• VAT Changes for CIS Sub-contractors delayed

    The VAT rule changes for building contractors and sub-contractors that were expected into effect imminently, have been delayed for 12 months until 1 October 2020. This announcement followed intense lobbying by the construction industry who have long argued that many businesses in the sector were unprepared for the change. The planned introduction of the new […]

  • Visiting EU After 31 October 2019

    HMRC has published guidance on visiting the EU after 31 October 2019. They have said that there will be significant changes to the rules for EU travel if there is a no-deal Brexit. This would affect you if you visit the EU, Iceland, Liechtenstein, Norway or Switzerland from the time the UK is due to […]

  • VAT For Business If There Is A No-Deal Brexit

    If the UK leaves the EU on 31 October 2019, without a deal, there will be immediate changes to the procedures that apply to businesses trading with the EU. Listed below are some on the main VAT issues that will affect UK businesses trading with the EU in goods and services: Imports: Businesses that are […]

  • Enhanced Redundancy Protections for Pregnant Women and New Parents

    The government has published its response to its January 2019 consultation on “pregnancy and maternity discrimination: extending redundancy protection for women and new parents” and has confirmed that it will now take action to address such discrimination. As the law currently stands, employees who are placed at risk of redundancy when they’re absent on maternity, […]

  • Child Benefit Charge If Income Exceeds £50,000

    The High Income Child Benefit Charge (HICBC) applies to a parent whose income exceeds £50,000 in a tax year and who is in receipt of Child Benefit. If both parents income exceeds £50,000, the charge will apply to the highest income earner. The charge claws back the financial benefit of receiving Child Benefit either by […]

  • Keeping Records If Self-Employed

    If you are self-employed as a sole trader or as a partner in business partnership, then you must keep suitable business records as well as separate personal records of your income. For tax purposes, the business records must be held for at least 5 years from the 31 January submission deadline for the relevant tax […]

  • Working After State Pension Age

    Many taxpayers reach the State Pension age and continue to work. It should be noted that the requirement to pay any employee or self-employed National Insurance Contributions (NICs) ceases once a taxpayer reaches the State Pension age, subject to the following clarification. Taxpayers remain liable to pay NICs that were due to be paid on […]

  • When Are Class 1A NICs Due

    Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees, for example, the use of a company car. There are no Class 1A employee contributions payable. Class 1A NICs are due in respect of most benefits provided to: directors and certain other persons in controlling positions, employees, members […]

  • Protecting yourself from an HMRC investigation

    A tax investigation is stressful, time consuming and usually very expensive. And it could easily happen to you. HMRC’s investigations are more focused than ever before. During the tax year 2017-18, the tax man collected over £30 billion through ‘compliance activity’. Special investigators are using high tech methods to gain information and maximise tax revenues. […]

  • Loss Buying Restrictions

    Under qualifying circumstances, Corporation Tax relief is available where your company makes a trading loss. The trading loss can be used by offsetting the loss against other gains or profits of your business in the same or previous accounting period. The loss can also be set against future qualifying trading income. However, there are restrictions […]