Latest Thinking

The Supreme Court has handed down a landmark judgement in the Uber case. The Supreme Court unanimously upheld the decisions of earlier courts and has found that Uber drivers are...

Under the third Self-Employed Income Support Scheme (SEISS) grant, claimants received up to 80% of average trading profits for November and December 2020, and January 2021. This meant that a...

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2020-21...

1 April 2021 – Due date for Corporation Tax due for the year ended 30 June 2020. 19 April 2021 – PAYE and NIC deductions due for month ended 5...

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2020-21 tax year that ends on 5 April 2021. You...

Businesses that use the flat rate scheme pay VAT as a fixed percentage of their VAT inclusive turnover. The VAT Agricultural Flat Rate Scheme is a variant of the flat...

The Prime Minister has set out the government’s objectives for easing lockdown restrictions. If the planned opening of schools, social interactions and businesses is achieved without significant increases in infection,...

A reminder that traders who buy and sell goods – wholesalers or retailers – need to be wary of the financial consequences if, as expected, pent up consumer activity leads...

The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to...

If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,188 from HMRC. HMRC used the occasion of...

Employees who are working from home may be able to claim tax relief for any additional costs due to home working. No tax relief will be due if employers reimburse...

The new Pensions Scheme Act received Royal Assent on 11 February 2021. The Act covers a number of important pensions-related issues and has faced a long journey through parliament, starting...

Following the end of the Brexit transition period, businesses need to make customs declarations when exporting goods to the EU as well as to the rest of the world. Businesses...

When you employ someone to work in your home it is your responsibility to meet the employee’s rights and deduct the correct amount of tax from their salary. This can...

The process for working out the VAT treatment of delivery charges can be quite complex. We have listed below some of the main issues to bear in mind when deciding...

HMRC has issued a press release to remind taxpayers that have sold a residential property, which was not their main home, during the 2019-20 tax year that the payment date...

The new Trader Support Service has been designed to help businesses moving goods under the Northern Ireland Protocol from 1 January 2021, after the Brexit transition period comes to an...

The Prime Minister, Boris Johnson, has announced an additional one-off £1,000 Christmas grant for wet-led pubs in tiers 2 and 3 who will miss out on much needed business during...

HMRC and the Advertising Standards Authority (ASA) have come together to jointly target misleading marketing by promoters of tax avoidance schemes. HMRC and the ASA can jointly issue an Enforcement...

Where an error on a past VAT return is uncovered, businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can...

HMRC’s published guidance on the application of the 3% higher rate of Stamp Duty Land Tax (SDLT) has been updated. The higher rates of SDLT were introduced on 1 April...

Most business owners will know the difference between a profit statement and a balance sheet. Both are created from a process known as double-entry bookkeeping. If asked to consider two...

It has been estimated that almost £350,000 of charitable donations last year ended up in the pockets of criminals. Government recently issued advice to reduce this activity. They said: The...

The First-tier Tribunal (FTT) has dismissed a taxpayer’s appeal for having a reasonable excuse. The taxpayer applied out of time for permission to appeal against penalties imposed by HMRC. The...

The Annual Tax Summary is a document provided by HMRC that provides details on the tax you pay and how this is used by government. The Annual Tax Summary shows:...

The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to...

The Chancellor used the recent Spending Review to confirm that increased National Minimum Wage and National Living Wage rates will come into effect on 1 April 2021. From 1 April...

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their...

The Secretary of State for Business, Energy and Industrial Strategy, Alok Sharma has written a letter to businesses in the professional services sector. The letter (available in English and Welsh)...

The deadline for submitting your 2019-20 Self-Assessment tax returns online is 31 January 2021. You should also be aware that payment of any tax due should also be made by...