Category Archives: Blog

This will affect contractors and subcontractors in the construction industry and will apply from the 1st March 2021. It will apply if the subcontractor and contractor are VAT registered but will NOT apply if the work you do is zero rated.   Subcontractors You will need to contact the contractor and find out if they […]

There has been much speculation on what the Chancellor may or may not do in this March 2021 budget.  Most of the suggestions consider the necessity to clear the huge debt this country is now burdened with due to the pandemic.  Some tax planning may be too late now such as selling a second property […]

With the debt increasing by the hour due to the Governments restrictions on trading businesses resulting from Covid-19, it is becoming very clear that the way the Government tries to balance its books must change.  One such way, suggested by the ‘Wealth Tax Commission’, is to charge a wealth tax on anyone who’s wealth is […]

With the continued lock downs of Covid-19 it is unfortunate that some people who lent money to a trader may not be able to recover it.  If the trader goes bankruptcy or into liquidation then there could be some relief by treating the lost money as a capital loss.  This loss can be offset against […]

HMRC have launched their portal for employees who have to work from home and can claim the £6 per week tax allowance.  For employees to be able to do this, the employer must confirm the employee has to work from home and there is no choice in the venue for the employee.  To access this […]

Did you send your employee home to work?  If so, HMRC have issued guidance which can be found here https://www.gov.uk/guidance/check-which-expenses-are-taxable-if-your-employee-works-from-home-due-to-coronavirus-covid-19 Generally, where expenses payments are made to, or benefits-in-kind are provided for, an employee they are deemed to have been made or provided by reason of that employment and are regarded as part of the […]

If you are a company that will buy or construct a commercial property for use in your business then the Government has increased the yearly allowance.  The scheme is known as ‘The Structures and Buildings Allowance (SBA)’, and you can now obtain a flat 3% rate per year thereby obtaining full corporation tax relief over […]

The Chancellor, Rishi Sunak, has announced a new job protection scheme and a range of new business support measures. Announcing his Winter Economy Plan at a hastily arranged statement in the House of Commons, Mr Sunak said: “Our task now is to move to the next stage of our economic plan, nurturing the recovery by […]

Due to COVID-19, HMRC introduced a ‘soft landing approach’ and did not issue late penalties for any transactions completed between 6 April 2020 and 30 June 2020, provided the gain was reported and any tax due paid by 31 July 2020. From the 1 July 2020 onwards, a seller has 30 calendar days to report […]

Last year HMRC imposed a significant number of penalties on taxpayers for failing to get their tax returns correct.  The most serious type of penalty is for ‘deliberate errors’ and the fine for this is between 20% to 100% of the tax underpaid.  The other type of tax error is a ‘careless error’ and here […]