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Cryptoassets for individuals – taxes that apply

In most cases, individuals hold cryptoassets (such as Bitcoin) as a personal investment, usually for capital appreciation in its value ...
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Impact of residence and domicile

HMRC’s online guidance note for residence, domicile and the remittance basis: RDR1 is intended for UK residents and non-residents and ...
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CIS – types of work and businesses affected

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in ...
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COVID support grants that are taxable

We would like to remind readers that existing legislation is in place to ensure that COVID support grants are treated ...
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Mobile phone exempt costs

When an employee incurs costs for the provision of mobile phones to employees it is important to understand the correct ...
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Reminder to look out for tax credit renewal packs

HMRC has begun sending the annual tax credit renewal packs to some 2.5 million tax credit claimants and is encouraging ...
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Debt respite scheme launched

A new scheme, aptly named Breathing Space, was launched 4 May 2021. Breathing Space will give those facing financial difficulties ...
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Changing the terms of a salary sacrifice arrangement

A salary sacrifice arrangement is effectively an agreement to reduce an employee’s entitlement to cash pay, usually in return for ...
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Restarting a dormant or non-trading company

HMRC must be informed when a non-trading or dormant company starts trading again and becomes active for Corporation Tax. Companies ...
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VAT – transfer as a going concern

The transfer of a business as a going concern (TOGC) rules concern the VAT liability of the sale of a ...
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Tax-free capital gains

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited ...
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Tax on savings interest

If you have taxable income of less than £17,570 in 2021-22 you will have no tax to pay on interest ...
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New self-build initiative

In a surprise weekend announcement, the Housing Secretary Robert Jenrick has revealed new plans for £150 million of funding to ...
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End to COVID-19 adjusted right to work checks

The government has confirmed, in its updated guidance on carrying out right to work checks during the coronavirus pandemic, that ...
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Tax Diary May/June 2021

1 May 2021 – Due date for Corporation Tax due for the year ended 30 July 2020. 19 May 2021 ...
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Small trading tax exemption for charities

The tax treatment of charities can be complex. Many charities trade either as part of their charitable interests or to ...
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Correcting errors on VAT returns

Where an error on a past VAT return is uncovered, businesses have a duty to correct the error as soon ...
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Treasury directive re fourth SEISS grant

HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies ...
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Keeping self-employed tax records

If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep ...
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Recovery Loan Scheme

The new Recovery Loan Scheme was launched on 6 April 2021. The new scheme allows businesses of any size to ...
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The Mortgage Guarantee Scheme

One of the measures announced at the Budget was the introduction of a new Mortgage Guarantee Scheme to help home ...
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A reminder that not all costs are costs…

Costs are defined as something that has to be paid or spent to acquire something. Costs include the acquisition of: ...
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Vaccine for your business

There is a poignant similarity between the effects of COVID on us personally and our businesses. Thankfully, the possible dire ...
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Website development costs

One of the main areas to consider in deciding how to treat a deductible expense is whether the cost is ...
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