Tag Archives: HMRC advice

  1. Simplification of Inheritance Tax

    The Office of Tax Simplification (OTS) is the independent adviser to government on simplifying the UK tax system, to make it easier for the taxpayer. The OTS makes recommendations for the government to consider. It does not implement changes – these are a matter for government and for parliament. A review of Inheritance Tax was…

  2. Workplace Pensions Re-enrolment Requirements

    Every three years you must put certain staff who have left your pension scheme back into it. This is called re-enrolment. Whether you have staff to put back into your scheme or not, you must complete a re-declaration of compliance to tell the Pensions Regulator how you have met your duties. Remember, re-enrolment and re-declaration…

  3. Changes to Capital Gains Tax on Residential Property From April 2020

    From 6 April next year, Capital Gains Tax (CGT) incurred following the disposal of a residential property will have to be paid within 30 days of the completion date. Failure to pay on time will result in HMRC imposing interest and potential penalties. This new deadline applies even where no money has changed hands, such…

  4. Making Tax Digital Webinar

    Many VAT registered businesses are getting ready to submit their first digital VAT return through Making Tax Digital software. If this includes you, find out about Making Tax Digital for VAT with online help and support from HMRC. Join this live webinar, where you’re able to ask questions using the on-screen text box. This webinar…

  5. VAT: Reverse Charge for Building and Construction Services

    This anti-fraud measure will introduce a VAT reverse charge on certain building and construction services. The final version of the legislation was published at Budget 2018, and will come into effect on 1 October 2019. It will affect businesses involved in buying and selling construction services. It does not apply to zero-rated supplies of construction…

  6. Tax on Trivial Benefits

    Giving your employees benefits and not sure if you have to pay tax on them? If the benefit meets ALL the following conditions then you do not have to pay tax: The benefit cost you £50 or less to provide The benefit is not cash or a cash voucher The benefit is not a reward…

  7. Zero-Rating VAT of Transport of Disabled Passengers

    HMRC have issued Brief 3 (2019), which aims to clarify that the Department’s policy on the scope of the VAT zero rate for transport services has not changed following the Upper Tribunal (UT) decision in Jigsaw Medical Services Ltd (2018) UKUT 0222. In this case, the UT heard an appeal by HMRC against the First-tier Tribunal’s…

  8. Making Tax Digital for VAT Update: How to Deal with Petty Cash Transactions

    HMRC has published an updated version of their guidance for businesses on Making Tax Digital for VAT. In particular, the guidance now includes information on how businesses should deal with petty cash transactions. Petty cash is traditionally a small amount of cash on hand that covers day to day expenses of a business, such as…

  9. Trading with the EU? You will need a UK Customs Number After Brexit

    If you are a UK business and you are trading with the European Union by importing or exporting goods, you will need a UK EORI number to continue trading after Brexit. EORI is short for Economic Operators Registration and Identification Number. This is used by custom authorities throughout the European Union. This unique number is…

  10. Juicy First Tier Tribunal Case

    The First Tier Tribunal (FTT) was recently called upon to examine whether fruit and vegetable juices sold as meal replacements were beverages and therefore standard-rated for VAT. The case (The Core (Swindon) Ltd [2019] TC 06874) concerned a juice bar and health café which supplied juice cleanse programmes (JCPs) consisting of fresh drinkable products made…

  11. Can Employers Still Claim the Employment Allowance?

    In broad terms, the Employment Allowance (EA) is available to most employers and should enable them to reduce the amount of National Insurance Contributions (NICs) they have to pay by up to £3,000 per year. The eligibility rules changed from April 2016, and the Autumn Budget 2018 announced further changes expected to take effect from…

  12. Efficient Tax Savings

    As the end of the current tax year approaches, it is worthwhile making a check to ensure that the various tax-efficient saving opportunities have been utilised wherever possible. The following paragraphs highlight some of the areas where savings may be made. ISAs The maximum annual investment limit for Individual Savings Accounts (SAs) will remain at £20,000 for…