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23 May

Beware sting in VAT Annual Accounting Scheme

  • Value Added Tax

The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. The main benefits of the scheme include the requirement to file one VAT return per year. This can significantly reduce the amount of administration…

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23 May

Give now pay later – what are the settlement rules?

  • General

The settlement rules are intended to prevent an individual from gaining a tax advantage by making arrangements that divert his or her income to another person who may be liable at a lower rate of tax or is not liable to Income Tax. Where a settlor…

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23 May

Company van use – the tax consequences

  • Employee Benefits

There are a number of tax consequences to be aware when employees are provided with company vans and fuel. A company van can be defined as a van made available to an employee by reason of their employment. There is usually nothing to report to HMRC…

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23 May

CGT base cost uplift on death

  • Capital Gains Tax

Special rules apply to assets when they are passed to a beneficiary after the death of the benefactor. In some cases Inheritance Tax may be due on the transfer. However, there can also be a hidden benefit known as a Capital Gains Tax (CGT) uplift on…

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23 May

Tax exempt gifts paid out of income

  • Inheritance Tax

Many taxpayers are aware that there is an annual Inheritance Tax exemption of £3,000 for gifts and this can be carried forward to the following tax year if not used to make a maximum gift of £6,000. You can also give as many gifts of up to £250 per…

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23 May

Can’t afford to pay your tax bill?

  • General

HMRC understands that taxpayers will sometimes experience difficulties with paying their tax bill and stress that taxpayers should make contact with them as soon as they realise that there is a problem. This is good advice as burying your head in the…

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23 May

New advisory fuel rates published

  • HMRC notices

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of…

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21 May

New guidance published for employers on setting dress codes and sex discrimination

  • Employment Law

Following a joint report ("High heels and workplace dress codes") published by the House of Commons Women and Equalities Committee and Petitions Committee in January 2017, the Government Equalities Office has finally published promised new guidance…

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16 May

Responding to a County Court claim

  • General

It is important that any correspondence received from the County Court is dealt with promptly. This should include taking proper legal advice when appropriate. Usually, a creditor asks the County Court to make a county court judgment (CCJ) against…

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16 May

When might you be due a tax refund?

  • Income Tax

HMRC has issued helpful guidance that explains when you might be due a tax refund and how to make a claim. According to HMRC you may be able to claim a refund if you: are employed and had too much tax taken from your pay; have stopped…

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16 May

NMW and LW enforcement measures

  • Payroll

A new press release has revealed that in 2017-18, HMRC investigators identified £15.6 million in back pay that is owed to over 200,000 of the UK’s lowest paid workers. This was an increase from £10.9 million for over 98,000 workers in the previous…

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16 May

More warnings to beware of bogus tax refund scams

  • General

Fraudsters are taking advantage of taxpayers who may be due a tax refund following the end of the 2017-18 tax year. HMRC is currently processing tax refunds, but the fraudsters are trying to get one step ahead. They do this by sending out scam emails…

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