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Tax

SME R&D tax relief cap set at £20K plus employment costs

SME R&D tax relief cap set at £20K plus employment costs As part of its recent set of tax policy announcements, the government has confirmed changes to the R&D tax credit regime for SMEs designed to reduce fraud and abuse.
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Tax

Significant lack of awareness around gifting rules for IHT

A new report published by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS) has revealed a worrying lack of awareness about the Inheritance Tax (IHT) benefits of making a gift. Its study found that
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Personal

Separation and divorce

Allowances The married couple’s allowance is only available to couples in which at least one spouse or civil partner was born before 6 April 1935. The allowance will cease at the end of the tax year in which separation occurs.
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Tax

Self-Employment Income Support Scheme (SEISS) grant extension

Self-Employment Income Support Scheme (SEISS) grant extension In the Budget the government extended the Self-Employment Income Support Scheme (SEISS) setting out guidance on two further grants.  The 4th and 5th SEISS grants The government has released more information relating to
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Tax

Second Self-Employment Income Support Scheme (SEISS) claim opens.

Second Self-Employment Income Support Scheme (SEISS) claim opens. Despite government claims that 2.7 million self-employed workers have benefited from £7.8 billion in SEISS grants, support is still not available for those that fall through the cracks. The government today (17
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Tax

Sales of goods between GB and NI explained

Sales of goods between GB & NI explained The UK’s break with the EU has had different consequences in Northern Ireland compared to Great Britain (England, Wales and Scotland). Northern Ireland’s relationship with the EU is governed under the Northern
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Tax

Reasonable excuse for late SA returns

Reasonable excuse for late SA returns Taxpayers who fail to submit their self assessment return by the 31 January deadline because of difficulties caused by Covid will be able to claim this as a ‘reasonable excuse’ to overturn a late
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Tax

Penalty rates for deferred VAT scheme set at 5%

Penalty rates for deferred VAT scheme set at 5% HMRC has confirmed that companies will be liable for a 5% penalty or interest if they do not pay in full or make an arrangement to pay deferred VAT by 30
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Tax

Non-Resident Landlord Scheme for Landlord Overseas

Non-Resident Landlord Scheme for Landlord Overseas The Non-Resident Landlord Scheme is now required to Landlords who rent out property in the UK but spend more than six months of the tax year living. It’s not optional but may trigger registration
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Tax

Making Tax Digital to be extended

Making Tax Digital to be extended HMRC’s Making Tax Digital programme is to be gradually extended. At present, businesses above the VAT threshold of £85,000 are covered by the system, which requires them to keep digital records and provide VAT
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Tax

Loan charge tax deadline in six days, warns LITRG

Loan charge tax deadline in six days, warns LITRG The Low Incomes Tax Reform Group (LITRG) is warning people that they have until Wednesday (30) to meet their loan charge reporting and payment obligations. The tax campaign group is particularly
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Tax

Introduction of plastic packaging tax

Introduction of plastic packaging tax HMRC have published a policy paper covering the introduction of a new plastic packaging tax, which is expected to take effect from April 2022. The tax will apply to plastic packaging produced in, or imported