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Mandatory vaccinations for those working in care homes

24/06/2021

The government has published its response to its consultation on making COVID-19 vaccination a condition of deployment for workers in care homes in England and has confirmed that it will now bring forward regulations to implement a mandatory

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Tax Diary July/August 2021

24/06/2021

1 July 2021 - Due date for Corporation Tax due for the year ended 30 September 2020. 6 July 2021 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2021 - Pay Class 1A NICs (by the 22 July

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Childcare top-up to cover summer activities

24/06/2021

As the school holidays fast approach, many parents face having to organise extra school holiday childcare over the summer months. HMRC is reminding working families that the Tax-Free Childcare (TFC) scheme can help if you have children aged up to

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Boost to UK tourism

24/06/2021

In a boost to UK tourism, the government has launched a new Tourism Recovery Plan to help the sector bounce back from the pandemic. The plan is to recover domestic tourism to pre-pandemic levels by the end of 2022 and international visitor numbers

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Replacement of domestic items relief

24/06/2021

The replacement of domestic items relief has been in place since April 2016. The relief allows landlords to claim tax relief when they replace movable furniture, furnishings, appliances and kitchenware in a rental property. The allowance is available

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VAT – what is partial exemption?

24/06/2021

A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This can happen where a business makes or intends to make both taxable and exempt supplies and incurs input tax that relates to both

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What is net income for pension relief purposes?

24/06/2021

The lifetime allowance is the maximum amount of pension and/or lump sum that benefits from tax relief. The lifetime allowance is currently set at £1,073,100. The annual allowance for tax relief on pensions is currently £40,000 and there is a three

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Exempt beneficial employee loans

24/06/2021

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial rate the employee would have to pay on a loan

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Are you taking advantage of trivial benefits?

17/06/2021

The trivial benefits in kind (BiK) exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given occasionally to employees. By taking advantage of the exemption employers can simplify the treatment of BiKs whilst at

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How are dividends taxed?

17/06/2021

The dividend tax allowance was first introduced back in 2016 and replaced the old dividend tax credit with an annual £5,000 dividend allowance with tax payable on dividends received over this amount. The tax-free dividend allowance was reduced to

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Are you a landlord that owes tax to HMRC?

17/06/2021

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding

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Building a new home and VAT

17/06/2021

The VAT DIY Housebuilders scheme is a special scheme that enables someone building their own home to benefit from special VAT rules that allow the qualifying construction costs of new homes and certain conversion works to be zero-rated. The scheme

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Self-employed NIC charges

17/06/2021

There are two types of National Insurance contributions (NICs) payable by the self-employed. These are known as Class 2 NICs and Class 4 NICs. Class 2 NICs are paid by all self-employed taxpayers unless they earn under the Small Profits Threshold

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Agent Dedicated Line relaunched

17/06/2021

HMRC has confirmed that the Agent Dedicated Line (ADL) that offers priority access to HMRC staff has been relaunched on a trial basis from 14 June 2021. HMRC has also made it clear that the ADL is not expected to be used to handle certain types of

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Tax when you sell a business property

10/06/2021

There are various methods at your disposal to reduce or delay the amount of Capital Gains Tax (CGT) when you sell a property that has been used for business purposes. For example, Business Asset Rollover Relief allows for deferral of CGT on gains

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Private residence relief

10/06/2021

There is usually no Capital Gains Tax (CGT) to be paid when you sell your main family residence (referred to by HMRC as private residence relief) that has been used as your only or main residence. However, there are important points to consider

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Changing a company accounting date

10/06/2021

There are special rules which limit the ability to change your company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under

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Bed and breakfast – the same day rule

10/06/2021

Historically, the term bed and breakfasting (sale and repurchase) of shares referred to transactions where shares were sold and then bought back the next morning. This used to have Capital Gains Tax (CGT) benefits by crystallising a gain or a loss

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James Walsh Accountants
19 Titan Court, Laporte Way 
Luton 
Bedfordshire
LU4 8EF

01582 402124
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