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Agent Dedicated Line relaunched

HMRC has confirmed that the Agent Dedicated Line (ADL) that offers priority access to HMRC staff has been relaunched on ...
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/ General

Self-employed NIC charges

There are two types of National Insurance contributions (NICs) payable by the self-employed. These are known as Class 2 NICs ...
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/ National Insurance

Building a new home and VAT

The VAT DIY Housebuilders scheme is a special scheme that enables someone building their own home to benefit from special ...
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/ Value Added Tax

Are you a landlord that owes tax to HMRC?

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with ...
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/ Income Tax

How are dividends taxed?

The dividend tax allowance was first introduced back in 2016 and replaced the old dividend tax credit with an annual ...
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/ Income Tax

Are you taking advantage of trivial benefits?

The trivial benefits in kind (BiK) exemption applies to small non-cash benefits like a bottle of wine or a bouquet ...
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/ Employee Benefits

Who can use the VAT retail schemes?

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are ...
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/ Value Added Tax

Apportionment and duality

When deciding whether an expense is allowed or disallowed it is important to consider that the expenditure must be incurred ...
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/ Business

Bed and breakfast – the same day rule

Historically, the term bed and breakfasting (sale and repurchase) of shares referred to transactions where shares were sold and then ...
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/ Capital Gains Tax

Changing a company accounting date

Source: Companies House Wed, 09 Jun 2021 00:00:00 +0100 ...
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Private residence relief

There is usually no Capital Gains Tax (CGT) to be paid when you sell your main family residence (referred to ...
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/ Capital Gains Tax

Tax when you sell a business property

There are various methods at your disposal to reduce or delay the amount of Capital Gains Tax (CGT) when you ...
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/ Capital Gains Tax

Pre-trading expenditure

There are special tax reliefs for pre-trading expenses that are incurred before a business starts trading. These could include expenses ...
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/ Corporation Tax

Cash basis for landlords

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial ...
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/ Business

What is distance selling for VAT purposes?

Distance selling is the term used to describe supplies of delivered goods from one EU Member State to a customer ...
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/ Value Added Tax

Tax when you sell an asset

There are special rules that must be followed when you sell an asset on which capital allowances have been claimed ...
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/ Capital allowances

The 7-year rule

Most gifts made during a person’s lifetime are not subject to Inheritance Tax at the time of the gift. These ...
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/ Inheritance Tax

Temporary trade credit insurance scheme to end

Trade credit insurance is a contract bought by suppliers to make sure they get paid even if their customers default ...
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/ Business Support

Tax Diary June/July 2021

1 June 2021 - Due date for Corporation Tax due for the year ended 31 August 2020. 19 June 2021 ...
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/ Tax Diary

Tariff suspension on certain imports

The UK government has announced plans to introduce a new tariff suspension scheme. This new scheme will help UK firms ...
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/ HMRC notices

Tax on sale of cryptoassets

Most individuals hold cryptoassets (such as Bitcoin) as a personal investment, usually for capital appreciation in its value or to ...
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/ Capital Gains Tax

Employment Status Tool

HMRC’s employment status service can be used to help ascertain if a worker should be classified as employed or self-employed ...
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/ Employment Law

Check if you can claim working from home expenses

If you are an employee who is working from home, you may be able to claim tax relief for some ...
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/ Employee Benefits

One month left to join VAT Deferral Payment Scheme

Businesses that deferred VAT payments last year have until 21 June 2021 to join the new online payment scheme. This ...
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/ Value Added Tax

How to claim tax relief on employment expenses

If you are an employee that needs to buy substantial equipment to use as part of your employment you may ...
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/ Income Tax

No time for head in the sand tactics

Companies that are still claiming the Coronavirus Job Retention Scheme grants, now known as the furlough scheme, will have hard ...
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/ Business Support

NICs after reaching State Pension Age

If you have reached the State Pension age and continue to work, in most cases you no longer need to ...
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/ National Insurance

Income Tax if you move to or from Scotland

The Scottish rate of Income Tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish ...
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/ Income Tax

Claiming Business Asset Disposal Relief

BADR used to be known as Entrepreneurs’ Relief before 6 April 2020. The name change does not affect the operation ...
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/ Capital Gains Tax

When not to charge VAT

When a VAT registered business issues an invoice to their customer, they must ensure that they charge the correct rate ...
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/ Value Added Tax

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