Tax reliefs on furnished holiday lets explained Furnished holiday lets in the UK offer a number of tax benefits, but could be too complicated for owners to take advantage of. The popularity of staycations is set to continue, with nerves around foreign holidays prompted by issues at airports and the cost of living crisis.…
HMRC redesigns PSA1 form for PAYE PSA1 forms are going digital after HMRC recently completed a review of customer feedback from employers who use PAYE Settlement Agreements. Acting on that feedback HMRC has redesigned the PSA1 form to improve the service and is keen to make employers file using the digital form. The new form…
14,000 furlough fraud whistle blowers contact HMRC As the number of furlough fraud whistleblowers approaches 14,000, HMRC is picking up the pace on pursuing businesses that fraudulently claimed furlough. So far, 13,775 whistleblower reports have been received by HMRC about fraud against the furlough scheme as people report their employers, and ex-employers, says law…
Wrongful trading: What company directors need to know? Table of Contents Failing to act in the interests of creditors once it is clear that a business is failing can have serious legal and financial consequences for company directors. What is wrongful trading? Wrongful trading occurs when directors allow a company to continue to incur…
PAYE will be payable by direct debit to HMRC Table of Contents HMRC has confirmed plans to modernise its direct debit payment system for employer PAYE so a recurring direct debit can be set up for the first time. Currently employers can only set up a direct debit to collect a single payment, but…
Tax avoidance promoter fined £1m A tax avoidance scheme promoter has been hit with a £1,074,600 fine after a legal challenge by HMRC. The business was handed a near maximum allowed fine by the First Tier Tribunal (FTT) for failing to disclose an avoidance scheme to HMRC as legally required. They promoted a disguised…
HMRC to relaunch VAT Registration Service (VRS) HMRC has been developing a new VAT Registration Service (VRS) which will speed up the process and automatically register businesses for Making Tax Digital When will HMRC going to launch the new VAT Registration Service? The new service will launch on 1 August 2022 and from…
Help to Grow scheme expanded to the smallest businesses The government’s Help to Grow: Digital Scheme is to be expanded to businesses with fewer than five employees, which will see over a million businesses eligible. The scheme has also been expanded to include a one-to one advice programme and additional software. What is the Help…
CGT rules for divorcing couples The government is changing the CGT rules for divorcing couples so they no longer need to settle their estates within a year and face capital gains tax bills This measure makes changes to the CGT rules that apply to transfers of assets between spouses and civil partners who are…
Recovery loan scheme extended for 2 years The government has extended the Recovery Loan Scheme for small businesses for a further two years but has added a requirement for a personal guarantee from borrowers The recovery loan scheme, originally launched in April 2021, has supported almost 19,000 businesses with an average of £202,000 in support.…
Inflation rate hits 40 year high of 9.4% The rate of inflation rose by 9.4% in the 12 months to June 2022, up from 9.1% in May as price rises were hit by rising fuel and food prices The high 12-month rate in June 2022 in the transportation sector was primarily brought on by…
VAT on commissions and referral fees Should VAT be charged on commissions or mortgage referral fees? If you act as an independent financial adviser and perform a range of services, such as financial health checks, mortgage referral services, and investment advice. What VAT obligations do these services have? Should commissions and mortgage referral fees be…
