Tag Archives: tax efficiency

  1. Virtual Christmas Parties Exemption in 2020

    HMRC has confirmed that a virtual Christmas party will fall within the rules for the annual parties exemption in the same way that it would for traditionally held parties.   No – it’s not a joke! To be exempt from taxation the party must: be open to all employees be annual, such as a Christmas…

  2. Brexit – The End of Transition is Nigh

    The UK left the EU on 31 January 2020 but all trading arrangements, including VAT, are held in suspension until the end of the transition period on 31 December 2020. Whatever deal is finally agreed between the EU and the UK government, the VAT rules for UK traders will be different from 1 January 2021,…

  3. Government Updates September 2020

    Here is a summary of the latest government updates, dated 24 September. Job Support Scheme The Job Support Scheme (JSS) is designed to give business the ability to retain staff working reduced hours, rather than make them redundant. Employees will only be eligible for the scheme if they are working at least 33% of their…

  4. More Time to Pay Taxes

    The Government has introduced an immediate deferral of upcoming Income Tax and VAT payments but the other business taxes such as PAYE and Corporation Tax remain payable on the due dates. HMRC is willing to enter ‘Time to Pay’ (TTP) arrangements where businesses or individuals are struggling to pay tax bills on their due dates….

  5. New Implementation Dates for Making Tax Digital

    As you may be aware HMRC decided to delay their plans to implement Making Tax Digital (MTD) due to the Covid-19 virus. HMRC has now announced the new implementation dates. Making Tax Digital will now be: Extended to VAT-registered businesses with turnover below the £85,000 VAT threshold from April 2022 (In other words anyone VAT…

  6. Changes to Capital Gains Tax on Private Residences

    Since April 2020 there have been two phases of changes to the tax paid on residential property sales.  The idea is to increase the tax paid from the disposal of residential property and collect this tax much more quickly. For personal taxpayer capital gains tax (CGT) is paid between 10 months and 22 months after…

  7. December’s General Election and Tax

    Following the General election on 12 December, Prime Minister Boris Johnson has confirmed that Sajid Javid remains as Chancellor of the Exchequer and no other changes at HM Treasury have been announced. The Prime Minister has however, confirmed that a more significant cabinet reshuffle will take place after the UK leaves the EU on 31…

  8. Salary or Bonus?

    As 31 December approaches, many companies will be getting ready to tie up tax matters for their financial year-end and giving consideration to salaries, bonuses and dividends. Given current tax rates, paying a dividend rather than a salary will often be a more cost-effective way of withdrawing profits from a company. However, if the company is…

  9. How Can You Identify Genuine HMRC Communications?

    Broadly, phishing is the fraudulent attempt to obtain sensitive information such as usernames, passwords and credit card details by disguising oneself as a trustworthy source in an electronic communication. This is generally carried out by email spoofing or instant messaging, and it often directs users to enter personal information at a fake website which matches…

  10. 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…

  11. 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…

  12. 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…