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New guidance on sexual harassment and harassment at work

22/01/2020

The Equality and Human Rights Commission (EHRC) has published new technical guidance on sexual harassment and harassment at work. It replaces previous guidance published in December 2017. The new guidance explains employers’ legal

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Don’t be taken in by this scam

21/01/2020

The Insolvency Service has warned that fraudsters have been contacting investors in insolvent schemes claiming to be from the Official Receiver’s office or to have been appointed by the Official Receiver to help recover funds for a fee. These

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Disclosing VAT errors

21/01/2020

Where an error on a past VAT return is uncovered, you have a duty to correct the error as soon as possible. As a general rule, you can use your current VAT return to make any necessary adjustment. However, there are three important conditions that

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Ways that HMRC can collect overdue tax

21/01/2020

If you are unable to pay your tax bill or need time to pay then it is in your best interests to contact HMRC as soon as possible. For example, you can apply to HMRC to make a payment plan and seek to agree a way forward. This can be done through the

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HMRC publish strange late filing excuses?

21/01/2020

A recent press release by HMRC has revealed some of the oddest excuses for submitting a late tax return, that have been made during the past 10 years. The excuses ranged from the sublime to the ridiculous and included: My mother-in-law is a witch

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Relief for CGT losses

21/01/2020

Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule, if the asset would have been liable to CGT if a gain had resulted when sold, then the loss should be an allowable deduction. The exact

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When is a Will revoked?

21/01/2020

We have previously covered the importance of making a Will and ensuring that assets are divided amongst beneficiaries in the way best suited to personal circumstances. One of the most important reasons for doing so is to ensure that individuals do

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Scottish 2020 Budget

21/01/2020

Derek Mackay, Scotland’s finance secretary has announced that the Scottish Government’s Budget will be published for 2020-21 on 6 February 2020. The date has been selected in order to allow the Scottish Government time to prepare for the

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New taskforce to target waste criminals

21/01/2020

A new taskforce has been launched to tackle serious and organised waste crime, such as dumping hazardous materials on private land and falsely labelling waste so it can be exported abroad to unsuspecting countries. This will be the first time that

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Statutory maternity, adoption, paternity, shared parental and sick pay to rise from April 2020

15/01/2020

According to proposals set out in a government policy paper, the revised rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax

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Tax allowances you can claim for business cars

14/01/2020

Capital Allowances allow your business to secure tax relief for certain capital expenditure. Qualifying expenditure on cars must usually be allocated to one of two general pools of expenditure. Which pool is appropriate depends on the car’s CO2

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On your bike – tax free cycling

14/01/2020

There are special rules involving bicycles for work use, usually referred to as 'Cycle to Work' arrangements. The Cycle to Work scheme was introduced almost 20 years ago to help promote the use of healthy ways to commute to work using an

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Public transport costs and tax

14/01/2020

There are certain tax rules that it is important to consider if you pay for the public transport costs of your employees. The provision of public transport costs includes season tickets provided for employees, season ticket costs reimbursed to

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Money laundering and terrorist financing

14/01/2020

The money laundering rules are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists. The money laundering and terrorist financing (amendment)

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What qualifies for First Year Allowances?

14/01/2020

Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). The cash-flow benefit of accelerated tax relief is designed to encourage businesses to invest in capital items which help

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VAT - what is a limited cost trader?

14/01/2020

The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable

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Close down a company by striking it off the register

14/01/2020

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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Did you file your tax return on Christmas Day?

07/01/2020

A new press release by HMRC has highlighted the fact that 3,003 taxpayers took the time to file their tax return online on Christmas Day with a further 9,254 taxpayers completing their tax returns on Boxing Day. More than 11 million taxpayers are

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Last reminder for parents with income in excess of £50,000

07/01/2020

Parents could be liable for the High Income Child Benefit tax charge if either partner's income exceeds £50,000 and you are in receipt of child benefit. The charge effectively claws back the financial benefit of receiving child benefit

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Don’t forget to pay tax on or before 31 January 2020

07/01/2020

The 31 January 2020 is not just the final date for submission of your Self-Assessment tax return for 2018-19 but is also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2018-19 tax year.

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Carry forward unused pension tax allowance

07/01/2020

The annual allowance for tax relief on pensions is currently set at £40,000. The annual allowance is further reduced for high earners. If your income is in excess of £150,000 you will usually have your allowance tapered. This works by

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Budget date announced

07/01/2020

The Chancellor of the Exchequer, Sajid Javid has announced that he is planning to hold his first Budget on Wednesday, 11 March 2020. This announcement follows a turbulent period in Parliament that saw the Autumn 2019 Budget pencilled in for 6

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Big changes following loan charge review

07/01/2020

The Government has revealed that a number of important changes will be made to the loan charge following the independent review of the disguised remuneration loan charge policy and its implementation by Sir Amyas Morse and his team. The review

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New funding for farmers announced

07/01/2020

Over the Christmas and New Year break, the Chancellor announced that nearly £3 billion of funding is to be put in place to help support farmers once the UK leaves the EU. This cash injection will maintain the level of funding for direct

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Getting clients ready for Brexit

07/01/2020

HMRC has published a useful list to help businesses be prepared to import goods from the EU to the UK as we count down to the 31 January 2020 Brexit date. We are then likely to see a fixed transition period until 31 December 2020 by the end of which

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CGT – Gift Hold-Over Relief

07/01/2020

Gift Hold-Over Relief is a relief that defers Capital Gains Tax (CGT) when assets are given away (including certain shares) or sold for less than they’re worth to the buyer. The relief means that any gain on the asset is 'Held-Over'

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Tax Diary January/February 2020

01/01/2020

1 January 2020 - Due date for Corporation Tax due for the year ended 31 March 2019. 19 January 2020 - PAYE and NIC deductions due for month ended 5 January 2020. (If you pay your tax electronically the due date is 22 January 2020) 19 January 2020 -

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Annual increases to the National Minimum Wage

01/01/2020

The government has accepted the recommendations of the Low Pay Commission in full and has announced that it will increase the National Living Wage (NLW) and National Minimum Wage (NMW) rates from 1 April 2020 as follows: the NLW rate for workers

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Penalties for late filing of Self-Assessment tax returns

27/12/2019

The 31 January is not just the final date for submission of your Self-Assessment tax return but also an important date for paying tax. It is the final payment deadline for any remaining tax due for the 2018-19 tax year and any payment on account due

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Take advantage of the Annual Investment Allowance

27/12/2019

The Annual Investment Allowance (AIA) allows business owners to claim the total amount of qualifying expenditure on plant and machinery, up to certain limits. This deduction reduces profits subject to tax. The AIA can be claimed by an individual,

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