Category Archives: Business Tax

Saving tax with simplified expenses

July 30th, 2018

Certain sole traders and partnerships may benefit from using HMRC’s simplified expenses regime to calculate business expenses for vehicles, working from home and living on the business premises. Currently, businesses can either calculate expenses by working out the actual costs, or use HMRC’s published flat rates. HMRC’s checker can be used to work out which […]


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HMRC update guidance on Managed Service Companies

May 16th, 2018

HMRC have updated their guidance, following the recent decision in Christianuyi Ltd v R & C Commrs [2018] UKUT 10 (TCC), in which the Upper Tribunal ruled that a number of companies were operating as managed service companies (MSCs). In this case, the Upper Tribunal upheld the decision of the First-tier Tribunal that the appellant […]


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Offshore income and the RTC rule

April 19th, 2018

HMRC are getting noticeably tougher on those who try to evade tax by hiding their assets or income offshore. They are increasing the size and range of penalties charged, and increasing the number of prosecutions of serious evaders. Broadly, a UK-resident taxpayer has a responsibility to notify HMRC of any taxable offshore income they receive. […]


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Abolition of Class 2 NICs delayed

December 6th, 2017

On 2 November 2017, the Government announced a one year delay to the abolition of Class 2 National Insurance Contributions (NICs). Class 2 NICs will now be abolished from 6 April 2019 rather than 6 April 2018. The delay will allow time for the government to engage with interested parties and Parliamentarians with concerns relating […]


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The OTS outlines future work plans

November 17th, 2017

The Office of Tax Simplification (OTS) has published a paper outlining its future works programme, identifying areas of interest that the office will be looking at in the next twelve months and beyond. The OTS is currently working on a review of VAT, and expects to publish its report in October or November 2017. Work […]


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Paying voluntary NICs

July 22nd, 2017

There are various reasons as to why gaps may arise in an individual’s national insurance contributions (NIC) record, for example, because that person has been on low earnings for several years, they have been living abroad, or because they have been unemployed and have not been claiming benefits. In certain circumstances therefore, it may be […]


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Working from home

July 1st, 2017

Over recent years, it has become increasingly popular for employers to allow their employees to work from home, and in doing so, pay an amount to cover any additional household costs incurred. What are the tax implications of such expenses for the employee? Broadly, no tax liability will arise where an employer makes a payment […]


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CGT annual exemption: use it or lose it!

June 24th, 2017

Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling various types of assets including properties (but generally not a main residence), stocks and shares, paintings, and other works of art, but it may also be payable in certain circumstances […]


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Apprenticeship Levy

April 22nd, 2017

The new Apprenticeship Levy takes effect from 6 April 2017. Although the levy affects employers in all sectors, it will only be paid on annual pay bills in excess of £3 million – this means that, according to government estimates, less than 2% of UK employers will pay it. However, from 1 May 2017, changes […]


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Increase in the cash basis threshold

April 1st, 2017

As announced at the 2017 Spring Budget, the threshold for traders using the cash basis for accounting purposes is increasing from 6 April 2017. This change forms part of the Government’s initiative for simplifying tax paid by unincorporated businesses and runs alongside the Making Tax Digital project. Under the cash basis, small businesses are taxed […]


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