News

Limited liability for sole traders?

14/08/2018 – The Office of Tax Simplification (OTS) has updated its papers on the possibility of launching a Sole Enterprise Protected Assets (SEPA) business model for sole traders. SEPA status would allow sole traders to retain the simplicity of sole trader status but at the same time offer liability protection for a sole trader's primary residence … More...

Time to declare offshore assets?

14/08/2018 – HMRC has published a press release to remind taxpayers that the 30 September 2018 deadline to come forward and declare any foreign income or profits on offshore assets is fast approaching. This is the date set out in the Requirement to Correct (RTC) legislation that was introduced by the Finance (No.2) Act 2017. Taxpayers making a … More...

VAT on transfer of business as a going concern

14/08/2018 – The transfer of a business as a going concern (TOGC) rules consider the VAT liability on the sale of a business. Normally, the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where the sale of a business includes assets and meets certain conditions, the sale will be … More...

Duty free limits for travellers

14/08/2018 – Here is a reminder for travellers of their duty and tax free allowances whilst travelling this summer. Travelling to an EU country Where tobacco or alcohol is brought in from another EU country, no duties or tax will be payable as long as you can demonstrate that the goods are for your own use and that you paid the relevant taxes and … More...

New counter-fraud squad

14/08/2018 – A new Government Counter Fraud Profession (GCFP) is to be launched on 9th October to help fight fraud in the public sector. The size of the challenge is immense with fraud in the public sector estimated to be between £31 billion and £49 billion. The GCFP will create a new community of counter fraud specialists across government, with … More...

Intellectual property scam

14/08/2018 – The Intellectual Property Office (IPO) is warning taxpayers of a new intellectual property (IP) scam, where taxpayers receive unsolicited invitations from companies offering services to help them protect their IP in return for a fee. These usually relate to private organisations offering official-sounding trade mark renewal services or … More...

The Cycle to Work scheme and National Minimum Wage

14/08/2018 – There are special rules involving bicycles usually referred to as 'Cycle to Work' arrangements. The Cycle to Work scheme was introduced in 1999 to help promote the use of healthy ways to commute to work. The scheme allows employers to provide (technically loan) bicycles and cyclists’ safety equipment to employees as a tax-free benefit. … More...

HMRC interest rates

14/08/2018 – Following the recent increase in the Bank of England base rate to 0.75%, HMRC has announced changes to the rates of interest they charge. The new rates of interest charged on underpaid quarterly instalment payments of 1.75% (was 1.50%), took effect on 13 August 2018. The interest rate for all other non-quarterly instalment payments … More...

Corporation Tax computations

14/08/2018 – The Office of Tax Simplification (OTS) provides independent advice to the government on simplifying the UK tax system, with the object of reducing compliance burdens on both businesses and individual taxpayers. The OTS operates on a permanent, statutory footing and seeks to draw together expertise from across the tax and legal … More...

32.5% Corporation Tax on overdrawn directors’ loans

07/08/2018 – HMRC defines a director's loan as money taken from your company (by you or other close family members) that isn’t: a salary, dividend or expense repayment and money you’ve previously paid into or loaned the company An overdrawn director's loan account is created when a director effectively 'borrows' company money. A record of these … More...