In the current tax year, anyone with taxable income of less than £17,500 will have no tax to pay on their savings income – interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is
Under standard VAT accounting, VAT is payable on sales whether or not the customer has paid and can lead to a claim for Bad Debt Relief. Under the Cash Accounting Scheme, VAT does not need to be paid over until the customer has paid.
A business can
The Chancellor, Rishi Sunak, has delivered his third major statement to the House of Commons in less than a month. This followed the Winter Economy Plan on 24 September and further announcements on 9 October that expanded the scope of the Job Support
Unbelievably, it has been illegal to make phone calls or text while driving a car, but not illegal to play games or take photos.
Clearly, this loophole is begging to be closed and new legislation proposed, 17 October 2020, will aim to do just that.
From 1 January 2021, UK businesses that export, import or transport goods to and from the EU will need to comply with a number of new regulations.
Inevitably, some will fall short and these will create delays, in your goods reaching EU customers,
The government is moving ahead with plans to build free trade zones – known as Freeports – across Britain after Brexit. Freeports are a special kind of port where normal tax and customs rules do not apply. In their place, simplified customs
HMRC is warning new students starting university that they could be targeted by scammers trying to steal their money and personal details.
As new students start the academic year they can be particularly vulnerable to tax scams. Coupled with an
Home owners and landlords in England can apply for a grant to make their home more energy efficient. The Green Homes Grant will cover at least two-thirds of the cost up to £5,000 per household. For low income households these grants will cover all
On 12 October, the Prime Minister announced the introduction of a new three-tier system of local COVID-19 alert levels across England. The new system sets the levels at medium, high and very high based on local transmission rates. The legislation to
New VAT rules for building contractors and sub-contractors come into effect from 1 March 2021. The new rules will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. The reverse
Company filing deadlines were extended for companies with filing deadlines between 27 June 2020 and 5 April 2021.
Companies House is warning of delays in postal submissions and have said it is taking much longer than usual to process paper
There are special rules in place for taxpayers who gift land, property or certain shares to charity. This can include Income Tax and Capital Gains Tax (CGT) relief provided all the necessary conditions are met. There is no Income Tax relief on
One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help tax payers affected by COVID-19 to use the Time To Pay service.
Businesses and self-employed people in financial
Our government has introduced a three-tier system for determining the local state of COVID infection and how restrictions in each area of England are to be applied. The grades are instructive.
The three categories are:
Medium alert level – This
The new 3-tier system for classifying local COVID alert status sets out what you should not do depending on the classification of your local area. At present they only apply to England. In summary they are:
Local COVID Alert Level – Very High
This
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