SME Accounting Specialists

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21/01/2021 More...

New government proposals have been published that look at further extending debt solutions to help more people suffering from problem debts. The proposals specifically look at increasing the financial eligibility criteria for debt relief orders (DROs), helping more people deal with financial difficulties to get a fresh start. A DRO is a

21/01/2021 More...

New figures published by HMRC have revealed that some 25,000 taxpayers have set up an online payment plan to manage their tax liabilities spreading payments of £69 million for up to 12 monthly instalments. This follows an increase in the limit for making an online payment plan to £30,000 (previously £10,000) that took effect from 1

21/01/2021 More...

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% when you sell shares unless they are in a CGT free wrapper such as an ISA or pension. If you only pay basic rate tax and make a small capital gain you may only be subject to a reduced rate of 10%. Once the total of your taxable income and gains exceeds the higher

21/01/2021 More...

The approaching deadline for submitting 2019-20 Self-Assessment tax returns online is 23:59 on Sunday, 31 January 2021. The filing deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for payment off tax due to HMRC. This includes the payment of any balance of Self-Assessment

21/01/2021 More...

There are simplified arrangements in place for the self-employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited companies or business partnerships involving a limited company. The fixed rate deduction

21/01/2021 More...

There are a limited range of circumstances when a company can request to be removed from the register (known as being struck off). For example, a voluntary strike off can be requested by a dormant or non-trading company. A limited company can be closed down by getting it 'struck off' the Companies Register, but only if it: hasn't

21/01/2021 More...

Business Asset Rollover Relief is a valuable relief that allows you to defer payment of CGT on gains made when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost

19/01/2021 More...

The Government has announced an overhaul of the Prompt Payment Code (PPC). Under the new reforms, companies that have signed up to the PPC will be obliged to pay small businesses within 30 days - half the time outlined in the current Code. Despite almost 3,000 companies signing the Code, poor payment practices are still rife, with many

18/01/2021 More...

We will soon have the rights to turn derelict buildings into homes and community assets. In a recent press release the Ministry of Housing said: The public will be able to convert vacant plots of land and derelict buildings into new homes or community spaces, under plans announced 16 January 2021 by the Housing Secretary, Robert Jenrick

14/01/2021 More...

139 employers, including some of the UK’s biggest household names, have been named and shamed in a government press release for failing to pay £6.7 million to over 95,000 workers in breach of the national minimum wage (NMW) legislation. This is the first time in over two years that the government has named and shamed employers for

14/01/2021 More...

HMRC’s guidance on which employees can be placed on furlough using the Coronavirus Job Retention Scheme has been updated. The scheme will continue until at least 30 April 2021. The updated guidance includes new information about employees who are unable to work because they have caring responsibilities resulting from coronavirus

14/01/2021 More...

A further reminder that new VAT rules for building contractors and sub-contractors will come into effect from 1 March 2021. The new rules were originally expected to commence from 1 October 2019, but an initial 12 month delay was announced. The start date was then delayed for a further 5 months until 1 March 2021 due to the impact of the

14/01/2021 More...

The Information Commissioner's Office (ICO) is the independent regulatory office in charge of upholding information rights in the interest of the public. Under the Data Protection Act 2018, all organisations that process personal information must register with the ICO. By law, every organisation or sole trader who processes personal

14/01/2021 More...

Following the end of the Brexit transition period new rules regarding tax and duty apply to goods sent to the UK from the EU. These changes are to ensure that goods from EU and non-EU countries are treated in the same way and that UK businesses are not disadvantaged by competition from VAT free imports. For goods sold directly to

14/01/2021 More...

The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, trademarks and copyright. The IPO has launched a new service that allows users to search for the goods and services they intend to use their trade mark on before they

14/01/2021 More...

The Inheritance Tax residence nil-rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. The RNRB came into effect on 6 April 2017 and was introduced in stages. The allowance

14/01/2021 More...

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on an inherited private pension. The person who died will usually have nominated the recipient by telling their pension provider that they should inherit any monies left in their pension pot. If the nominated

12/01/2021 More...

Passengers arriving from all international destinations will be required to present a negative COVID-19 test result before departing for England to help protect against new strains of coronavirus circulating internationally. Transport Secretary Grant Shapps has announced that inbound passengers arriving by boat, plane or train will have

12/01/2021 More...

UK residents can now apply for the new UK Global Health Insurance Card (GHIC). Under Britain’s new agreement with the EU, UK residents’ rights to emergency and medically necessary healthcare will continue when travelling in the EU. This includes medically necessary treatment for a pre-existing or chronic condition. Current European

07/01/2021 More...

A new press release by HMRC has highlighted that 2,700 taxpayers took the time to file their tax return online on Christmas Day with a further 8,500 taxpayers completing their tax returns on Boxing Day. In total, 31,400 Self-Assessment returns were filed between 24 and 26 December. Although this was a Christmas like no other, the number

07/01/2021 More...

The Brexit transition period has come to an end and a new customs border has been created between the UK and EU. If you are moving goods to or from the UK then you need to ensure that you have all the correct procedures in place. One of the most important areas that businesses must consider is how to make customs declarations. Customs

07/01/2021 More...

The 31 January 2021 tax return filing deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for payment of tax due to HMRC. This includes the payment of any balance of Self-Assessment liability for the 2019-20 plus the first payment on account due for the current 2020-21 tax year.

07/01/2021 More...

One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help those affected by COVID-19 using the existing Time to Pay service. Businesses and self-employed people in financial distress, and with outstanding tax liabilities may be eligible to receive support with their

07/01/2021 More...

The UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the transition period the UK is no longer bound by the EU VAT Directive which mandates a minimum 5% rate of VAT on all sanitary products. The VAT charge on sanitary products became widely known as the

 

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