On 20 May 2021 the Office of Tax Simplification published the second part of its review of Capital Gains Tax (CGT). Whilst most taxpayers encounter income tax, National Insurance Contributions (NICs) and VAT every day, the report is concerned that many taxpayers are strikingly unaware of their obligations to report […]
Tag Archives: tax advice north east
18
May
May
There are numerous accounts of tax officers trying to tax the provision of tea and coffee for employees, and whilst some of these amount to an urban myth, the tax rules about providing a bacon (or vegan alternative) sandwich for your employees as a trivial benefit are not straightforward. HMRC […]
17
May
May
Whether you’re environmentally conscious or just after something practical – the choice of electric car models has skyrocketed over the last year or so. More and more well-known brands have launched their own take on electric cars to try and complete with the market leader – Tesla. Not only is […]
06
May
May
As the 2021 Tax Return gears up, HM Revenue & Customs has confirmed that it will issue harsh penalties to tax payers who have incorrectly claimed SEISS, and subsequently not taken advantage of opportunities to voluntarily repay the excess amounts. The rules state that overpayments must be notified to HMRC […]
30
Mar
Mar
After the excitement of the Budget and the issue of the Finance Bill, 23rd March was billed as “Tax Day” with the government issuing a raft of consultations and policies. In the end, the day was – correctly – overshadowed by the anniversary of the first Covid-19 lockdown, but as […]
18
Mar
Mar
HMRC are now asking certain self-employed people to prove that they are still in business before they can claim the next SEISS grant. This is only for those who have indicated that their business ceased trading in the period from 6 April 2018 to 5 April 2020. A pause in […]
15
Feb
Feb
With a little glowing light at the end this long tunnel, we want to bring hope and open your eyes to tax advice options that until now you might not have considered for your business. More options than you realise. You’re probably feeling like you’ve exhausted all of the support, […]
05
Jan
Jan
For tax professionals, the idea of escaping to some Spanish sun in January is a pipe dream, even in non-Covid times, as we grapple with the personal tax return submission deadline. And with Spain on the brain, we are advising clients to be aware of changes to EU tax […]
02
Dec
Dec
Many employers like to reward their employees at Christmas – whether it be a party (and/) or a gift. However, the tax office is for life, not just for Christmas and unwary employers can fall foul of tax rules if the gifts aren’t of the correct sort and cost. The […]
25
Nov
Nov
COVID-19 has borne witness to increased public spending on an unprecedented scale. It has been estimated the UK is facing an annual bill of more than £300 billion to cover the cost of measures such as the furlough and self-employed support schemes. Earlier this year, Chancellor of the Exchequer Rishi […]