Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Gifts – beware capital gains tax may be payable
Gifts – beware capital gains tax may be payable The nature of a gift is that it is something that is given to some without receiving a payment in return. Consequently, as nothing is received in return it would, at first sight, seem unlikely that making a gift could trigg...
Tax relief for pre-trading expenses
Tax relief for pre-trading expenses There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Tax legislation recognises that pre-trading expenses are inevitable for many businesses. Pre-trading expenses may incl...
Register for Child Benefit even if the HICBC applies
Register for Child Benefit even if the HICBC applies If you are responsible for bringing up a child who is under the age of 16, or under the age of 20 where they remain in approved education or training (such as A levels but not education at an advanced level, such as univ...
The Autumn Budget 2021 Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions, please do not hesitate to ...
RTI penalties and period of grace
RTI penalties and period of grace Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is made to the employee. This is done by means of the full payment submission (FPS). Pe...
Relief for losses in the early years of a trade
Relief for losses in the early years of a trade It is not uncommon to realise a loss in the early years of a trade. However, traders who commenced their self-employment in 2019 or 2020 may also have suffered as a result of the pandemic. Although the ...
Tax relief on loans to close companies
Tax relief on loans to close companies Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled by five or fewer shareholders or any number of shareholders all of whom are directors. In a ...
Termination payments and Class 1A National Insurance
Termination payments and Class 1A National Insurance As the Coronavirus Job Retention Scheme comes to an end, employers with employees who are still on furlough will need to decide whether they are able to bring the employee back to work, either full time or part time, or ...
Claim tax relief for additional costs of working from home
Claim tax relief for additional costs of working from home During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found themselves working at home, often at very short notice. Many still have not returned to the wor...
Expenses and benefit returns for 2020/21
Expenses and benefit returns for 2020/21 Expenses and benefit returns P11D and P11D(b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties may be charged for returns that are filed late. Form P11D A form ...
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