Blog
All the latest changes to tax legislation- important tax dates and deadlines, Help-Sheets on managing your personal finances, business news & opinion, as well as updates on what’s happening at Rawcliffe’s.
Notify Option To Tax Land And Buildings Within 30 Days
The 30 day deadline was temporarily extended to 90 days to help businesses and agents during the pandemic, but that temporary extension has now ended for decisions made from 1 August 2021 onwards.
Accounting For Import VAT On Your VAT Return
HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union.
Big Tax Bills For The Self-employed In 2022/23
The proposed new rules provide that from 2023/24 onwards profits or losses will be apportioned to tax years where the period of account does not coincide with the tax year.
5% Rate On Tourism And Hospitality Ends 30 September
The temporary 5% VAT rate that has applied to supplies made in the tourism and hospitality sector since the start of the pandemic comes to an end at the end of September.
Off-payroll Working- Will HMRC Accept CEST Result?
Since 6 April 2021 large and medium-sized organisations have had to determine whether or not a worker supplying their services via their own personal service company would be treated as an employee if directly engaged
Company Loss Relief Can Be Claimed Early
…Losses carried back will result in a repayment of corporation tax at 19% whereas if carried forward against profits the losses may save tax at up to 25% after April 2023.
UK Trade Tariff | Customs Declarations| Postponed VAT
Businesses can delay sending HMRC full information about goods by up to 175 days before the deadline of 31 December 2021. After that full customs declarations must be made at the point of import for all goods.
Pension Contribution Is Tax Efficient For Both Employee And Employer
Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached.
Tax Free Childcare Account Subsidises Summer Camp Costs
If you have children under 12 who attend a nursery, after school club, playscheme, childminder or you are considering sending them to a summer camp you should think about setting up a tax-free childcare account.
Output VAT On The Supply Of Private Road Fuel
HMRC have amended the VAT road fuel scale charges with effect from 1 May 2021. Businesses must use the new scales from the start of the next prescribed accounting period beginning on or after 1 May 2021.
Reimburse Private Fuel By 6 July To Avoid Fuel Benefit
Another consequence of the lockdown periods is that employees may have driven fewer private miles in their company cars, particularly where they have not been driving to the office.
Check That Your Shares Qualify For CGT Business Asset Disposal Relief
A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return.
Not All Benefits Need To Be Reported On Form P11d
Note also that trivial benefits of no more than £50 provided to employees need not be reported. This typically covers gifts to employees at Christmas and on their birthdays.
Beware Mini-Umbrella Company Fraud
HMRC are urging businesses to look out for the use of mini-umbrella companies (MUCs) to pay contractors supplying their labour via agencies and other intermediaries.
Car Benefit Reduced Where Unavailable
P11d forms reporting benefits in kind provided to employees and directors need to be submitted to HMRC by 6 July.
Advisory Fuel Rate for Company Cars
These are the suggested reimbursement rates for employees' private mileage using their company car from 1 June 2021.
Associated Companies Count For New Corporation Tax Rates
A 25% rate of corporation tax will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023. The 19% rate will continue to apply where profits are below £50,000. The marginal rate that applies between those limits will be 26.5%.