Crossley Group boost South East presence on Handpicked Accountants 20/12/2019 Our Rochester based accountancy firm in Kent is an iconic household name having been in business since 1995, nearing closer to the 25-year milestone. We take pride in operating from our local base on Rochester High Street in Medway and are proud to be joining the Handpicked Accountants platform. Our vision is to provide a complete suite
Who needs to register for Self-Assessment 02/12/2021 There are a number of reasons why you might need to complete a Self-Assessment return. This includes if you are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property. Taxpayers that need to complete a Self-Assessment return for the first time should inform HMRC as
Carry-back charitable donations 02/12/2021 The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take your donation and, providing all the qualifying conditions are met, reclaim the basic rate tax. This increases the value of your donation by 25p for every pound donated. If you are a higher rate or additional rate
Can you claim the Marriage Allowance? 02/12/2021 The marriage allowance came into force in 2015 and applies to married couples and those in a civil partnership where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2020-21). The allowance
VAT – driving schools who supplies services? 02/12/2021 The VAT liability of the supply of driving lessons is an interesting issue that can be of relevance to other supply scenarios such as hairdressers and other workers in the beauty industry. In HMRC’s internal manuals the guidance identifies three possible scenarios that can apply to someone providing driving lessons to the public: The
TOGC overview 02/12/2021 The transfer of a business as a going concern (TOGC) rules cover the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where the sale of a business includes assets and meets certain conditions, the sale will be
Income excluded from a property business 02/12/2021 HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and letting surplus trade accommodation. In most cases the income from these activities will be
SMP, SAP, SPP, ShPP, SPBP and SSP to rise from April 2022 02/12/2021 According to proposals set out in a government policy paper, the revised rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP), statutory parental bereavement pay (SPBP) and statutory sick pay (SSP) for tax year 2022/23 are to be as follows: the
New warnings from HMRC re tax fraudsters 25/11/2021 Fraudsters are continuing to target taxpayers with scam emails in advance of the 31 January 2022 deadline for submission of Self-Assessment returns. In fact, over the last year, HMRC received nearly 360,000 reports about bogus tax rebate referrals. A number of these scams purport to tell taxpayers they are due a rebate / refund of tax
Teesside Freeport open for business 25/11/2021 The first of the English Freeports, Teesside, opened operations on 19 November 2021, and is expected to be followed shortly by Thames and Humber. The Teesside Freeport will be at the forefront of local low carbon sector creating thousands of jobs in green energy. Businesses in Freeport tax sites are able to benefit from tax reliefs
What is a tax calculation? 25/11/2021 A tax calculation is created by HMRC if you have not paid the right amount of tax. HMRC’s annual reconciliation of PAYE for the tax year 2020-21 is now almost complete. HMRC use salary and pension information to calculate if you have paid the correct amount of tax. The tax calculation is usually generated automatically by HMRC’s computer
Structures and Buildings Allowance qualifying expenditure 25/11/2021 The Structures and Buildings Allowances (SBA) facilitates tax relief for qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of building and renovating commercial structures. The relief was introduced in October 2018 at an annual capital allowance rate of 2% on a
CGT Roll-over Relief 25/11/2021 Business Asset Roll-over Relief is a valuable relief that allows the deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is
IHT and domicile 25/11/2021 Domicile is a general legal concept which in basic terms is taken to mean the country where you permanently belong but actually determining domicile status can be complex. HMRC guidance states that domicile cannot be defined precisely, but the concept rests on various basic principles. Although domicile can change, there is generally a
Tax Diary December 2021/January 2022 21/11/2021 1 December 2021 - Due date for Corporation Tax payable for the year ended 28 February 2021. 19 December 2021 - PAYE and NIC deductions due for month ended 5 December 2021. (If you pay your tax electronically the due date is 22 December 2021). 19 December 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 December
Mandatory vaccination for frontline health and social care worker 18/11/2021 The government has published its response to its consultation on making COVID-19 vaccination a condition of deployment for frontline workers in health and social care settings in England and has confirmed that it will now bring forward regulations to implement a mandatory COVID-19 vaccination requirement. The regulations will cover all
A reminder of trivial benefit rules 18/11/2021 We wanted to remind readers of the trivial benefits in kind (BiK) rules. The BiK exemption applies to small non-cash benefits like a bottle of wine, a bouquet of flowers given occasionally to employees, or any other benefit in kind classed as 'trivial' that falls within the exemption. By taking advantage of the exemption employers can
Business gifts 18/11/2021 The rules for deciding whether a gift given in the course of business is deductible are complex. The rules for business gifts generally follow those for business entertaining expenditure. This means that HMRC take the view that in general business gifts are not an allowable deduction from profit for tax purposes. However, there are
