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News

Limited liability for sole traders?
13/08/2018 - More...
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...

Time to declare offshore assets?
13/08/2018 - More...
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...

VAT on transfer of business as a going concern
13/08/2018 - More...
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...

Duty free limits for travellers
13/08/2018 - More...
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...

New counter-fraud squad
13/08/2018 - More...
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...

Intellectual property scam
13/08/2018 - More...
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...

The Cycle to Work scheme and National Minimum Wage
13/08/2018 - More...
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...

HMRC interest rates
13/08/2018 - More...
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...

Corporation Tax computations
13/08/2018 - More...
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...

Employers have published gender pay gap data
12/08/2018 - More...
Under new gender pay gap regulations that came into force in April 2017, all employers with over 250 employees are required to report their gender pay gap data. The Government Equalities Office (GEO) has now announced that 100% of UK employers identified as being in scope of the regulations (because...

32.5% Corporation Tax on overdrawn directors’ loans
06/08/2018 - More...
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...

Tax free health benefits
06/08/2018 - More...
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ medical or dental treatment or insurance if they are a part of a salary sacrifice arrangement. In...

Gifting share in home
06/08/2018 - More...
Most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. The gifts or transfers achieve their potential of becoming exempt from Inheritance Tax if the taxpayer survives for more than seven...

What is overpayment relief?
06/08/2018 - More...
Overpayment relief was introduced from 1 April 2010 and replaced error or mistake relief for Income Tax, Capital Gains Tax (CGT) and Corporation Tax. Overpayment relief allows taxpayers to recover overpaid Income Tax, CGT, Class 4 NIC, Corporation Tax, overpaid bank payroll tax or to reduce an...

VAT – goods on sale or return
06/08/2018 - More...
There are special VAT rules that must be followed when you sell goods on a sale or return basis. Goods sold on a sale or return basis (sometimes known as 'on approval') are goods that are effectively supplied to a customer free of charge and the supplier is only paid when the product has been sold....

Fixtures and fitting on transfer of ownership
06/08/2018 - More...
The tax treatment of the sale of fixtures and fittings included in the sale or purchase of a commercial building changed from April 2014. From that date, the buyer of a building that contains fixtures can only claim plant and machinery allowances (PMA) if the expenditure on the fixtures is pooled...

Childcare voucher scheme issues
06/08/2018 - More...
The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 and opened to all remaining eligible families with children under 12 on 14 February 2018. The new scheme allows working parents to receive a government top-up on their contributions. For every 80p in the £1 contributed by parents an...

Emails and letters from HMRC
06/08/2018 - More...
HMRC continues to warn taxpayers about email phishing scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are very dangerous and clicking on a link from within the email...

Football agent scores £1.2m own goal
31/07/2018 - More...
A former football agent, Jerome Anderson, who looked after over 200 players during his career including Thierry Henry and Dennis Bergkamp, has lost his £1.2m tax avoidance case with HMRC. The football agent's tax appeal was recently heard at the Upper Tribunal who upheld the decision of the First...

Correcting errors on your VAT return
31/07/2018 - More...
Where an error on a past VAT return is uncovered taxpayers have a duty to correct the error as soon as possible. HMRC can also charge penalties and interest if an error is due to careless or dishonest behaviour. As a general rule, you can use a current VAT return to make any necessary adjustment....

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Harris & Co Consultants Limited
5 Oak Tree Court,
Mulberry Drive,
Cardiff Gate Business Park,
Cardiff
CF23 8RS

Tel: 02920 731169
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Company No. 7618813 registered in England & Wales

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Kathryn Harris is licensed and regulated by AAT under licence number 100325

 

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