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27 February 2019

A Company Voluntary Arrangement or CVA is a special arrangement that allows a company with debt problems or that is insolvent to reach a voluntary agreement to pay its business creditors over a fixed period of time. The arrangement is similar to the more well-known Individual Voluntary Arrangement (IVA) that can be used by a sole-trader or self-employed person who is unable to pay their...

27 February 2019

There are special rules in place when a limited company gives to a charity. This can include Corporation Tax relief for qualifying donations made to registered charities or community amateur sports clubs (CASC), as well as Capital Allowances for giving away equipment that has been used by a company.


However, the rules are different if the company is given something in...

27 February 2019

Where an error on a VAT return is discovered, VAT registered businesses have a duty to correct the error as soon as possible.


As a general rule, you can use a current VAT return to make an adjustment to a past 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...
27 February 2019

The VAT paid in other EU countries is often recoverable by VAT- registered businesses in the UK, who bought goods or services for business use. The exact rules that govern the amount of VAT refundable depends on the other countries' rules for claiming input tax. It is important to note that VAT incurred in foreign countries can never be reclaimed on a domestic UK VAT return. There are a...

27 February 2019

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and no Class 1A National Insurance on reimbursed travel expenses...

27 February 2019

The Help to Save scheme for people on low incomes was officially launched in September 2018 and since then over 80,000 people have signed up. The scheme allows those in work entitled to Working Tax Credit and in receipt of Working Tax Credits or Child Tax Credits to save up to £50 a month for two years and receive a 50% government bonus.


The scheme is also open to UK...

25 February 2019

The Employment Rights (Increase of Limits) Order 2019 has been laid before Parliament and will come into force from 6 April 2019. The Order increases the limits applying to certain awards of employment tribunals and to other amounts payable under employment legislation. The main changes are:



  • Maximum amount of a “week’s pay” which is used for the purposes of...
25 February 2019

1 March 2019 - Due date for Corporation Tax due for the year ended 31 May 2018.


2 March 2019 – Self assessment tax for 2017/18 paid after this date will incur a 5% surcharge.


19 March 2019 - PAYE and NIC deductions due for month ended 5 March 2019. (If you pay your tax electronically the due date is 22 March 2019)


19 March 2019 - Filing deadline for...

20 February 2019

HMRC has now written to over 145,000 VAT-registered businesses across the UK with a Brexit update. The letters explain changes to customs, excise and VAT in the event that the UK leaves the EU without a deal, and what businesses can do to prepare. There are a number of different versions of the letters some of which are specific to the circumstances of businesses in Northern Ireland....

20 February 2019

There are a number of issues that owners of more than one home should be aware of. An individual, married couple or those in a civil partnership can only benefit from CGT on one property at a time. However, it is possible to choose, by election, which property is treated as a main residence and therefore benefits from a CGT exemption when sold.


When a home owner lives in...

20 February 2019

A joint venture is a commercial enterprise undertaken by two or more parties who otherwise retain their own separate identities. The parties to the joint venture usually bring together different resources and areas of expertise to help fulfil a specific project or business activity.


HMRC’s published guidance on how a joint venture is treated for VAT is as follows. Where two...

20 February 2019

After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. The deadline for filing the first set of accounts with Companies House is 21 months after the date the company was registered with Companies House. Annual accounts must be submitted 9 months after the company’s financial year ends.


There is a fixed date...

20 February 2019

Are you among the 700,000 taxpayers that missed the 31 January 2019 filing deadline for your 2017-18 self-assessment returns? If you missed the filing deadline then you will be charged a £100 fixed penalty if your return is up to 3 months late, regardless of whether you owed tax or not.


If you do not file and pay before 1 May 2019 then you will face far greater penalties. A...

20 February 2019

The Finance (No.3) Bill 2017-19 received Royal Assent (later than originally planned) on 12 February 2019 following agreement by both Houses on the text of the Bill. The Bill is now an Act of Parliament known as Finance Act 2019. The Act contains the legislation for many of the tax measures announced by the government at Autumn Budget 2017 some of which had been the subject of further...

19 February 2019

A new consultation has been launched by HM Treasury together with HMRC seeking views on the design of a new 1% Stamp Duty Land Tax (SDLT) surcharge on non-UK residents purchasing residential property in England and Northern Ireland. This move was first mooted in the Budget 2018. The consultation closes for comments on 6 May 2019.

The consultation document makes it clear that the new...

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