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Tax and NI issues when waiving an employee's loan
A long-standing employee is leaving and, as a reward for their past loyalty, you want to waive the balance on their staff loan. How should you treat this for tax and NI purposes?
Tax breaks for Investment Zones
To boost technological and industrial growth, twelve areas around the UK are being designated as Investment Zones (IZ). The associated £80 million funding offer
Full expensing - is your cup overflowing with tax relief?
You've heard from a colleague that all equipment bought for your business now qualifies for 100% relief as a deductible expense. Is this correct?
Lord Sugar falls foul of little-known residence rule
Lord Alan Sugar has found himself in the spotlight after he alleged his accountant gave him incorrect advice in respect of his tax residence. What went wrong?
New MTD Trial Launches Soon
HMRC's MTD for Income Tax Self-Assessment (MTD ITSA) pilot has been a disaster. Should you consider signing up?
Revised guidance causing problems for LLP members
The guidance relating to the salaried member rules where capital contributions are made has been updated.
CGT allowance cut: options
On 6 April 2024, the capital gains tax (CGT) annual exempt amount will be halved to just £3,000. What can clients do ahead of this to save tax?
Autumn Statement tax cuts focus on National Insurance
With inflation decreasing faster than expected the Chancellor was able to make some cuts after all. What do you need to know?
Taxpayer successfully argues against "deliberate behaviour" penalty
HMRC penalties: Pay more for knowingly understating tax. One taxpayer's successful argument.
Basis period reform - HMRC to provide online overlap relief form
HMRC has followed up its recent guidance regarding the abolition of basis periods with a brand-new online form for requesting overlap relief records.
Guidance for merged R&D scheme published
Companies claiming tax relief for R&D will need to use the new merged scheme for accounting periods starting on 1 April 2024. What are the key changes?
Missed the 31 October deadline?
If you file your paper tax return after 31 October 2023, HMRC will fine you. However, there are exceptions. When and how can you use them to avoid a penalty.
Subcontractors - a VAT trap
Another business issues invoices for an entire job. Is it responsible for accounting for VAT on your work or is it up to you?
Wedding venue left jilted at tribunal
The First-tier Tribunal has rejected an appeal concerning business property relief (BPR) on a barn used as a wedding venue.
Online side hustlers to feel HMRC's wrath?
HMRC to track online platform earnings. Panic over a new 'side hustle' tax. Who's affected?
Reforms to tax treatment of alternative finance products proposed
Govt addressing tax differences in alternative finance. How to participate?
Company closure - what happens to shareholder loans?
You've closed a subsidiary of your main company but your loan account with the subsidiary company is in the red by nearly £20,000. What are the implications?
Have you underclaimed your expenses?
HMRC stated that upgrading a boiler wouldn't be a deductible expense for tax purposes. It is now admitting that this was wrong. What action do you need to take?
Criteria for self-assessment are changing
You may have had to file a tax return if your income exceeded the point where the personal allowance starts to be tapered away. This has changed for 2023/24.
Shortages take toll on HMRC services
HMRC is working under severe resourcing pressure. Struggling with backlogs, there have been disruptions to a number of services. What is currently affected?
HMRC launches remittance basis toolkit
A new toolkit aimed at assisting non-domiciled taxpayers that use the remittance basis has been launched. What does this do?
Are camping pods "buildings" for capital allowances purposes?
The First-tier Tribunal (FTT) recently considered whether a number of camping pods could qualify for the annual investment allowance.
New guidance on commuting expenses for hybrid workers
You can't claim tax relief for the expenses associated with travelling to your usual place of work. However, what is the position if you're a hybrid worker?
HMRC issues reminder about new R&D tax relief rules
Despite new requirements for research and development (R&D) claims being in force for a month, almost half of claims made since then have omitted the necess
HMRC issues reminder of saving scheme
HMRC has revealed the level of bonus payments paid out to participants of the Help to Save Scheme and encouraged others to look at using the scheme.
Child benefit goes digital
HMRC's new online service for child benefit: Claim in 10 minutes, receive payments in 3 days. What's needed to use the service?
Taxpayer uses AI to argue against penalty
One taxpayer decided to use AI to generate a defence against an HMRC penalty. How did things turn out for her?
Paper filing deadline just days away
The standard filing date for a personal tax return is 31 January. However, if you submit paper returns you need to do it earlier. What's the paper filing date,
HMRC scraps paper VAT registration
From 13 November HMRC will abolish the paper VAT registration form. How will new applications be made from that date?
Cash in old certificates of tax deposit before it's too late
The Certificate of Tax Deposit Scheme will come to an end on 23 November 2023, yet £89 million remains unclaimed. What should you do if you have such a certific
HMRC corrects guidance on company EV car charging
Occasionally, HMRC publishes guidance that is at odds with what the legislation says. A recent example of this is in respect of reimbursement for the costs of c
Tribunal issues warning to deter doubtful SDLT claims
The First-tier Tribunal (FTT) recently rejected an appeal from a company that a building was "non-residential" due to it being in a state of disrepair. However,
HMRC reminds cryptoasset holders of tax obligations
Ahead of this month's filing deadline for 2022/23 tax returns, HMRC is urging cryptoasset holders to check if they need to report transactions.
P11D filing to end
HMRC is scrapping the use of Form P11D to report benefits in kind from 2026. How will you need to account for tax and NI due after this?
Largest increase to the minimum wage
The government has announced substantial increases to the national living wage (NLW) and national minimum wage (NMW) rates from 1 April 2024.
Latest guidance on correcting VAT errors
Early in 2023 HMRC launched an online tool for helping you correct errors in VAT returns. After a settling-in period HMRC has recently published new guidance on using the tool.
HMRC launches PAYE code tool
HMRC has launched a new online tool to help you understand your PAYE code. What is it and how can you use it?
Advisory fuel rates from 1 March 2024 published
The approved amount that employers can reimburse staff for business travel in company cars changes from 1 March 2024. What are the new rates?
HMRC payroll reporting for Christmas
HMRC's recent guidance to employers includes a reminder about its concession for real time reporting requirements of payroll over the Christmas period. More.
Latest advisory fuel rates published
The HMRC-approved amount that employers can reimburse staff for business travel in company cars changes from 1 December 2023. What are the new rates?
HMRC U-turn on helpline closures
HMRC announced that it would be scaling back its tax helplines. It has now seemingly reversed the decision. What's going on?
Changes to VAT zero rating imminent
HMRC has announced an extension to the materials qualifying for the VAT zero rate from 1 February 2024. What's the full story?
HMRC reopens self-assessment helpline
HMRC's self-assessment helpline was closed in June. It's now reopened for calls ready for the tax return filing season. What do you need to know?
Adding Strength to our Business
We are delighted to announce that Inspire Financial Management have engaged with Galley and Tindle Accountants in Durham, to form a strategic collaboration between our two firms.