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11 April 2018

Most day to day business expenses can be deducted from business income when calculating your taxable profits. However, the rules are different for 'capital’ expenditure'. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain capital expenditure. There are different rules that apply depending on the type of capital expenditure,...

09 April 2018

Following new measures introduced in Parliament, from 1 April 2018 disabled workers can now benefit from a £15,000 rise in Access to Work grants to assist them at work. Such workers can now claim up to £57,200 annually to help pay for the additional support that they may need in the workplace, which is over £15,000 more than the previous cap of £42,100.

The Access to Work scheme is a...

04 April 2018

As a general rule, there should be no capital gains tax (CGT) to be paid on a property which has been used solely as the main family residence (referred to by HMRC as one’s principal private residence). Conversely, an investment property which has never been used as a private residence will not qualify for relief. However, there is a significant amount of HMRC guidance and case law in this...

04 April 2018

There are now just 3 weeks to go until the new data protection regulations become law on 25 May 2018. The new provisions known as the General Data Protection Regulation (GDPR) represent a step change in data protection regulation, that will impose much stricter controls over the way that businesses collect, store and manage the personal data of customers, suppliers, staff and other contacts....

04 April 2018

We have published articles before discussing the importance of making a will and ensuring that your assets are divided amongst your beneficiaries in the way best suited to your personal wishes. One of the most important reasons for doing so, is to ensure that you do not die intestate (without a will) where the intestacy rules will decide how your estate is distributed.

HMRC’s guidance...

04 April 2018

The new Fulfilment House Due Diligence Scheme (FHDDS) opened for online applications on 1 April 2018. The FHDDS is part of a package of measure to combat the abuse of VAT rules by online traders based outside the European Union.

Fulfilment houses that store any goods imported from outside the EU on behalf of others, need to apply for approval from HMRC. These businesses will be required...

04 April 2018

The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained an interest in property, in a settlement, that the income arising is treated as the settlor’s income for tax purposes. A settlor can be said to have retained an interest if the property or income may be applied for the benefit of the settlor, a spouse or civil...

04 April 2018

HMRC has issued an update of what can be dealt with by accessing and using a personal tax account (PTA). The PTA works like an online bank account to allow taxpayers to review all their details in real time.

HMRC has confirmed that the following services are currently available on the PTA:

  • check your income tax estimate and tax code;
  • fill in, send and view a...
03 April 2018

The President of the Employment Tribunals (England and Wales) and the President of the Employment Tribunals (Scotland), have issued updated joint presidential guidance in relation to the so-called “Vento bands” for compensation for injury to feelings, and psychiatric injury in discrimination claims brought under the Equality Act 2010.

The Vento bands are being uprated to take account of...

28 March 2018

The Customs Handling of Import and Export Freight (CHIEF) is a computerised service that records the movement of goods by land, air and sea. The system allows importers, exporters and freight forwarders to complete customs information electronically, and automatically checks for entry errors.

However, the CHIEF system is over 25 years old and has struggled to cope with complex reporting...

28 March 2018

There are complex VAT rules that determine the amount of VAT that can be recovered when purchasing a new car. In most cases, when a business purchases a car they can’t reclaim the VAT incurred.

The exception to this rule is if the new car is used solely for business use. This rule has been the subject of much case law over the years but it has generally been established that to qualify...

28 March 2018

The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 and opened to all remaining eligible families with children under 12 on 14 February 2018. The new scheme allows working parents to receive a government top-up on their contributions. For every 80p in the £1 contributed by parents an additional 20p or 20% will be funded by Government up to a maximum total of £10,000 per child per...

28 March 2018

We recently discussed updated Companies House guidance that provides advice on checking which names are acceptable to Companies House when naming a company. HMRC also published guidance for choosing a company name when setting up a private limited company. There are different rules for sole traders and business partnerships.

HMRC suggests that some of the important points to consider...

28 March 2018

When a company makes a purchase of its own shares, any excess paid over the amount of capital originally subscribed for the shares is usually treated as a distribution. However, there are special provisions that enable an unquoted trading company or an unquoted holding company of a trading group to undertake a purchase of its own shares without making a distribution.

In order to do this...

26 March 2018

The following key changes to employment law will come into force in April 2018:

  • The National Minimum Wage (Amendment) Regulations 2018 will increase the national minimum wage (NMW) and national living wage (NLW) rates from 1 April 2018. The NLW for workers aged 25 or over will increase to £7.83 per hour, the NMW standard rate for workers aged 21 to 24 will increase to £7.38 per...

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