Advance assurance for R&D tax claims
Advance Assurance for small companies that claim Research and Development (R&D) tax relief was introduced in November 2015. This measure makes it easier for small businesses investing in research and development to Read more..
Are you making money from a hobby?
The 'badges of trade' tests whilst not conclusive are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side line to a hobby. However, there is a point Read more..
When do you pay tax on lodger’s rents?
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home within certain limits to pay no tax on the lodger’s rents. The limit increased to a generous £7,500 from 6 April Read more..
Progress made towards one-day cheque clearance
A new system that allows UK banks and building societies to scan cheques and clear them digitally rather than using the paper cheque for clearing is expected to be introduced from October 2018. The Image Clearing System Read more..
Child Benefit claw-back
The High Income Child Benefit charge came into force in January 2013 and applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial Read more..
Employers can claim back VAT from mileage claims
HMRC operates a simplification measure that allows businesses to claim back VAT from mileage claims using a standardised scale charge to value fuel costs for private use. The scale charge is a fixed amount based on a Read more..
Stamp duty land tax for first time buyers
New figures published by the government have revealed that 69,000 first-time home buyers have benefited from the recent changes to the Stamp Duty Land Tax (SDLT) rules. Under rules that came into effect on 22 November Read more..
Bid to tackle online VAT fraud
HMRC is continuing to pressure online marketplaces marketplace (such as eBay or Amazon) to tackle online VAT fraud. Online marketplaces are already accountable for VAT fraud committed by online sellers on their Read more..
Scottish Limited Partnership reforms
The government has announced a new crackdown to close loopholes that have been exploited by those using Scottish Limited Partnerships (SLPs). SLPs and Limited Partnerships (LPs) are used by many legitimate businesses Read more..
New laws to protect home address
New laws have come into effect (from 26 April 2018) to help tackle the problem of identity fraud and personal harm for company directors. The new laws, which were introduced into parliament on 22 February 2018, allow Read more..