In a new consultation HMRC has confirmed that Making Tax Digital for corporation tax (MTD for CT) will not be implemented until 2026 ‘at the earliest’. The consultation considers how the principles created for MTD could be established for companies within the charge to CT. It outlines the potential design of the MTD for CT… Read more…

HMRC is warning self assessment taxpayers to be alert to the danger of scammers posing as the tax authority in the lead up to the tax return deadline. Every year HMRC issues thousands of SMS messages and emails as part of its push to remind people to file before the 31 January deadline. HMRC says… Read more…

New company car advisory fuel rates have been published and took effect from 1 December 2020. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or… Read more…

Increased minimum wage rates have been announced to take effect from 1 April 2021. The government has announced that the National Living Wage (NLW) will increase by 2.2% from £8.72 to £8.91, and will be extended to 23 and 24 year olds for the first time. For workers aged under 23, Commissioners recommended smaller increases… Read more…

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…