We would like to remind our readers that HMRC is currently sending the annual tax credit renewal packs to 730,000 tax credit claimants. HMRC is encouraging recipients to renew their tax credits claim
Tax credits reminder
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Tax when transferring assets during divorce
When a couple is separating or is divorced it is unlikely that they are thinking about the tax implications of their actions. However, apart from the emotional stress, there are also tax issues that
Universal Credit changes
Universal Credit claimants working less than half of a full-time week will have to look to increase their hours but will be able to benefit from extra work coach support. These changes will see
Childcare funding for under 9-month-olds
In a recent press release the Department for Education confirmed that parents of children from 9 months old can now apply to access government-funded childcare from September 2024, as England’s
Employing staff for the first time?
There are a number of rules and regulations that you must be aware of when you employ staff for the first time.
HMRC’s guidance sets out some important issues to be aware of when becoming an
Deferring National Insurance payments
Employees with more than one job may be able to defer or delay paying Class 1 National Insurance in certain circumstances.
This deferment can be considered when any of the following apply:
You pay
Closing a limited company
There are a number of reasons why you may need to close your limited company. This could be because the company structure no longer suits your needs, your business is no longer active, or the company
Check a VAT number
The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number.
This service allows users to check:
if a UK VAT registration number is valid; and
the name and address of the
Beneficial tax-exempt loans
An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial
Register an overseas company
An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that the overseas company has a physical presence in the UK through which
Customs declaration deadline
A reminder that businesses must submit all export declarations through the Customs Declaration Service (CDS) by 4 June.
Businesses exporting goods have less than one month left to move across to the
Company names – new regulations
A recent post by Companies House confirmed that they are now using new powers to challenge the registration of certain company names.
Extracts from their recent blog post is reproduced
Do you need to register for Economic Crime Levy?
The Economic Crime Levy is a levy that applies to businesses that are already regulated for anti-money laundering purposes.
Your business must register if your UK revenue is £10.2 million or more in
Time to renew tax credits
HMRC is currently sending the annual tax credit renewal packs to the 730,000 tax credit claimants and is encouraging recipients to renew their tax credits claim online. HMRC started writing to
Lifetime transfers and liability to IHT
There are special rules concerning the liability to IHT of a transfer made during a lifetime. For example, most gifts made during a person’s life are not subject to tax at the time of the gift. These
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