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11 October 2018

Corporation Tax relief may be available when a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offset against other gains or profits of the business in the same or previous accounting period.

The loss can also be set against future qualifying trading income. Any claim for trading losses forms part of the company tax return. The...

11 October 2018

HMRC has used targeted campaigns to recover underpaid taxes and penalties from specific sectors and industries where significant underpayment of tax has been identified. The use of these campaigns is part of the government’s continued moves to tackle tax evasion, avoidance and fraud. 

Current campaigns include the Card Transaction Programme, a disclosure opportunity for businesses that...

11 October 2018

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.

HMRC is currently carrying out compliance checks for midsized businesses, charities and public bodies by...

03 October 2018

The Charity Commission has warned charities that the deadline for submitting the 2017 annual return is fast approaching. The deadline for charities with a standard 12-month accounting period is 31 October 2018. According to the Charity Commission, there are many charities that have yet to file their annual return. Not filing on time means that the charity will be in default, and this ...

03 October 2018

Income Tax, unsurprisingly, is a tax on income. To be more specific, it is a tax on the income of individuals and non-incorporated businesses. However, there are some types of income where no Income Tax is payable. We have summarised below some of the main income type that are and are not liable to Income Tax.

In most circumstances, taxpayers will not be required to pay tax on all...

03 October 2018

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the amount of qualifying years of National Insurance contributions which can increase the amount of benefits a person is entitled to, such as the State Pension.

For example, National Insurance credits may be available to:

  • those...
03 October 2018

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and provided all the qualifying conditions are met, can reclaim the basic rate tax allowing an extra 25p on every £1 donated to charity.

HMRC has published a press release to remind fundraisers that they can boost donations by an extra 25...

03 October 2018

Class 3 National Insurance Contributions (NICs) are a voluntary contribution paid by those wishing to fill gaps in their NICs contribution record and can be used by taxpayers who have not made sufficient compulsory contributions or are not liable to pay any other class of National Insurance contributions.

Essentially, Class 3 contributions can be used to secure certain state benefits,...

03 October 2018

Under HMRC’s rules, there is no tax to pay on trivial benefits in kind (BiK) provided to employees where all of the following apply:

  • the benefit is not cash or a cash-voucher; and
  • costs £50 or less; and
  • is not provided as part of a salary sacrifice or other contractual arrangement; and
  • is not provided in recognition of services performed by the employee...
03 October 2018

Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax (CGT) of 10% is payable in place of the standard rate. CGT on the disposal of chargeable assets is usually chargeable at 20%. There are a number of qualifying conditions that must be met in order to qualify...

03 October 2018

There are a number of reasons why a limited company may be no longer required and can be shut down. This may be because the limited company structure:

  • no longer suits the needs of its owners,
  • the business is no longer active, or
  • the company is insolvent.

The agreement of all the company’s directors and shareholders to close down the company will be...

03 October 2018

There are higher penalties for taxpayers evading Income Tax and Capital Gains Tax relating to offshore matters. HMRC’s compliance check notice entitledHigher penalties for offshore matters, has recently been updated to include details about penalties under the Requirement to Correct (RTC) legislation.

The RTC rules apply to any person with undeclared UK Income Tax, Capital...

26 September 2018

The deadline for businesses with a turnover above the VAT threshold to keep digital records and provide regular digital updates to HMRC for VAT purposes using Making Tax Digital (MTD) is fast approaching. From 1 April 2019, businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep their records digitally (initially for VAT purposes only).

For VAT...

26 September 2018

There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of care to their employees, which means that they should take all steps that are reasonably possible to ensure their health, safety and wellbeing.

Ensuring that an employee gets home safely during unsocial working hours could fall within the employers 'duty of...

26 September 2018

There are special income eligibility rules for making tax credit claims. The amount and type of income you (and your partner for a joint claim) have will affect how much tax credits you might get. There is a common misconception that the only figure that needs to be provided to HMRC when applying for / renewing a tax credit claim is employment income.

However, any taxable income from...

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