Since 2018, online marketplaces (such as eBay or Amazon) have been required to help tackle online VAT fraud. These measures, known as joint and several liability (JSL) for marketplaces aim to ensure that all businesses selling goods in the UK follow the same rules and pay the correct amount of VAT. Legislation allows HMRC to hold the...
More...The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000. The limited cost trader test...
More...HMRC has published a new guidance titled ‘Corresponding with HMRC by email’. The guidance was published on 9 August 2022 and explains some of the risk factors associated with contacting HMRC in this way. HMRC suggests that the information contained in the new guidance should help taxpayers decide whether or not they want to communicate...
More...There are many ways that employees can own a stake in their employer's company. However, employee ownership usually refers to a situation where all employees of a business have a ‘significant and meaningful’ stake in a business. This means employees have a financial stake in the business (e.g., by owning shares). Other types of business...
More...The definition of a connected person for tax purposes can be complex and varies depending on the circumstances at hand. A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the Taxation of Chargeable Gains Act (TCGA) 1992. The legislation states: " A person is...
More...HMRC’s VAT Notice 701/14: food explains what types of foods are zero rated and standard rated for VAT. The notice includes many examples of different food categories. The notice covers some general VAT liability rules. For example, food supplied in the course of catering is standard rated for VAT. This includes hot take-away food. Most...
More...HMRC is using the wedding season to issue a reminder to married couples and those in civil partnerships to sign up for marriage allowance if they are eligible and haven’t yet done so. The marriage allowance 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...
More...The Customs Declaration Service (CDS) is a new customs IT platform that has been designed to modernise the process for completing customs declarations for businesses that import or export goods from the UK. A phased launch of the service started during August 2018. The CDS is used for making import and export declarations when moving...
More...The government plug-in grant was first introduced 11 years ago to help drivers make the move to owning an electric car. Since the scheme was introduced the amount of the grant available reduced significantly as did the range of cars to which the grant applied. Significant changes to the low-emission vehicles plug-in grant scheme became...
More...The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guaranteed amount is currently £85,000 per person, per authorised bank or building society. There is additional protection...
More...The final step in bringing a company to a legal end is dissolution. However, one of the important points to consider when doing so is that the dissolved company can no longer do or receive anything including receive a tax refund. It is the responsibility of the company directors to ensure that all of a company’s assets and liabilities are...
More...The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by making an employer liable to pay NICs on termination payments they make to their employees. Employees do not pay tax and National Insurance...
More...1 September 2022 - Due date for Corporation Tax due for the year ended 30 November 2021. 19 September 2022 - PAYE and NIC deductions due for month ended 5 September 2022. (If you pay your tax electronically the due date is 22 September 2022) 19 September 2022 - Filing deadline for the CIS300 monthly return for the month ended 5...
More...Here is a reminder of any duty payable and tax-free allowances if travelling abroad this summer. If you are travelling from outside the UK and arriving home in Great Britain (England, Wales and Scotland), you are allowed to bring the following back to for your own use without any UK tax or duty liabilities. 200 cigarettes or 100...
More...There is a benefit in kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a bouquet of flowers given occasionally to employees or any other BiK classed as 'trivial' that falls within the exemption. By taking advantage of the exemption employers can simplify the treatment of BiKs whilst at the...
More...The easiest way to ensure that no car-fuel benefit charge (for private journeys in a company car) is payable, is to use the advisory fuel rates published by HMRC to repay any private fuel costs to your employer. The advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. However, the car-fuel...
More...There is no statutory definition of ‘trade’. The only statutory reference to the term is that ‘trade’ includes a ‘venture in the nature of trade’. This absence of a formal definition decides if an activity is a trade more difficult. However, over time the courts have set some established guidance. It is clear from the significant amount...
More...The Annual Investment Allowance (AIA) is a generous tax relief that was first introduced in 2008. The AIA allows for the total amount of qualifying expenditure on plant and machinery to be deducted from profits before tax. The AIA can be claimed by an individual, partnership or company carrying on a trade, profession or vocation, a UK...
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