Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee. A tax exemption is available which should help employers ensure that the benefits provided are exempt and do not result in a reportable employee benefit in… Read more…

HMRC has confirmed that they will accept a virtual Christmas party as an event which is capable of falling within the tax exemption rules for annual functions. The Association of Taxation Technicians (ATT) has received the following statement from HMRC: ‘Having considered the scope of section 264 ITEPA03 (annual parties exemption), we are pleased to… Read more…

It is time to prepare for the end of the Brexit transitional period. Whilst the United Kingdom officially left the European Union (EU) on 31 January 2020, this prompted the start of an 11-month transitional period during which time the UK remains part of the Single Market, the EU Customs Union and the VAT Territory.… Read more…

Differentiating your business from those of your competitors can have a major effect on overall success. When considering the current financial climate and the damage to businesses from Covid-19 and lockdown, anyway in which you can boost sales should be seriously considered. Fortunately, there are countless ways in which a company can boost its brand… Read more…

HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics including: coronavirus support schemes and what employers need to do from November onwards National Insurance Number delays Guidance on off payroll working rules (IR35) grants for businesses that complete customs declarations new Employment Allowance status option on… Read more…

The Association of Taxation Technicians (ATT) has issued a last call for businesses looking to make use of the increased Annual Investment Allowance (AIA). The AIA will be reduced from £1 million to £200,000 from 1 January 2021. Businesses that incur significant expenditure on plant and machinery before the end of this year are likely… Read more…

From 1 January 2021, the UK will operate a full external border with the EU, which will entail major changes for imports and exports to and from the trading bloc. From 1 January 2021, declarations will be needed to import or export specific (limited) goods categorised as ‘controlled’. However, for non-controlled goods brought from the… Read more…

HMRC has received more than 54,800 claims from taxpayers using a new online portal which allows workers to claim tax relief for working at home. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Launched… Read more…

Self assessment taxpayers are now able to benefit from enhanced payment plans and can apply online for additional support to help spread their tax bill into monthly payments. The online payment plan service was already able to set up instalment arrangements for paying tax liabilities up to £10,000. From 1 October 2020, HMRC increased the… Read more…

Chancellor Rishi Sunak has announced approved additional funding for cash grants to support businesses required to close in England due to the lockdown. Those businesses affected will be eligible for the following: For properties with a rateable value of £15,000 or under, grants to be £1,334 per month, or £667 per two weeks For properties… Read more…