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Budget date announced

16 Sep 2021

The Chancellor of the Exchequer, Rishi Sunak has confirmed that the next UK Budget will take place on Wednesday, 27 October 2021. This will be the Chancellor’s third Budget and the first one to revert back to the Autumn Budget schedule that was

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Pension triple-lock abandoned for one year

16 Sep 2021

The government has confirmed that its triple-lock guarantee on pensions is to be abandoned for one year. The guarantee was first introduced in 2010 and has remained in place until now. This guarantee has seen the full yearly State Pension increase by

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Capped social care costs from October 2023

16 Sep 2021

The government has announced new plans to cap social care costs in England from October 2023. This change is expected to see the introduction of a new £86,000 cap on care costs across an individual’s lifetime. There will also be the following

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Dental Associates tax status update

16 Sep 2021

HMRC has, for many years, accepted that associate dentists are generally treated as self-employed. These agreements have been approved by the British Dental Association (BDA) and the Dental Practitioners Association (DPA) and are quoted in HMRC’s

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Class 1 NIC changes extend to Class 1A contributions

16 Sep 2021

It is important to bear in mind that the 1.25% increase in National Insurance contributions (NICs) for 2022-23 will apply to National Insurance Class 1 and Class 4 contributions from April 2022. This means that the increase will apply to Class 1

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Do tax-payers need to register for Self-Assessment

16 Sep 2021

There are a number of reasons why a taxpayer needs to complete a Self-Assessment return. This includes if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or

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Using your Personal tax accounts

9 Sep 2021

HMRC’s Personal tax accounts (PTAs) were launched in 2015. The service works as an online resource to allow taxpayers to review and update their details in real time. For many routine requests and services using the PTA can help you avoid having to

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Claiming a tax refund

9 Sep 2021

If you think that you have paid too much tax to HMRC you can usually claim back any overpaid tax. The exact method for making a claim depends on a number of factors including whether or not you complete a Self-Assessment return and the length of time

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Child benefit when child turns 16

9 Sep 2021

Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August on or after a child’s 16th Birthday. Under qualifying circumstances, the child benefit can continue until a child reaches their 20th

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Deadline for notifying an option to tax (VAT) land and buildings

9 Sep 2021

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be

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Back to school – help with childcare costs

9 Sep 2021

As children have returned to school, HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for breakfast and after school clubs. The TFC scheme can help parents of children aged up to 11 years old (17 for those

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National Insurance increase to fund NHS and social care

8 Sep 2021

The Prime Minister announced increases in National Insurance Contributions (NIC) of 1.25% from April 2022, to contribute to increases in the NHS and social care budgets. The increases will apply to: Class 1 contributions (paid by employees). This

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Dividend tax increase announced

8 Sep 2021

The 1,25% increase in NIC contributions from April 2022 will be mirrored by a similar increase in the tax charge on dividends. From April 2022, the dividend tax increases will apply as follows: Basic rate taxpayers will see an increase from the

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Claiming CGT Gift Hold-Over relief

2 Sep 2021

Gift Hold-Over Relief is effectively a deferral of Capital Gains Tax (CGT) when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. The relief means that any gain on the asset is

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Tax relief on charitable donations

2 Sep 2021

If you are a higher rate or additional rate taxpayer, you are eligible to claim relief on the difference between the basic rate and your highest rate of tax. The charity you donate to can reclaim the basic rate of tax from donations made by

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How to deal with tax appeals

2 Sep 2021

There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. It is important to note that not all decisions by HMRC can be appealed against. There is normally a 30-day deadline for making a claim, so time is of the

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Tax treatment of incentive award schemes

2 Sep 2021

Companies use incentive award schemes to encourage their employees in various ways. For example, to sell more of their own goods and services. The award can be in various forms including cash, vouchers or other gifts. Where an employer meets the tax

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Income excluded from UK property business

2 Sep 2021

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in their own home, extra services to tenants and

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Scope and legal basis of VAT

2 Sep 2021

The scope and legal basis of how VAT is charged on taxable supplies is defined as follows in the VAT Act 1994: VAT shall be charged on any supply of goods or services made in the United Kingdom, where it is a taxable supply made by a taxable person

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Tax Diary September/October 2021

26 Aug 2021

1 September 2021 - Due date for Corporation Tax due for the year ended 30 November 2020. 19 September 2021 - PAYE and NIC deductions due for month ended 5 September 2021. (If you pay your tax electronically the due date is 22 September 2021) 19

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Reporting travel and subsistence benefits

26 Aug 2021

There is no requirement to report certain routine expenses to HMRC. The types of expenses and benefits covered are referred to as exemptions and have replaced dispensations which can no longer be applied for. The travel and subsistence benefits

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Covering pension contributions with unused allowances

26 Aug 2021

The annual allowance for tax relief on pensions is currently set at £40,000. The annual allowance is further reduced for high earners. This means that if your income is in excess of £240,000 you will usually begin to see your £40,000 annual allowance

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Recovering VAT on car purchases

26 Aug 2021

There are complex VAT rules that determine how you can recover VAT on car purchases. The usual fallback rule is that if you purchase a car for your business then no VAT can be reclaimed. The main exception to this rule is if the new car is used

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VAT capital goods scheme overview

26 Aug 2021

The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable

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Corporation Tax loss buying

26 Aug 2021

Under qualifying circumstances, Corporation Tax (CT) relief is available where a company makes a trading loss. The trading loss can be used to claim CT relief by offsetting the loss against other gains or profits of a business in the same or previous

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