oddest excuses for submitting a late tax return, that have been made during the past 10 years. The excuses ranged from the sublime to the ridiculous and included:

  1. My mother-in-law is a witch and put a curse on me.
  2. I was up a mountain in Wales and couldn’t find a post box or get an internet signal.
  3. My dog ate...
22 January 2020

If you are unable to pay your tax bill or need time to pay then it is in your best interest to contact HMRC as soon as possible. For example, you can apply to HMRC to make a payment plan and seek to agree a way forward. This can be done through the Payment Support Service (PSS).

If the payment of overdue tax is unresolved, HMRC can take enforcement action to secure the money they are...

22 January 2020

Where an error on a past VAT return is uncovered, you have a duty to correct the error as soon as possible. As a general rule, you can use your current VAT return to make any necessary adjustment. However, there are three important conditions that must be met:

  1. The error must be below the reporting threshold.
  2. The error must not be deliberate.
  3. The error can only...
22 January 2020

The Insolvency Service has warned that fraudsters have been contacting investors in insolvent schemes claiming to be from the Official Receiver’s office or to have been appointed by the Official Receiver to help recover funds for a fee. These contacts are fraudulent.

The Insolvency Service provides services to those affected by financial distress or failure. Insolvency occurs when...

16 January 2020

According to proposals set out in a government policy paper, the revised rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax year 2020/21 are to be as follows:

  • the standard weekly rates of SMP, SAP, SPP and ShPP will increase from £148.68 to £151.20 (or 90% of...

Pages

Providing the direction that leads to growth.

"Our company has relied on Sadler Talbot to manage our accounts and payroll for over 14 years.  "
Lorraine B, Civil Engineers, Oxford