News


Have you claimed your Child Trust Fund cash?
14/10/2021
Young persons who turned 18 on or after 1 September 2020 may have cash waiting in a dormant Child Trust Fund (CTF) account. This could be as much as or more than £1,000. The actual amount on deposit depends on certain factors. Children born after 31 August 2002 and before 3 January 2011 were entitled to a CTF account provided they met Read more...


Letting agencies and the Money Laundering Regulations
14/10/2021
HMRC is responsible for the money laundering supervision of certain businesses including letting agencies. Businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for failing to register. It is a criminal offence to trade as a letting agency business (as defined within Read more...


Don’t miss out on this tax allowance
14/10/2021
If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,220 from HMRC. The marriage allowance is available to qualifying married couples and those in a civil partnership where a spouse or civil partner is a non-taxpayer i.e., has an income below their personal allowance Read more...


What goods are eligible for the margin scheme?
14/10/2021
There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to account for VAT on their profit margin i.e., on the difference between the cost of acquiring an item and its sale price rather than on the full selling price. Without the margin scheme the business would have to account for VAT on the full Read more...


Valuing property for ATED
14/10/2021
The Annual Tax on Enveloped Dwellings (ATED) is a tax payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect certain companies, partnerships with company members and managers of collective investment schemes described in the legislation as NNPs. To value a Read more...


Getting prepared to use Freeport customs sites
14/10/2021
In the Spring Budget earlier this year, the chancellor announced that eight Freeport locations would be created in England. The Freeports will be in the East Midlands Airport, Felixstowe and Harwich, the Humber region, Liverpool City Region, Plymouth, the Solent, the Thames, and Teesside. Freeports are a special kind of port where Read more...


£500m support for vulnerable households
07/10/2021
The government has launched a new £500 million package of support for vulnerable households. The new Household Support Fund will be used to help those most in need with essentials over the coming months as the country continues its recovery from the pandemic. The fund will be used to help support millions of households in England and Read more...


Hospitality trades temporary reduction in VAT has expired
07/10/2021
The temporary reduced rate of 5% for hospitality, holiday accommodation and attractions that came into effect in July 2020 ended on 30 September 2021. However, the government had previously decided that reverting to the standard rate would be too much for many businesses and had announced a further step before reverting the rate back to Read more...


Raising capital using the EIS
07/10/2021
The Enterprise Investment Scheme (EIS) has been designed to increase investment in the early development of high potential growth businesses. Companies seeking EIS investment are typically more developed than those looking for funding using the Seed Enterprise Investment Scheme (SEIS) and the investment limits and tax reliefs available Read more...


Reporting grants received to HMRC
07/10/2021
Most COVID support grants are treated as taxable income in the same way as other taxable receipts and need to be reported to HMRC. The grants are treated as income where the business is within the scope of either Income Tax or Corporation Tax. This treatment extends to support measures including the following: the Self Employment Read more...

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