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Tag: HMRC

Changes in VAT rates for hospitality traders
Business Support VAT & Duties
HMRC VAT

Changes in VAT rates for hospitality traders

  The temporary reduced rate of VAT (5%), introduced to assist qualifying hospitality trades disrupted by COVID lockdown measures, was increased to 12.5% on 1 October 2021. Based on present information, from 31 March 2022, this 12.5% rate will revert to the 20% standard rate.…

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November 5, 2021 by Lisa Cosway
Markel Tax Insurance
Business Support
Business Support DSC Chartered Accountants HMRC Markel Tax Insurance

Markel Tax Insurance

We are inviting all our clients to subscribe or renew their subscription to our Tax Investigation Service from the 1st of November 2021. We have once again partnered with Markel Tax to offer you comprehensive protection against fees arising from professional representation if HMRC opens…

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October 7, 2021 by John Garbutt
Tax collection options
Income Tax
HMRC Income Tax Tax

Tax collection options

If you do not pay your tax bill on time and cannot make an alternative arrangement to pay, HMRC can take ‘enforcement action’ to recover any tax you owe. You can usually avoid enforcement action by contacting HMRC as soon as you know you have…

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September 30, 2021 by Ellie Roach
Electric vehicles for company car drivers – tax advantages
Income Tax
electric cars HMRC Income Tax

Electric vehicles for company car drivers – tax advantages

As most drivers of a company car will be aware, if you have any private use of the vehicle this will result in a significant Income Tax charge. The benefit charge is the way that HMRC levy tax on this benefit in kind; and the…

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September 16, 2021 by Ellie Roach
Business entertaining and tax relief
General Income Tax
HMRC Tax Tax Relief

Business entertaining and tax relief

Expenditure on business entertainment is not allowable as a deduction against profits. Nor may a deduction be made for any expenditure which is incidental to business entertainment. The meaning of ‘incidental’ is not defined by HMRC but should be interpreted to mean any expenditure that…

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September 2, 2021 by Ellie Roach
Tax-free property and trading income
Income Tax Property Income
HMRC Property Income Trading Income

Tax-free property and trading income

You can claim up to £1,000 each tax year in tax-free allowances for property or trading income. If you have both types of income, you will qualify for a £1,000 allowance for each. If your annual gross property income is £1,000 or less, from one…

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August 19, 2021 by Ellie Roach
VAT - Second-hand cars - using the Margin Scheme
Budgets VAT & Duties
HMRC Margin Scheme VAT

VAT - Second-hand cars - using the Margin Scheme

If you sell second-hand vehicles and you were not charged VAT when you purchased the vehicle, using the Margin Scheme will save you money. If you did not use the VAT Margin Scheme, you would have to account for VAT on the full selling price…

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August 12, 2021 by Ellie Roach
Furlough scheme changes from 1 July 2021
Payroll
Coronavirus Coronavirus Job Retention Scheme Furlough Scheme HMRC Rishi Sunak

Furlough scheme changes from 1 July 2021

The government has confirmed its intention that furloughed employees will be paid 80% of their wages for hours not worked under the furlough scheme. Up to 30 June 2021, this payment will be fully-funded by government and capped at £2,500 per month. From 1 July…

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April 21, 2021 by Ellie Roach
Temporary extension of loss relief carry-backs
Corporation Tax
Business Support Corporation Tax COVID-19 HMRC Tax

Temporary extension of loss relief carry-backs

Many businesses across the UK are likely to make losses in the 2020-21 tax year due to the havoc resulting from COVID disruption. Which was why the announcement in the recent Budget that losses can be carried back for an extended period was most welcome.…

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April 8, 2021 by Ellie Roach
Exporters - simplified declarations
VAT & Duties
customs duties DSC Chartered Accountants HMRC VAT

Exporters - simplified declarations

You can make a simplified declaration before you export your goods. This is called ‘presenting’ your goods to customs. The first part of your declaration does not need as much information as a full declaration. When it’s approved, you can export your goods or move…

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March 30, 2021 by Ellie Roach

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