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Government help for people in debt

21/01/2021

New government proposals have been published that look at further extending debt solutions to help more people suffering from problem debts. The proposals specifically look at increasing the financial eligibility criteria for debt relief orders

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Online tax payment plans

21/01/2021

New figures published by HMRC have revealed that some 25,000 taxpayers have set up an online payment plan to manage their tax liabilities spreading payments of £69 million for up to 12 monthly instalments. This follows an increase in the limit for

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Tax when you sell shares

21/01/2021

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% when you sell shares unless they are in a CGT free wrapper such as an ISA or pension. If you only pay basic rate tax and make a small capital gain you may only be subject to a

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Tax returns filing deadline is fast approaching

21/01/2021

The approaching deadline for submitting 2019-20 Self-Assessment tax returns online is 23:59 on Sunday, 31 January 2021. The filing deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for

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Simplified expenses motor vehicles

21/01/2021

There are simplified arrangements in place for the self-employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited

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Striking companies from Companies Register

21/01/2021

There are a limited range of circumstances when a company can request to be removed from the register (known as being struck off). For example, a voluntary strike off can be requested by a dormant or non-trading company. A limited company can be

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Basics of CGT Rollover Relief

21/01/2021

Business Asset Rollover Relief is a valuable relief that allows you to defer payment of CGT on gains made when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of

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Government tackles late payment to small firms

19/01/2021

The Government has announced an overhaul of the Prompt Payment Code (PPC). Under the new reforms, companies that have signed up to the PPC will be obliged to pay small businesses within 30 days - half the time outlined in the current Code. Despite

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Rights to regenerate

18/01/2021

We will soon have the rights to turn derelict buildings into homes and community assets. In a recent press release the Ministry of Housing said: The public will be able to convert vacant plots of land and derelict buildings into new homes or

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Rogue employers named and shamed for failing to pay minimum wage

14/01/2021

139 employers, including some of the UK’s biggest household names, have been named and shamed in a government press release for failing to pay £6.7 million to over 95,000 workers in breach of the national minimum wage (NMW) legislation. This is the

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CJRS guidance on who can be furloughed

14/01/2021

HMRC’s guidance on which employees can be placed on furlough using the Coronavirus Job Retention Scheme has been updated. The scheme will continue until at least 30 April 2021. The updated guidance includes new information about employees who are

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VAT Reverse charge for construction sector

14/01/2021

A further reminder that new VAT rules for building contractors and sub-contractors will come into effect from 1 March 2021. The new rules were originally expected to commence from 1 October 2019, but an initial 12 month delay was announced. The start

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Have you paid your Data Protection Fee?

14/01/2021

The Information Commissioner's Office (ICO) is the independent regulatory office in charge of upholding information rights in the interest of the public. Under the Data Protection Act 2018, all organisations that process personal information must

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Tax and duties for goods sent from abroad

14/01/2021

Following the end of the Brexit transition period new rules regarding tax and duty apply to goods sent to the UK from the EU. These changes are to ensure that goods from EU and non-EU countries are treated in the same way and that UK businesses are

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New IPO search facility

14/01/2021

The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, trademarks and copyright. The IPO has launched a new service that allows users to search for the

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IHT Main Residence Nil Rate Band

14/01/2021

The Inheritance Tax residence nil-rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.

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Tax on an inherited private pension

14/01/2021

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on an inherited private pension. The person who died will usually have nominated the recipient by telling their pension

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Testing for international arrivals

12/01/2021

Passengers arriving from all international destinations will be required to present a negative COVID-19 test result before departing for England to help protect against new strains of coronavirus circulating internationally. Transport Secretary

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Apply for the new Global Health Insurance Card

12/01/2021

UK residents can now apply for the new UK Global Health Insurance Card (GHIC). Under Britain’s new agreement with the EU, UK residents’ rights to emergency and medically necessary healthcare will continue when travelling in the EU. This includes

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Did you file your tax return on Christmas Day?

07/01/2021

A new press release by HMRC has highlighted that 2,700 taxpayers took the time to file their tax return online on Christmas Day with a further 8,500 taxpayers completing their tax returns on Boxing Day. In total, 31,400 Self-Assessment returns were

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Looking for a customs agent?

07/01/2021

The Brexit transition period has come to an end and a new customs border has been created between the UK and EU. If you are moving goods to or from the UK then you need to ensure that you have all the correct procedures in place. One of the most

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Tax returns filing deadline at the end of this month

07/01/2021

The 31 January 2021 tax return filing deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for payment of tax due to HMRC. This includes the payment of any balance of Self-Assessment

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Time to pay arrangements

07/01/2021

One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help those affected by COVID-19 using the existing Time to Pay service. Businesses and self-employed people in financial

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No VAT on women’s sanitary products

07/01/2021

The UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the transition period the UK is no longer bound by the EU VAT Directive which mandates a minimum 5% rate of VAT

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Repaying furlough grants if overclaimed

07/01/2021

Any business that has overclaimed a Coronavirus Job Retention Scheme (CJRS) grant must pay back the overpayment to HMRC. The rules outlined below for paying HMRC back an overclaim also applies to businesses that would like to make a voluntary

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Income Tax charge to recover CJRS overclaims

07/01/2021

Employers should notify HMRC if they have received a CJRS payment to which they are not entitled and pay back any amounts of CJRS grants claimed in error. By paying back any amounts they were not entitled to, employers can avoid any tax liability for

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Lock-down 3 – business considerations

05/01/2021

It’s official. We are in lock-down 3 in England, Scotland following suit and the other regions expected to enforce similar restrictions. It is evident that any freeing impact of the vaccine roll-outs will not have sufficient impact before February at

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Time to revisit solvency

05/01/2021

If you have managed to retain profits in your business this fat-on-the-bone will help to see you through loss making periods as we endeavour to emerge from COVID disruption, hopefully, later this year. How long these reserves may last depends on how

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£4.6 billion lockdown grants announced

05/01/2021

Following a rapid rise in COVID infections, from today 5th January 2021, England has been placed into a new lockdown. Following this the Chancellor has announced £4.6 billion of new lockdown grants to help support businesses forced to close. The

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Help to Save bonuses

04/01/2021

The Help to Save scheme was launched by the government in September 2018 to help those on low incomes to boost their savings. Under the scheme, those eligible could save between £1 and £50 every calendar month and receive a 50% government bonus. The

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