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Reminder to look out for tax credit renewal packs

6 May 2021

HMRC has begun sending the annual tax credit renewal packs to some 2.5 million tax credit claimants and is encouraging recipients to renew their tax credits claim online. The packs are being sent out over the next 6 weeks and should be with

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Mobile phone exempt costs

6 May 2021

When an employee incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. This includes costs for phones provided to employees and reimbursement of employee’s own phone

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COVID support grants that are taxable

6 May 2021

We would like to remind readers that existing legislation is in place to ensure that COVID support grants are treated as taxable income in the same way as other taxable receipts. The grants are treated as income where the business is within the scope

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CIS – types of work and businesses affected

6 May 2021

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. The CIS covers all construction work carried out in the UK, including jobs such as: site

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Impact of residence and domicile

6 May 2021

HMRC’s online guidance note for residence, domicile and the remittance basis: RDR1 is intended for UK residents and non-residents and covers the residence, domicile and remittance basis rules from 6 April 2013 and onwards. For most taxpayers, it

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Cryptoassets for individuals - taxes that apply

6 May 2021

In most cases, individuals hold cryptoassets (such as Bitcoin) as a personal investment, usually for capital appreciation in its value or to make purchases. They will be liable to pay Capital Gains Tax when they dispose of their cryptoassets. This

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Debt respite scheme launched

5 May 2021

A new scheme, aptly named Breathing Space, was launched 4 May 2021. Breathing Space will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting

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Tax Diary May/June 2021

29 Apr 2021

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

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New self-build initiative

29 Apr 2021

In a surprise weekend announcement, the Housing Secretary Robert Jenrick has revealed new plans for £150 million of funding to make it easier and more affordable for people to build their own homes. The new “Help to Build” low deposit

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Tax on savings interest

29 Apr 2021

If you have taxable income of less than £17,570 in 2021-22 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570

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Tax-free capital gains

29 Apr 2021

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2021-22 is £12,300. Whilst most taxpayers are aware of their annual

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VAT – transfer as a going concern

29 Apr 2021

The transfer of a business as a going concern (TOGC) rules concern the VAT liability of 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

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Restarting a dormant or non-trading company

29 Apr 2021

HMRC must be informed when a non-trading or dormant company starts trading again and becomes active for Corporation Tax. Companies can use HMRC Online Services to supply the relevant information. When a company has previously traded and then stops,

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Changing the terms of a salary sacrifice arrangement

29 Apr 2021

A salary sacrifice arrangement is effectively an agreement to reduce an employee’s entitlement to cash pay, usually in return for a non-cash benefit. This can include items such as company cars, childcare vouchers and additional employer pension

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The Mortgage Guarantee Scheme

22 Apr 2021

One of the measures announced at the Budget was the introduction of a new Mortgage Guarantee Scheme to help home buyers purchase property. The scheme was officially made available from Monday, 19 April 2021. The new scheme is designed for prospective

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Recovery Loan Scheme

22 Apr 2021

The new Recovery Loan Scheme was launched on 6 April 2021. The new scheme allows businesses of any size to access loans and other kinds of finance between £25,000 and £10 million. The scheme will remain open until 31 December 2021 (subject to

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Keeping self-employed tax records

22 Apr 2021

If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income. For tax purposes, the business records must be held for at least

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Treasury directive re fourth SEISS grant

22 Apr 2021

HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS). The new Direction mainly deals with the expansion

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Correcting errors on VAT returns

22 Apr 2021

Where an error on a past VAT return is uncovered, businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. However, in order to be able to do so, there are three

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Small trading tax exemption for charities

22 Apr 2021

The tax treatment of charities can be complex. Many charities trade either as part of their charitable interests or to raise funds. As a first step, any charity hoping to benefit from any beneficial tax treatment needs to be recognised as a charity

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Vaccine for your business

20 Apr 2021

There is a poignant similarity between the effects of COVID on us personally and our businesses. Thankfully, the possible dire consequences of catching the Coronavirus bug are being countered by a variety of vaccines. Fingers crossed that these will

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A reminder that not all costs are costs…

20 Apr 2021

Costs are defined as something that has to be paid or spent to acquire something. Costs include the acquisition of: An object, say material required to convert into saleable goods. A service, for example, sub-contact labour or A right, the

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HMRC’s new penalty regime

15 Apr 2021

HMRC’s new points-based penalty regime for late submission and payment will start from 1 April 2022. The changes will apply in the first instance to the submission of VAT returns for VAT return periods beginning on or after 1 April 2022. The

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One-off £500 payment for working households receiving tax-credits

15 Apr 2021

As part of the March 2021 Budget, the Chancellor announced that the temporary £20 weekly uplift in Universal Credits would continue for a further six months, until the end of September 2021. It was also confirmed that Working Tax Credit claimants

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Property repossessions from 1 April 2021

15 Apr 2021

There have been a significant number of measures introduced to help those experiencing financial difficulties because of coronavirus. Throughout the course of the pandemic, the Financial Conduct Authority (FCA) has sought to ensure that lenders

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London W1F 8GQ
Phone: tel: +44 (0) 207 495 2244
Email: enquiries@ecovis.co.uk