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Regulation Of The Private Rented Sector

In April, the House of Commons Committee released a report of their findings after investigating the regulation of the Private Rented Sector (PRS). The report includes recommendations to the government on actions to take to improve the rental sector. The government has two months to respond to the report and to decide which actions they […]

Read more August 2nd, 2022

Take Control Of Your Business!

We were finally getting over the financial crisis when Covid struck. Then, in the trough of the worst economic downturn in 300 years, we discovered that recovery was driving the Financial Times Stock Exchange (FTSE) to new heights and the job market into a frenzy. In the wake of that, it became clear that the recovery […]

Read more July 21st, 2022

Tax Credits Claimants Have Until 31 July To Renew Their Claims.

Thousands of claimants are yet to renew their tax credits ahead of the deadline, with HMRC reminding them to do so by 31 July or their payments will stop. Tax credits help working families with targeted financial support, so claimants must renew before the deadline to ensure they don’t miss out on the money they […]

Read more July 19th, 2022

Diversity And Inclusion – How To Get It Right

Some guidelines for building a diverse and inclusive business. The first step is to understand where you are in terms of workplace diversity and inclusion. Depending on the size of your business, it may be helpful to run an anonymous staff survey. This will help you to gain some insights into how diverse and inclusive […]

Read more July 18th, 2022

The Fourth Industrial Revolution

The pandemic has accelerated a tech-driven industrial revolution. The fourth industrial revolution is being driven by technology such as high-speed mobile internet, artificial intelligence, automation, cloud technology and big data analytics. The pandemic necessitated a shift to remote working. This has changed the way we use technology to interact and has seen the workplace evolve […]

Read more July 15th, 2022

The 4 Day Working Week – The Future?

Could the UK embrace a 4 day working week? In June this year, 70 UK companies and over 3,000 workers began working a four-day week, with no reduction in pay. This is the biggest four-day working week pilot ever undertaken. The participating businesses are trialling a four-day working week for a period of 6 months. […]

Read more July 12th, 2022

Childcare Accounts Can Subsidise Summer Camps

If you have children under 12 who attend a nursery, after-school club, play scheme, childminder or you are considering sending them to a summer camp, you should think about setting up a tax-free childcare account. The government adds 25% to the amounts that you save in the account, contributing up to £2,000 for each child […]

Read more July 8th, 2022

MTD For VAT – New Guidance On Penalties

HMRC have also issued new guidance on the penalties that they impose for non-compliance with the Making Tax Digital (MTD) for VAT rules. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’. Functional compatible software means a software program, or set of […]

Read more July 7th, 2022

R&D Tax Credit Repayments Delayed

The Research & Development (R&D) tax credit scheme for small and medium sized enterprise companies is particularly generous as there is currently 230% relief for qualifying expenditure and, where the company is loss making, this results in a 14.5% repayable credit. This means that the company receives a £33,350 refund for every £100,000 spent on […]

Read more July 5th, 2022

Penalties For Overclaiming SEISS Grants

HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potential penalties of up to 100% of amounts overclaimed in certain circumstances. HMRC may apply the penalty where they believe that the trader knew that they were not entitled to the grant and did not tell […]

Read more July 4th, 2022

CGT On Separation And Divorce

When a married couple or civil partners separate, tax planning is understandably not at the top of the list of their thoughts. However, a ‘no gain/no loss’ rule allows capital assets to be transferred between them free of Capital Gains Tax (CGT) up to the end of the tax year in which they permanently separate. […]

Read more June 23rd, 2022

Report Employee Benefits On Form P11D By 6 July

P11D forms for reporting expenses and benefits in kind provided to employees and directors in 2021/22 need to be submitted by 6 July 2022. Remember that reimbursed expenses no longer need to be reported where they are incurred “wholly, exclusively and necessarily” in the performance of the employee’s duties. HMRC do however expect internal controls […]

Read more June 19th, 2022

Salary Sacrifices – Get The Timing Right

Many employers and employees have been putting in place salary sacrifice arrangements to give up some of their contractual salary in exchange for additional pension contributions or an electric company car. In these specific cases and if correctly structured, the employee is taxed on the lower of the taxable benefit and the salary foregone. In […]

Read more June 9th, 2022

Is Your Business Entitled To The Employment Allowance?

The Employment Allowance (EA) is a £5,000 allowance set against employer National Insurance Contributions (NICs) and has to be claimed each tax year by qualifying employers. The EA was increased from £4,000 to £5,000 this tax year to help to soften the blow of the 1.25% increase in employer contributions, now calculated at 15.05%. If […]

Read more June 8th, 2022

Advisory Fuel Rates For Company Cars June 2022

Unbelievably there were very few changes to the HMRC advisory fuel rates from 1 March 2022, which may not have been your experience at the filling station! Now that the increased prices have fed through into the HMRC calculations there are some significant increases from 1 June 2022, as set out in the table below. […]

Read more June 7th, 2022