News

Reminder to look out for tax credit renewal packs

06/05/2021

HMRC has begun sending the annual tax credit renewal packs to some 2.5 million tax credit claimants and is encouraging recipients to renew their tax credits claim online. The packs are being sent out over the next 6 weeks and should be with recipients by 4 June 2021. A renewal is required if the pack has a red line across the first page...

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Mobile phone exempt costs

06/05/2021

When an employee incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. This includes costs for phones provided to employees and reimbursement of employee’s own phone costs. As a rule, the provision of one mobile phone to a director or employee for private...

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COVID support grants that are taxable

06/05/2021

We would like to remind readers that existing legislation is in place to ensure that COVID support grants are treated as taxable income in the same way as other taxable receipts. The grants are treated as income where the business is within the scope of either Income Tax or Corporation Tax. This treatment extends to the Self-Employment...

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CIS – types of work and businesses affected

06/05/2021

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. The CIS covers all construction work carried out in the UK, including jobs such as: site preparation alterations dismantling construction repairs decorating demolition Exceptions to...

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Impact of residence and domicile

06/05/2021

HMRC’s online guidance note for residence, domicile and the remittance basis: RDR1 is intended for UK residents and non-residents and covers the residence, domicile and remittance basis rules from 6 April 2013 and onwards. For most taxpayers, it will be clear whether they are resident in the UK. However, for taxpayers with complex...

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Cryptoassets for individuals - taxes that apply

06/05/2021

In most cases, individuals hold cryptoassets (such as Bitcoin) as a personal investment, usually for capital appreciation in its value or to make purchases. They will be liable to pay Capital Gains Tax when they dispose of their cryptoassets. This includes: selling tokens exchanging tokens for a different type of cryptoasset using...

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Debt respite scheme launched

05/05/2021

A new scheme, aptly named Breathing Space, was launched 4 May 2021. Breathing Space will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts. Under the scheme, people will be given legal protections from their creditors for 60 days,...

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Tax Diary May/June 2021

29/04/2021

1 May 2021 - Due date for Corporation Tax due for the year ended 30 July 2020. 19 May 2021 - PAYE and NIC deductions due for month ended 5 May 2021. (If you pay your tax electronically the due date is 22 May 2021). 19 May 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2021. 19 May 2021 - CIS tax...

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End to COVID-19 adjusted right to work checks

29/04/2021

The government has confirmed, in its updated guidance on carrying out right to work checks during the coronavirus pandemic, that the temporary COVID-19 adjusted right to work check process will come to an end on 16 May 2021. This temporary process, in place since 30 March 2020, has allowed right to work checks to be carried out over video...

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New self-build initiative

29/04/2021

In a surprise weekend announcement, the Housing Secretary Robert Jenrick has revealed new plans for £150 million of funding to make it easier and more affordable for people to build their own homes. The new “Help to Build” low deposit mortgage scheme will help self and custom home building become a realistic option to get...

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