News

New Green Freeports for Scotland

26/01/2023

The UK and Scottish governments have jointly announced that Inverness and Cromarty Firth Green Freeport and Forth Green Freeport have been successful in their bids to establish two new Green Freeports in Scotland. Each of these Freeports will be granted up to £26 million in funding over the next few years, primarily to address

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Corporation Tax changes April 2023

26/01/2023

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 - ensuring these companies pay Corporation Tax at the same rate as currently. Where a company has profits

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New business Energy Bills Discount Scheme

26/01/2023

The new business Energy Bills Discount Scheme will replace the current Energy Bill Relief Scheme which is coming to an end on 31 March 2023. The new scheme will offer support to eligible non-domestic energy customers, including UK businesses, the voluntary sector - such as charities - and the public sector - for example, schools and

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R&D tax consultation launched

26/01/2023

There are currently two schemes for claiming R&D tax relief - the Small or Medium-sized Enterprise (SME) Scheme and the R&D Expenditure Credit (RDEC) Scheme for large companies. The amount of R&D tax relief available depends on the total qualifying spend on R&D activities. It was announced as part of the Autumn Statement

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Five more tax avoidance schemes named by HMRC

26/01/2023

HMRC has powers introduced in the Finance Act 2022 to name tax avoidance schemes and their promoters. Under this legislation HMRC can name avoidance scheme promoters, publish details of the way they promote tax avoidance schemes and name the schemes they promote. This allows HMRC to warn users and potential users of these schemes at the

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What is a Post Transaction Valuation Check?

26/01/2023

A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a Capital Gains Tax liability or for companies to calculate Corporation Tax liability on chargeable gains. The request for a PTVC should be made using the CG34 form. HMRC’s guidance says the form must be completed and sent to the address on

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Ways you can count on us…

23/01/2023

Leaving politics to one side, how can we deal with the current pressures on businesses? Rising costs, reducing revenues as the cost-of-living issues impact activity, increasing taxes - Corporation Tax will include a main rate of 25% from the 1 April 2023 - and a background of continuing supply difficulties. At this time of the year many

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Tax Diary February/March 2023

19/01/2023

1 February 2023 - Due date for corporation tax payable for the year ended 30 April 2022. 19 February 2023 - PAYE and NIC deductions due for month ended 5 February 2023. (If you pay your tax electronically the due date is 22 February 2023) 19 February 2023 - Filing deadline for the CIS300 monthly return for the month ended 5 February

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Exempt transfers between siblings

19/01/2023

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on free of IHT as a tax-free threshold. In most cases, an exemption

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Scottish Child Payment

19/01/2023

The Scottish Child Payment increased to £25 per week from 14 November 2022. The payment is available to qualifying applicants living in Scotland for children under the age of 16. The Scottish Child Payment was launched in February 2021, initially for children under the age of 6. It is estimated that some 400,000 children in Scotland are

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PAYE and overseas employees

19/01/2023

There are a multitude of rules and regulations that you must be aware of when you employ someone from abroad who is coming to work in the UK. HMRC’s guidance (entitled New employee coming to work from abroad) sets out some important issues to be aware of when taking on a new employee from abroad. This includes the following: Check an

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Registering as an overseas company

19/01/2023

An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that the overseas company has some sort of physical presence in the UK through which it carries on business. If an overseas company does not have a physical presence in the UK, then they are not usually required to

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Check if a company is being liquidated

19/01/2023

There are a number of ways you can check if a company is in liquidation. This can include searching the Companies House register. Companies House is responsible for maintaining a register of company information such as annual returns and annual accounts. This information also includes insolvency details although this can take some time to

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Actors and entertainers – profession or employment

19/01/2023

There is a particular section of internal HMRC’s manuals that deals specifically with how to view the rules for measuring profits of specific trades. The list includes over 50 different trades as diverse as actors, athletes, barristers, bookmakers, motor dealers, care providers, doctors and dentists, financial traders, marine pilots,

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New laws to mitigate disruption during public service strikes

17/01/2023

Working people across the UK will be protected from disruptive strikes thanks to new laws introduced recently. They will allow employers in critical public sectors to maintain minimum levels of service during strikes. The government is introducing this legislation to ensure that striking workers don’t put the public’s lives at risk and

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Check your National Insurance Record

12/01/2023

HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up online. By signing in to the 'Check your National Insurance record' service you will also activate

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When you must register for VAT

12/01/2023

The taxable turnover threshold, that determines whether businesses should be registered for VAT, is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for deregistration is £83,000. It was confirmed as part of the Autumn Statement 2022 measures that the taxable turnover registration and

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IHT – estimating an estate’s value

12/01/2023

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The rate of Inheritance Tax payable is 40% on death and 20% on lifetime gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can

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Dissolved companies and bona vacantia

12/01/2023

A company comes to a legal end when it is dissolved. However, one if the important points to be aware of when doing so is that the dissolved company can no longer do or receive anything including receive a tax refund. It is the responsibility of the company directors to ensure that all of a company’s assets and liabilities are all dealt

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New Energy Bills Discount Scheme

12/01/2023

The government has published details of a new Energy Bills Discount Scheme which will replace the current Energy Bill Relief Scheme that comes to an end on 31 March 2023. The new scheme will offer support until 31 March 2024, to eligible non-domestic energy customers, including UK businesses, the voluntary sector, for example charities,

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A definition of trusts

12/01/2023

HMRC’s internal manuals states that the word `trust’ describes a relationship between certain persons which is recognised by the law; concerned with particular property; and enforceable by reference to rules of trust law. Effectively, a trust is an obligation that binds a trustee, an individual or a company, to deal with assets -

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Which way to turn

09/01/2023

Inflation and recession are cruel task-masters. If you provide goods or services that can be readily sourced from alternative suppliers, and at a lower cost, trying to beef-up your sales prices will likely result in lost income as your customers go elsewhere. If your costs are increasing this can only lead to lower profits. If you sell

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Limits to tax relief for pension contributions

05/01/2023

Under current rules, you can claim tax relief for your private pension contributions. The annual allowance for tax relief on pensions is £40,000 for the current tax year. There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made

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Customs Declaration Service deadline extended

05/01/2023

The Customs Declaration Service (CDS) is a customs IT platform designed to modernise the process for completing customs declarations for businesses that import or export goods from the UK. A phased launch of the service started in August 2018 and was due to be completed by 31 March 2023. The CDS covers export declarations of goods sent

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Did you file your tax return on Christmas Day?

05/01/2023

A new press release by HMRC has highlighted the fact that 3,275 taxpayers took the time to file their tax return online on Christmas Day with a further 10,311 taxpayers completing their tax returns on Boxing Day. In total, 22,060 Self-Assessment returns were filed between 24 and 26 December. The total number of submissions for the period

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What is the VAT One Stop Shop?

05/01/2023

The VAT One Stop Shop is an EU wide scheme that allows a VAT registered business to register in only one single EU Member State. The scheme was extended with effect from 1 July 2021. The extended scheme covers three special schemes: the non-Union scheme, the Union scheme and the import scheme. The VAT One Stop Shop scheme can be used by

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Mortgage Guarantee Scheme extended

05/01/2023

The Mortgage Guarantee Scheme was set to end on 31 December 2022. In a last-minute announcement from HM Treasury, it was confirmed that the scheme will now be extended for a further 12 months until 31 December 2023. The scheme helps prospective home buyers (mainly first-time buyers) who only have a small deposit and may find getting a

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Applying for National Insurance number

05/01/2023

If you do not already have a National Insurance number you will normally need to apply for one if you are planning to work in the UK, claim benefits, apply for a student loan or pay Class 3 voluntary National Insurance contributions. It can take up to 4 weeks for a National Insurance number to be issued after you have proved your

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Tax Diary January/February 2023

22/12/2022

1 January 2023 - Due date for Corporation Tax due for the year ended 31 March 2022. 19 January 2023 - PAYE and NIC deductions due for month ended 5 January 2023. (If you pay your tax electronically the due date is 22 January 2023). 19 January 2023 - Filing deadline for the CIS300 monthly return for the month ended 5 January 2023. 19

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New VAT penalty regime from 2023

22/12/2022

A new VAT penalty regime will affect all VAT registered businesses from 1 January 2023. The changes will apply to the late submission and / or late payments of VAT returns for VAT return periods beginning on or after 1 January 2023. Under the new regime, there will be separate penalties for late VAT returns and late payment of VAT as

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