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HMRC advice to counter spoof emails or texts

26/05/2022

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, phone calls and texts are being sent from all around the world and the fraudsters are continuing to find new ways to target unsuspecting taxpayers. These messages typically look to obtain taxpayers...

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Completing P11D forms to report benefits in kind

26/05/2022

The deadline for submitting the 2021-22 forms P11D, P11D(b) and P9D is 6 July 2022. The forms can be submitted using commercial software or via HMRC’s PAYE online service. Employees must also be provided with a copy of the information relating to them on these forms by the same date. P11D forms are used to provide information to HMRC on...

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VAT Flat Rate Scheme – are you a limited cost trader?

26/05/2022

The VAT Flat Rate Scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000. A limited cost trader check was...

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HMRC wins disguised remuneration case

26/05/2022

HMRC has welcomed a recent Court of Appeal decision concerning a disguised remuneration case. These types of schemes provide employees with the bulk of their earnings in the form of loans that are used to try and avoid paying Income Tax and National Insurance contributions (NICs). In the case in question, an IT contractor used a...

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Agent authorisation re SEISS grants

26/05/2022

Self-employed individuals (including partnerships) who have overclaimed the Self-Employed Income Support Scheme (SEISS) must pay back the overpayment to HMRC. The rules for repayment state that you must tell HMRC if you were not eligible to have claimed the grant. There can also be penalties for not informing HMRC. However, there are...

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Domicile and IHT

26/05/2022

Domicile is a general legal concept which in basic terms is taken to mean the country where you permanently belong. But actually, determining domicile status can be complex. HMRC guidance states that domicile cannot be defined precisely, but the concept rests on various basic principles. Although domicile can change, there is generally a...

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New measures to help with the cost-of-living crisis

26/05/2022

As expected, the Chancellor, Rishi Sunak has announced a new package of support measures in a statement to the House of Commons on 26 May 2022. The measures will be targeted to the most vulnerable members of society in a total package of measures that we are told will cost £15bn and bring the total cost of living support to £37 billion...

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UK Infrastructure Bank set-up

19/05/2022

The UK Infrastructure Bank Bill, announced as part of the measures in the Queen’s speech, represents the final step in setting up the UK Infrastructure Bank as an operationally independent institution. The new Bank officially opened for business in June 2021 but the Bill will remove legal obstacles so the Bank can lend directly to local...

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Free company information

19/05/2022

There is a significant amount of information about companies that can be obtained from Companies House. Companies House is responsible for incorporating and dissolving limited companies, examining and storing company information and making company information available to the public. Much of this information is available at no cost. This...

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VAT – discounts and free gifts

19/05/2022

When you issue an invoice to your customer, you must ensure that you charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20% there are a number of different VAT rates and exemptions that you should be aware of. In the UK, there are three separate VAT rates, the standard rate @ 20%, the...

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Intrastat – trading goods with EU

19/05/2022

Intrastat declarations were historically used to collect information on the movement of goods from the UK to other EU countries and vice versa. Any business that exceeded the exemption threshold for either arrivals or dispatches of goods were obliged to submit monthly returns. This changed following Brexit and there were further changes...

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Corporation Tax – reminder HMRC contact details

19/05/2022

HMRC can be called by phone on 0300 200 3410 for help with general Corporation Tax enquiries. You will need your 10-digit Unique Tax Reference (UTR) when calling HMRC and this reference number cannot be provided over the phone. The UTR is the primary identifier for a company and should be used whenever HMRC is contacted. The number can...

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Tax Diary June/July 2022

19/05/2022

1 June 2022 - Due date for corporation tax due for the year ended 31 August 2021. 19 June 2022 - PAYE and NIC deductions due for month ended 5 June 2022. (If you pay your tax electronically the due date is 22 June 2022). 19 June 2022 - Filing deadline for the CIS300 monthly return for the month ended 5 June 2022. 19 June 2022 - CIS...

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Access to cash protection increased

18/05/2022

The new Financial Services and Markets Bill, announced as part of the Queen's speech, will provide increased protections for those still dealing with cash. Access to cash remains vital for many people across the UK, including the more vulnerable in society. The government has committed to preserving the use of cash as an option even as...

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Reminder to look out for tax credit renewal packs

12/05/2022

HMRC is currently sending the annual tax credit renewal packs to some 2.1 million tax credit claimants and is encouraging recipients to renew their tax credits claim online. HMRC started writing to taxpayers at the end of April and expects all packs to be with recipients by 27 May 2022. A renewal is required if the pack has a red line...

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Holiday lets occupancy check

12/05/2022

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of profits. Second...

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When you are required to register for PAYE

12/05/2022

There are a multitude of rules that new businesses must follow when they start employing staff for the first time. These include ensuring registering for PAYE as an employer with HMRC. This must be done before the first payday and this process must even be completed by directors of a limited company who are employed by the company. There...

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ISAs 2022-23

12/05/2022

The maximum amount that can be invested in an ISA in the current (2022-23) tax year is £20,000. ISA’s are a valuable and flexible relief and should be considered as an option for most investors. An ISA is a tax-exempt savings account available to UK residents. Whilst the amount invested in an ISA does not benefit from tax relief the...

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