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17 December 2020

Right now, any reference to a return to 2019 trading conditions seems to echo the title of this short article, too good to be true.

Common sense tells us that we are unlikely to emerge largely, COVID-free until the end of 2021 and additionally, many traders and consumers are apprehensive of the coming EU exit.

Never-the-less, we would be wise to be on the lookout for signs of...

17 December 2020

There are special rules for businesses established outside the EU submitting a claim for VAT incurred on goods or services bought in the UK. The exact rules of what VAT is refundable can be complex. There are also a number of conditions which must be met in order for a claim to qualify.

The deadline for the submission of a refund request for expenses incurred in the UK by non-EU...

17 December 2020

A chattel is a legal term that defines an article which is a tangible moveable property. A tangible object is one that you can touch. The asset has to be a physical asset such as household furniture, paintings, antiques, items of crockery and china, plate and silverware, motor cars, lorries, motorcycles and items of plant and machinery not permanently fixed to a building.

There is no...

17 December 2020

During an announcement to Parliament today, 17 December 2020, the Chancellor confirmed the following:

  1. An extension of the furlough scheme until the end of April 2021,
  2. The date for Budget 2021 has been fixed as 3 March 2021, and
  3. Businesses will have until the end of March 2021 to apply for Government backed, Bounce-Back and other loan schemes.

In a...

17 December 2020

Independence is a cultivated concern. We all want to be self-sufficient.

In a business environment this might manifest as having a separate Wi-Fi source even though it may be possible to share Wi-Fi with a number of business neighbours and divide the cost between you?

There will always be what-ifs to this type of co-operative effort but if the cost sharing made a joint...

17 December 2020

The government has unveiled three new consultations to help combat fraud by reforming the UK’s register of company information. This follows an announcement earlier this year that Companies House will be reformed to clamp-down on fraud and money laundering, with directors unable to be appointed until their identity has been verified.

One of the consultations will seek views on how the...

17 December 2020

After a very difficult 2020, the traditional Christmas break is almost with us. If you are an employer and looking to give your employees a small token of appreciation for Christmas, then your best option is probably to give them a gift. In order to ensure that this is not a taxable gift, it is important to that the trivial benefits in kind (BiK) rules apply.

There is no tax to pay on...

17 December 2020

The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to defer their VAT payments ended on 30 June 2020.

There are two options available for repaying this VAT.

  • The first option is to pay the deferred VAT in full on or before 31 March 2021. No interest or...
10 December 2020

HMRC has issued a press release to remind taxpayers that have sold a residential property, which was not their main home, during the 2019-20 tax year that the payment date for any Capital Gains Tax (CGT) owed is 31 January 2021.

Due to the impact of Coronavirus, there are options available to defer payments due on 31 January 2021 and pay by instalments over 12 months. This includes a...

10 December 2020

When you employ someone to work in your home it is your responsibility to meet the employee's rights and deduct the correct amount of tax from their salary. This can include employees such as a nanny, housekeeper, gardener or carer. The rules are different if the person is self-employed or paid through an agency.

If you employ anyone they must:

  • have an employment contract...
10 December 2020

Where an error on a past VAT return is uncovered, businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. However, in order to be able to do so, there are three important conditions that must be met:

  1. The error must be below the reporting threshold.
  2. The error must not have been...
10 December 2020

HMRC’s published guidance on the application of the 3% higher rate of Stamp Duty Land Tax (SDLT) has been updated. The higher rates of SDLT were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let and second homes.

At the time the new higher rates were introduced, HMRC confirmed that where there was a purchase of mixed use buildings...

10 December 2020

The new Trader Support Service has been designed to help businesses moving goods under the Northern Ireland Protocol from 1 January 2021, after the Brexit transition period comes to an end. There will be changes in moving goods between Great Britain and Northern Ireland whether or not a Free Trade Deal is reached.

If your business is moving goods between Great Britain and Northern...

10 December 2020

HMRC and the Advertising Standards Authority (ASA) have come together to jointly target misleading marketing by promoters of tax avoidance schemes. HMRC and the ASA can jointly issue an Enforcement Notice to companies irresponsibly advertising tax arrangement schemes in a bid to clamp down on those breaking the rules.

The ASA is clear that advertisers are required to ensure that their...

10 December 2020

The process for working out the VAT treatment of delivery charges can be quite complex.

We have listed below some of the main issues to bear in mind when deciding whether or not VAT needs to be applied.

  • No charge for delivery. HMRC’s guidance is clear that if delivery is free, or the cost is built into the normal sales price, VAT is accounted for on the value of the goods...

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