Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
An online payment plan for Self-Assessment tax bills can be used to set up instalment arrangements
Pay your tax bill by instalments Read More »
The government has announced significant changes to the low-emission vehicles plug-in grant scheme. The changes became effective on 15 December 2021. The changes have been introduced in response to soaring demand for electric vehicles and to help target those buying the most affordable
Plug-in grants for electric vehicles Read More »
1 January 2022 – Due date for Corporation Tax due for the year ended 31 March 2021.
19 January 2022 – PAYE and NIC deductions due for month ended 5 January 2022. (If you pay your tax electronically the due date is 22 January 2022).
19 January 2022 – Filing deadline for the CIS300 monthly
Tax Diary January/February 2022 Read More »
Business Asset Rollover Relief (BADR) is the renamed Entrepreneurs’ Relief. The name change does not affect the operation of the relief. BADR applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available
BADR associated disposals Read More »
In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes effectively at no gain or loss on the date of the transfer. When the asset ultimately comes to be
Gifts to spouse or charity Read More »
A recent Supreme Court decision examined in some detail HMRC’s powers in relation to issuing a discovery assessment. HMRC generally use discovery assessments where the statutory time limit for looking into a return has expired.
If certain conditions are satisfied, then HMRC can make a
The judgement in HMRC v Tooth Read More »
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than
Rent-a-room relief Read More »
Since 1 January 2021, businesses registered for VAT have been able to account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most businesses, this means that they can declare and recover import VAT on the same VAT return. The normal VAT recovery
Postponed VAT accounting Read More »
There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 December 2020, the process for importing goods from the EU effectively mirrors the process for all non-EU international destinations.
However, a number of easements had
Changes to customs declarations 1 January 2022 Read More »
There are special VAT rules that allow two or more corporate bodies to be treated as a single taxable person for VAT purposes. This is known as a VAT group. Eligible persons are bodies corporate, individuals, partnerships and Scottish partnerships, provided certain conditions are
VAT group registration Read More »
