Tax News

CONSIDER A SALARY SACRIFICE SCHEME

CONSIDER A SALARY SACRIFICE SCHEME

Date posted: 15th Mar 2022

Salary sacrifice schemes are popular schemes but there advantages have been reduced by HMRC over the years. One of the most popular areas of salary sacrifice arrangements relate…

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PAYROLLING BENEFITS IN KIND

PAYROLLING BENEFITS IN KIND

Date posted: 15th Mar 2022

HMRC are encouraging more employers to payroll employee benefits in kind rather than declaring benefits on the end of year P11d forms. If employers haven’t already done so…

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CHANGES TO ACCOUNTING FOR VAT ON IMPORTS

CHANGES TO ACCOUNTING FOR VAT ON IMPORTS

Date posted: 15th Mar 2022

HMRC have recently updated their guidance for VAT registered importers. These traders must account for postponed import VAT on their VAT returns for the accounting period which covers…

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VAT RATES FOR HOSPITALITY SECTOR DUE TO INCREASE FROM 1 APRIL

VAT RATES FOR HOSPITALITY SECTOR DUE TO INCREASE FROM 1 APRIL

Date posted: 15th Mar 2022

Early in the COVID-19 pandemic, the Chancellor reduced the rates of VAT for the leisure and hospitality sector to just 5%. That reduced rate applied from 15 July…

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Tax relief for pre-trading expenses

Tax relief for pre-trading expenses

Date posted: 5th Jan 2022

There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Before it is able to start trading,…

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Using your capital gains tax allowance

Using your capital gains tax allowance

Date posted: 5th Jan 2022

All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of…

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Struggling to pay your tax bill – what should you do?

Struggling to pay your tax bill – what should you do?

Date posted: 5th Jan 2022

The January self-assessment payment deadline is not well timed, falling as it does in a month when people may be already struggling to pay their Christmas credit card…

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Do I need to top up my state pension?

Do I need to top up my state pension?

Date posted: 5th Jan 2022

A full state pension is payable to people who have 35 qualifying years. Individuals who have less than 35 qualifying years, but at least 10 qualifying years are…

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Property expenses whilst there are no tenants – can you get tax relief?

Property expenses whilst there are no tenants – can you get tax relief?

Date posted: 5th Jan 2022

Unfortunately a common scenario for landlords, but there are times when a residential property does not have a tenant. This could be periods when the property is empty,…

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Tax deadlines on the horizon

Tax deadlines on the horizon

Date posted: 5th Jan 2022

As the clock struck midnight on 31 December 2021, attention may have turned to your plans for 2022 – booking holidays, seeing friends or getting back to the…

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