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15 July 2021

The Prime Minister, Boris Johnson, spoke to the nation and confirmed that the vaccines have significantly weakened the link between coronavirus cases and hospitalisations and deaths. This has allowed the government to confirm that many COVID restrictions will be lifted in England on 19 July, known as Freedom Day. 

The main changes will see an end to social distancing, facemasks will no...

08 July 2021

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed with effect from 6 April 2020. This change means that any CGT due on the sale of a residential property now needs to be reported and a payment on account of any CGT due made within 30 days of the completion of the transaction.

In practice, this change only applies to the sale...

08 July 2021

Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust income. The tax rules for foreign income can be complex. However, if you are resident in the UK you will need to pay UK Income Tax on your foreign income, such as:

...
08 July 2021

The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT system by means of sophisticated fraud.

The domestic reverse charge procedure applies to the supply and purchase of the certain specified goods and services.

The specified goods that the reverse charge applies to are:

  • mobile phones 
  • computer...
08 July 2021

There have been significant changes to the EU VAT rules for the sale of goods for businesses selling goods to consumers (B2C) located in the EU from 1 July 2021. The changes mean that EU VAT must be applied on all goods that are sold online in the EU regardless of price including those through online marketplaces such as Amazon or eBay.

Whilst the UK has officially left the EU, these...

08 July 2021

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme is open to all UK employers to access support to continue paying part of their employees’ salary for employees that would otherwise have been laid off during this crisis.

The end date for CJRS has been extended multiple times since the scheme was launched and in the Spring Budget 2021, the Chancellor...

08 July 2021

The 31 July 2021 is the reporting deadline for families and individuals that receive tax credits. By this date they will need to tell HMRC about any changes to their circumstances or income and to renew their tax credit application. As in previous years, there is likely to be a last-minute rush and it may be difficult to contact HMRC by phone. Claims can be renewed by post, phone or online. At...

06 July 2021

One of the lessons we should take away from the COVID experience – in a business context – is the ability to recover quickly from unexpected challenges.

Firms in the hospitality and entertainment sectors are excused as they have had no power to act in their own best interest due to government lockdown directives.

The rest of us, to varying degrees, have either managed to weather...

30 June 2021

The rules for individuals providing services to certain private sector organisations via an intermediary such as a personal service company (PSC) changed from 6 April 2021. The new rules mean that medium and large-sized clients are now responsible for deciding whether the intermediaries’ legislation applies to their workers. This includes charities and third sector organisations. The changes...

30 June 2021

HMRC has confirmed that the 300-year-old process used to manually stamp documents to show the duty has been paid will officially come to an end on 19 July 2021. 

A new electronic process was introduced during the pandemic as traditional physical stamping could not function under COVID-19 restrictions. As this process has worked well, HMRC has decided to retain the new approach.

...

30 June 2021

The new UK Infrastructure Bank has officially opened for business. The new bank, which is headquartered in Leeds, will be tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up every part of the UK. 

The establishment of the bank comes in the wake of the pandemic but is expected to result in a long-lasting public institution...

30 June 2021

A taxable benefit charge can apply when employees return office equipment they used to work from home. There was a significant rise in the provision of office equipment to employees working from home due to the COVID-19 pandemic. Qualifying home office equipment is that deemed necessary for an employee to work from home and can, for example, include a laptop, mobile phone, office desk and...

30 June 2021

The deadline for submitting the 2020-21 forms P11D, P11D(b) and P9D is 6 July 2021. Employees must also be provided with a copy of the information relating to them on these forms by the same date.

P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) unless the employer has registered to...

30 June 2021

EU workers already living in the UK before 31 December 2020 have been required to apply for the EU Settlement scheme. Settled or pre-settled status gives the holder the right to work in the UK as well as other important rights including access to the NHS and the right to travel in and out of the UK. In most cases, the deadline for EU workers and their families to apply expired on 30 June 2021...

24 June 2021

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial rate the employee would have to pay on a loan obtained elsewhere. These types of loans are referred to as beneficial loans.

There are scenarios where beneficial loans are exempt and...

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