Tax News

Social Care: Reform and Funding

Social Care: Reform and Funding

Date posted: 10th Sep 2021

Highlights Government reforms to social care will impact those entering care in England from October 2023. The cap for full self-funding will rise to £100,000 from £23,250. The…

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September is the last month for CJRS “Furlough” grants

September is the last month for CJRS “Furlough” grants

Date posted: 10th Sep 2021

The Government are pulling the plug on support to employers for furloughed staff at the end of September as they anticipate that the economy will be back to…

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Notify option to tax land and buildings within 30 days

Notify option to tax land and buildings within 30 days

Date posted: 10th Sep 2021

Supplies of land and buildings, such leasing or renting out a property, are normally exempt from VAT. This means that no VAT is payable, but the person making…

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Accounting for import VAT on your VAT return

Accounting for import VAT on your VAT return

Date posted: 10th Sep 2021

HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union. Businesses registered for VAT…

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Super deduction – a recap of the new relief

Super deduction – a recap of the new relief

Date posted: 10th Sep 2021

Unexpectedly introduced at the 2021 Budget, the 130% deduction essentially allows companies to reduce their tax bill by up-to 25p for every £1 invested. The amount of relief…

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We’re English – don’t mention penalties…

We’re English – don’t mention penalties…

Date posted: 10th Sep 2021

HM Revenue & Customs (HMRC) are introducing a new penalty system to try to make the tax system fairer and more consistent. The new system will use a…

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Child benefit and salary changes

Child benefit and salary changes

Date posted: 10th Sep 2021

The child benefit charge was introduced in 2013, for those individuals with income of over £50,000. The basic idea behind the charge is that if your income is…

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Nudge, nudge- who’s there- HMRC?

Nudge, nudge- who’s there- HMRC?

Date posted: 10th Sep 2021

As we reported around a year ago (https://www.cliveowen.com/2020/08/offshore-income-reporting/) HMRC are continuing to issue “nudge” letters to customers who HMRC believe have unreported income or gains from overseas. We…

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Tax implications of exceeding your pension allowance

Tax implications of exceeding your pension allowance

Date posted: 10th Sep 2021

Each individual has an annual pension allowance, which is the maximum that can be saved into a pension plan, each tax year and receive tax relief. However, there…

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Big tax bills for the self-employed in 2022/23

Big tax bills for the self-employed in 2022/23

Date posted: 3rd Sep 2021

Last month we mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The…

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