HMRC tax credits scam warning08/06/2023
Fraudsters often try to take advantage of the 31 July deadline for submitting tax credits renewal information.
The fraudulent emails, texts or calls claim to be from HMRC and often promise money back in the form of a tax rebate together with a click-through link to a replica of the HMRC website. The fraudsters then try and steal...More...
Help with childcare costs 08/06/2023
HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for childcare costs. The scheme was used by almost 650,000 families during the 2022-23 tax year. This represented a significant increase over the previous year.
The TFC scheme can help parents of children aged up to 11 years old. The TFC scheme...More...
Check text messages from HMRC08/06/2023
HMRC has issued an updated version of their online guidance entitled ‘Check if a text message you've received from HMRC is genuine’. The guidance provides a current list of genuine text messages issued by HMRC.
The list has been updated to include details of a text message HMRC is sending to some taxpayers about a Self-Assessment tax...More...
Overview of IHT agricultural relief 08/06/2023
There are a number of reliefs available that can reduce liability to IHT. Of most interest to farmers is the Agricultural Property Relief (APR). Relief is available at a rate of 100% or 50% depending on who farms the land and how long the land has been owned.
The APR can be claimed on assets including farming land or pasture that is used...More...
Using Capital Gains Tax losses08/06/2023
If you sell an asset for less than you paid for it, you would make a capital loss. As a general rule if the asset would have been liable to CGT had a gain taken place, then the loss should be an allowable deduction.
These allowable losses are deducted automatically from gains in the same tax year. It is not necessary to make a claim for...More...
What you must tell HMRC 08/06/2023
If your personal details change you may be required to notify HMRC as this can affect your entitlement to certain tax breaks and or benefits.
For example, you need to tell HMRC if:
you get married or form a civil partnership; or
you divorce, separate or stop living with your husband, wife or partner.
The sooner you advise HMRC the...More...
Tax Diary July/August 202308/06/2023
1 July 2023 - Due date for corporation tax due for the year ended 30 September 2022.
6 July 2023 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.
19 July 2023 - Pay Class 1A NICs (by the 22 July 2023 if paid electronically).
19 July 2023 - PAYE and NIC deductions due for month ended...More...
In a recent post we warned of the likely loss of billing opportunities if you give away service advice just to demonstrate how informed you are.
In this post we outline when it may be appropriate to volunteer information or other free offers in order to secure additional sales.
For example, when you deliver goods to your customers, do...More...
HMRC strike causes CIS delays 01/06/2023
Some 400 HMRC helpline service advisers who are members of the Public and Commercial Services (PCS) Union have been on strike intermittingly since 10 May 2023. These strikes are by staff working in HMRC’s East Kilbride and Newcastle offices. The striking workers are with the department of Personal Taxation Operations on Employer...More...
Help to Save extended to April 202501/06/2023
HMRC has confirmed that plans to extend the Help to Save scheme by 18 months, until April 2025 have been confirmed.
The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save between £1 and £50 every calendar month and receive a 50% government bonus. The 50% bonus is...More...
New employment rights for parents and carers01/06/2023
Three new pieces of legislation that received cross party support were granted Royal Assent on 24 May 2023.
The Neonatal Care (Leave and Pay) Act 2023: This new Act will allow for up to 12 weeks of paid neonatal care leave. This will be made available to employed parents if their new-born is admitted to neonatal care so they can spend...More...
Selling your home – taxes to pay01/06/2023
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence relief.
Taxpayers are usually entitled to full relief from CGT where all the following conditions are...More...
Selling all or part of your company 01/06/2023
If you are selling your company, there are important actions you must take to properly finalise your affairs. Please note that this is not an exhaustive list, and it is important to check what else may be required.
We have summarised below some of the main steps you need to take if closing your business:
Your responsibilities when...More...
Can a charity claim Gift Aid?01/06/2023
Charities can claim Gift Aid on donations made by eligible taxpayers. This can boost donations by an extra 25% if the donor makes a Gift Aid Declaration (GAD).
To claim Gift Aid, charities need to obtain a Gift Aid declaration from the donor. It should state that the donor:
has paid the same amount or more in Income Tax or Capital...More...
If you sell services, rather than supply goods, this usually involves you providing advice for a fee.
If your advice is sought after, the amount you can charge for your service(s) may be considerable. Which is why you should be wary of giving away your advice FOC.
Why would you do this? Why would you part with your hard-won expertise...More...
Claim a tax refund for work expenses25/05/2023
HMRC has issued a press release to remind employees that may be able to claim a claim tax relief for bills they pay that are related to their employment. The most recent figures show that more than 800,000 taxpayers claimed tax refunds for work expenses during the 2021-22 tax year with an average claim of £125. A claim can be made online...More...