The bonus is available but obviously with some restrictions and one of the major ones is establishing if employees meet the minimum income threshold. Fortunately HMRC have recognised this and put out some helpful examples and here they are.
Companies House have updated their guidance about how you can protect your personal information and what evidence you may be required to provide.
A good and welcome article running through the Furlough Scheme rules upon which HMRC will be judging your claims. He also has a look at the job Retention Scheme Bonus for good measure.
Lots of parents want to gift income generating assets to their children, often thinking any such income belongs to them and most likely will not be taxed. In this article Mark points out that anti-avoidance rules come into play and gives examples when it is taxed on the parents.
Northern Ireland businesses are in a very delicate position as regards how they trade with the UK, the EU and the rest of the world. Here are letters that were sent to vat registered businesses in an effort to allay their concerns.
Lloyds come in for more criticism for the way they have handled the government backed loans and Contractor Weekly pull no punches in reporting what went on.
The letters have been sent and your clients may well have received them or they may not. Here is the letter and from 1st January (getting closer) lots will change so now would be a good time for clients to start really thinking about getting ready.
Recently updated, August 2020, this notice covers everything HMRC believe you need to know about how and when to cancel your VAT Registration.
The ICPA having considered the draft revised HMRC Taxpayers Charter duly responded to the consultation and the full response is replicated here. If nothing else we hope they ditch the word "Customer" and recognise that this charter is too important to sacrifice on the altar of brevity.
Slowly but maybe not surly offices are being repopulated and a new normal seems to be taking shape. This article stresses that communications are key to a successful return amongst other helpful and insightful advice.
We've all heard the expression "Reasonable Excuse" and we all fully understand that HMRC more often than not has a completely different view on what constitutes such a thing. Surly, the effects of a global pandemic would give rise to a reasonable excuse?
The new rules relating to the Capital Gains Tax payable on the sale of UK residential property in certain circumstances post 6th April 2020 are explained by the team at the LITRG in some detail with lots of explanations and help.
GThose businesses registered as Trust and Company Service Providers (TCSP) with HMRC will no doubt not be surprised to learn that TCSPs pose "A relatively high risk, that risk increasing when provided with other financial, legal or accountancy services" According to the 2017 National Risk Assessment. Hence HMRC have issued this to help highlight the high and low risk characteristics.
GP surgeries can claim reimbursements for certain additional costs under the Covid-19 fund. However, as Philip points out don't delay as there is a tight window of opportunity apart fro additional cost of extra clinical equipment claims can be made for Cost fo supporting care homes and staff absenteeism amongst other things.
Millions of self-employed people whose livelihoods have been affected by coronavirus will be able to claim a second payment of up to £6,570 from today – as the government continues to help drive the UK’s recovery.
The Chancellor has shaken the Money Tree and sure enough the money fell down and has been handed out especially for Furlough claimants. But as we know if HMRC find out it should not have fallen a certain way they will seek retribution including Penalties. This article deals in depth with the issue of Furlough Fraud.
Lots of activity around the property market since the start of the pandemic especially in the commercial world as landlords and tenents try to work out a way forward.
As with everything to do with Vat especially with regarding land and Property the message is be wary and be aware.
"you may be asking yourselves how it came to be that the test for dishonesty, a fundamental ingredient in many criminal and civil cases, needed clarifying"
"It would seem the test for dishonesty is now both a subjective and objective one"
A thoughtful piece of work and one that will make you probably shake your head in disbelief as you read it.
Not surprisingly HMRC have issued their guidance to cover circumstances where the Self_Employed Income Support Scheme grant has been received where they have not been entitled to the grant or if it has been paid in excess of their stated amount due. Naturally it covers penalties and appeals.
The team from Contractor Weekly report on the decision of the Chancellor not to offer any significant state help to limited company contractors. Not exactly a surprise but a stark mpoment of realisation for such Contractors.
Recently updated by HMRC this is the latest information on what you can do if you disagree with HMRC relating to Money Laundering Issues.
Payments on Account due for 31st July can be deferred as this informative article point out but is it automatic? can reductions still be applied? Do you have to defer? All answered here.
1st July saw the scheme finally launch and it's officially open for business as it were. Quite generous payments are available to those new GP Partners and this article highlights the amounts involved and the points to consider in rea;lation to tax partnership agreements and more.
If you have clients in this sector then this is a must read document for you. Covid-19 has caused many businesses to stop and think and this sector is not immune as this article clearly points out.
A tightening of conditions for capital gains tax (CGT) entrepreneurs’ relief (ER) in Finance Act 2019 may have resulted in some taxpayers no longer qualifying for the relief. Read Mark's article in full and the message definitely is make sure you take care of the formalities.
HMRC can help the voluntary sector to help their members in various ways. They have recently updated their information and here it is. If you are involved in this sector and your group qualifies why not get in touch with HMRC and see how they can help you.
The bounce back scheme placed funds into businesses bank accounts swiftly and easily with little or no checks being made initially. This article looks at the whole situation regarding the receipt and use of these loans and reminds us of our professional responsibilities in certain circumstances.
The chancellor has shook the money tree vigorously with the result that money has been paid out in myriad ways to millions of recipients. HMRc will be looking into these payments to see if there were any abuses and this article sets out how and why that will happen.
Post Covid there will undoubtedly be job losses and many of those who deadly lose their employment may well consider joining the ranks of the self-employed. This article is a timely reminder of the differences between employment and self-employment and why HMRc will be keeping an eye out.
HMRC are getting tougher and tougher in their attempts to crack down on criminal activity as this article clearly shows. They have the powers to seize assets and they are using them.
The latest updated list of lenders who will accept an SA302 tax calculation and tax year overview for mortgage lending purposes.
It's in the news for obvious reasons but what actually is a business interruption for insurance purposes and what should you look for in your policy schedule and policy wording.
So what snakes a good witness at a Tribunal hearing? Les Howard takes a look and recounts cases where the witness let themselves and their case down. Les also point out the HMRC's witnesses can be cross examined and suddenly as he puts it "An officer may well struggle"
A lot has been made of the mental effects upon staff on lockdown especially those who are already possibly struggling with mental health issues. Whoi better to turn to for help when considering our staff than ACAS and in this article thy give some good advice.
The present crisis means that many individuals will be drawing upon various benefits to help them get through most likely for the very first time. In his blog for Bolomsbury Professional Tax Robin Williamson looks at they interact with the tax code and what we should be looking out for.
Let's be honest it would be a major surprise if there were no frauds being perpetrated on the various initiatives being made available. The Furlough scheme is paying £million to help employers keep staff on the books and as this article highlights frauds are sadly happening.
The opening sentence is "Can taxpayer require HMRC to do what it has said it will do, even if it is wrong or based on a mistaken view of the law?" A really interesting question is it not? can they be compelled even if it means they will collect less tax? Check out the four conditions that must be met for this to happen.
For those Accountants and other sectors supervised by HMRC for Money Laundering they have now announced that a deferral option is available as a result of the current Covid-19 situation. He is the announcement in full so if your renewal is due shortly you may want to take them up on the offer.
Taxationweb editor and author Lee Sharpe turns his attention to Independent Review and a recent decision leads him to seriously question the point of an Internal Review.
The very latest on how HMRC will communicate by email or text and how to spot a fraudulent contact. Includes a comprehensive list of the typoe of contact that HMRC will be initiating now and in the near future.
Being Vat Exempt may not be as good as it seems as this detailed article by Melanie Lord explains. It just goes to shown again that vat is not straightforward.
I would hazard a guess that as Accountants in Practice we have come across Incorporation Relief and we are familiar with the concept of the relief and how it works. However, Mark points out that "Whilst the relief seems straightforward enough on the face of it, there are potential traps for the unwary"
Businesses start up usually on a wave of optimism and lots of determination. However sometimes it takes longer to get established than hoped or planned for and in the early days losses may be incurred. In this article Lee Sharpe takes a look at what is available from the tax system with regard to these losses.
A small change in the questions we ask our clients, and a small change in how we deliver what we do, leads to a better service to our clients" Kevin explains how important it is to get our ideal client but first you need to establish just who are your ideal clients.
In the current turbulent times for the economy business owners will be considering job losses even though triage furlough scheme is in place and redundancy obligations may well come into play. What are the rights and calculations involved? who better to look to for an answer than ACAS.
We all know the tax significance of dividends in any tax planning scenario and we all also know that some clients get in a mess and call virtually everything a dividend. In circumstances where dividends have been paid which are in fact unlawful what are the consequences? here are the answers.
The latest information for public sector contractors. You may well have some as clients and this is good news for them.
Finally, we have some detailed guidance from HMRC on who is eligible, what constitutes a wages and how the claim is to be calculated. This latest update 26th March answers a huge amount of our questions and is a very important read for us all.