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The New HMRC Late Payment Penalty (LLP) Regime

Uncategorized Tax
The New HMRC Late Payment Penalty (LLP) Regime
What is the aim?
· To bring the LPP regime in line for both VAT and income tax.
 
When will the new penalty regime start?
· For VAT - accounting periods beginning on or after 1st April 2022.
· From an income tax perspective, for those self-employed and property landlords who will be caught by Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) – Accounting periods beginning on or after 6th April 2023.
· For those remaining taxpayers still caught up within the SA Return system – Accounting periods beginning on or after 6th April 2024.
 
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Watch out Self Employed - Changes Ahead

Uncategorized Tax
Watch out Self Employed - Changes Ahead
Who does this affect?
·       Unincorporated businesses (sole-traders, partnerships, and limited liability partnerships) whose accounts year does not end between 31st March and 5th April.
 
What is the present position?
·       For a particular tax year, you are normally taxed on the net profit per the accounts which end in that tax year.
 
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The Self Employed - Change of Basis Period 2022/23

Tax
The Self Employed - Change of Basis Period 2022/23
The Present Position
·       For a particular tax year, the S/e are normally taxed on the net profit per the accounts which end in that tax year. This is called the basis period.
 
Example of the Present Position
·       Tom has been S/e for a number of years and draws up accounts to 30th April each year. 
·       His accounts to 30th April 2021 shows net profit of £30,000. That is taxable in the 2021/22 tax year.
 
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If I sell my garden will I end up paying tax?

Tax Latest News
If I sell my garden will I end up paying tax?
Learn about the tax implications of selling or developing your garden. With demand for housing on the increase some home owners are selling their garden for development in order to cash in on their property - but will they get stung for tax in the process - read on to find out!
Before you decide to sell your garden or take the decision to develop it yourself you need to assess the taxation implications before making a decision. There are two taxes, income tax and capital gains tax that may come into play.

If the landowner chooses to develop the land, then H.M. Revenue & Customs are likely to consider this as a trade even if the developed area had previously been part of the garden. When the development starts, the building plot will convert from capital to stock at its market value.
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Coronavirus support claims

Tax Latest News
Coronavirus support claims

Beware if your Coronavirus support claims do not stand up to scrutiny!

 

Learn about new developments regarding H.M. Revenue & Customs examination of Coronavirus claims We will explain how H.M. Revenue & Customs are cranking up their examination of suspect Coronavirus support claims and what you can do to avoid a nasty shock.
 

We have managed to obtain details of the number of enquiries which have been opened up by H.M. Revenue & Customs up to 31 March 2021, regarding the Coronavirus Job Retention Scheme and the Self Employed Income Support Scheme.
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Furnished Holiday Lettings

Tax Latest News
Furnished Holiday Lettings
Save tax by the seaside!
Learn about the tax benefits of investing in furnished holiday let properties. In this blog you will learn about the tax breaks that go with owning furnished holiday lets and the rules that you have to follow in order to qualify for the reliefs.
 
In order for properties to qualify as furnished holiday lets, they must be held in the UK or the EEA. If you own several UK Holiday let properties, then they are all classified as one business.
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Furnished Holiday Lets (FHL) HMRC Enquiry Risks

Small Business Tips Latest News
Furnished Holiday Lets (FHL) HMRC Enquiry Risks
The history behind a HMRC enquiry – business rates and Covid-19 Grants
  • FHL can opt to pay business rates as opposed to council tax.
  • In 80% of the UK the business rates are less than the council tax.
  • If the FHL owner has previously paid council tax and the FHL business rates criteria would have applied in the past, a backdated refund could be claimed.
  • Small Business Rates Relief (SBRR) could be claimed which may reduce the business rates to nil or reduce the amount to be paid. The SBRR varies depending upon which part of the UK the property is situated.
  • FHL owners may have been entitled to UK/local Covid-19 grants which are usually linked to the rateable value of the property.
  • Note - the business rates eligibility criteria differs from the FHL income tax/capital gains tax rules.
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    Self-Employed Income Support Scheme (SEISS) 4th Grant Claim

    Accounts Small Business Tips Latest News
    Self-Employed Income Support Scheme (SEISS) 4th Grant Claim
    What period does the 4th grant cover?
  • February 2021 to April 2021 inclusive.
    • When can the 4th grant claim be made?
  • If you are eligible, HMRC should contact you around mid-April 2021 to provide you with a date from which you can make the claim through the Gov.UK online portal.
  • The final deadline for making the claim will be 31st May 2021.
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    Corporate Super Deduction

    Accounts Tax Latest News
    Corporate Super Deduction
    What is it?
    • It is a 130% first year allowance deduction for expenditure incurred in purchasing plant & machinery that would normally qualify for a main rate writing down allowance of 18%.
     
    When can you claim it?
    • You can claim it for expenditure incurred on or after 1st April 2021 up to and including 31st March 2023.
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    Company Car Review

    Latest News
    Company Car Review
    Vehicle Tax Changes
     
    In the past many considered a company car to be a perk of middle management and above with employers using a sliding scale of quality of cars as a carrot for harder work or longer hours.  But as the tax increases were used by successive governments to support greener policies by encouraging lower emission vehicles the prestige of a company car was often outweighed by the tax charges faced by the employee.  Company cars began to fall out of popularity. 
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    Pre Year End Tax Planning

    Accounts Tax Latest News
    Pre Year End Tax Planning
    With the tax year coming to a close in a month’s time, the time is now to take control of your taxes through effective and Bona fide planning.
     
    Unfortunately too many people address tax planning when it is too late. So when is too late? 
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    Business Repercussions following the Uber case

    Small Business Tips Latest News
    Business Repercussions following the Uber case
    What was the case all about?
  • Two former Uber drivers took Uber to court and successfully won the argument at the Supreme Court to be treated as workers rather than self-employed.
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    Covid-19 VAT Deferral New Payment Scheme (VDNPS)

    Small Business Tips Latest News
    Covid-19 VAT Deferral New Payment Scheme (VDNPS)
    Who is it aimed at?
    • Businesses who deferred their VAT payments due between 20th March 2020 and 30th June 2020 and have yet to pay it over to HMRC.
    What 3 options are presently open to these businesses?
    • Pay the deferred VAT over in full on or before 31st March 2021.
    • Opt into the VDNPS online service between 23rd February 2021 and 21st June 2021.

    How to make sure that transfer of a property between group companies is really tax free

    Tax Small Business Tips Latest News
    How to make sure that transfer of a property between group companies is really tax free
    How to avoid a tax headache when transferring property between group companies. Businesses often look to hold their business premises in a separate company from their trading company as there may be a higher risk of financial claims being made against the trading company. The usual strategy is to form a holding company to own the assets as this can provide protection in the event of such claims. Before transferring properties to a holding company careful consideration needs to be given to the tax consequences.
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    Self Employed Income Support Scheme (SEISS) Third Grant Claim

    Accounts Small Business Tips Latest News
    Self Employed Income Support Scheme (SEISS) Third Grant Claim
    What period does the grant cover?
  • November to January 2021 inclusive.
    • How is the grant calculated?
  • It is 80% of your average monthly trading profits for the three tax years ended 5 th April 2019, covering a 3 month period.
  • The maximum claim is restricted to £7,500.
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    Latest news - Rishi Sunak announces;

    Latest News
    Latest news - Rishi Sunak announces;
    one-off top up grants for;
  • retail
  • hospitality
  • leisure businesses worth up to £9,000 per property
  • £594 million discretionary fund made available to other impacted businesses
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    England New Lockdown Grant 2021

    Latest News
    England New Lockdown Grant 2021
    Who is it aimed at?
     The retail, hospitality and leisure sectors.
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    England Local Restrictions Support Grant (LRSG)

    Latest News
    England Local Restrictions Support Grant (LRSG)
    What is the Objective?
     To support businesses, based in Tier 2, Tier 3 and Tier 4 areas, forced to close as a result of a Government decision.
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    HMRC publishing notes - furlough claims from December 2020

    Accounts Payroll Small Business Tips Latest News
    HMRC publishing notes - furlough claims from December 2020
    HMRC will publish some of the employer’s claim information
     
    As part of HMRC’s commitment to transparency and to deter fraudulent claims, they will be publishing information about employers who claim for December onwards on the Coronavirus Job Retention Scheme. The following information will be published on GOV.UK from February 2021:
     
    • The employer name
    • An indication of the value of the claim
    • The company number for companies and Limited Liability Partnerships (LLP)
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    Brexit flag up, Spanish Property issue, Scotland Research Service

    Accounts Small Business Tips Events Latest News
    Brexit flag up, Spanish Property issue, Scotland Research Service
    Brexit Flag up
     
    Our VAT/Customs specialists have flagged up a few things to me recently some of which maybe time sensitive. I therefore attempt to share these thoughts with you on the attached notes.  
     
    Spanish Property Brexit Dilemma
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