The government has announced new plans to modernise consumer credit laws to cut costs for businesses and simplify rules for consumers. This will see major reforms to the Consumer Credit Act that
Reform of Consumer Credit Act
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Class 1A payment deadline
Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. There is no employee contribution payable. If you provided taxable benefits to
Check employment status for tax
The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector.
The
Submitting CIS nil monthly returns
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as
Notifying cessation of self-employment
Any taxpayers that have ceased to be self-employed must notify HMRC of their change in status. There are a number of steps that must be followed if a taxpayer ceases trading as a sole trader or if
Tax Diary July/August 2022
1 July 2022 – Due date for corporation tax due for the year ended 30 September 2021.
6 July 2022 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A
What is tax avoidance?
There is a distinction to be drawn between tax avoidance and tax evasion. Tax evasion is illegal and describes a situation where someone acts to deliberately evade tax. This could include deliberately
Right to Buy home scheme extended
The Right to Buy scheme has been available in various guises since it was first launched in the 1980s and following a relaunch in 2012. In essence the scheme gives qualifying social tenants the
New grant opportunities for farmers
New grant opportunities to help farmers have been announced. The new grants will help farmers boost their businesses and add extra value to their produce. The Adding Value grant opened for
Business Start Up Loans
Financing a new Start Up business is one of the most crucial aspects of helping a new venture to succeed. Obtaining finance for a new business can be an arduous process. For example, borrowing money
Tax and duties on goods sent from abroad
There are special rules to ensure that goods sent from abroad are taxed appropriately and thus not disadvantage UK businesses supplying goods in the UK, for example, by having to compete with VAT free
Changes in State Pension age
The State Pension age is currently 66 and two further increases are set out in legislation: a gradual rise to 67 for those born on or after April 1960; and a gradual rise to 68 between 2044 and 2046
UKs audit regime to be revamped
The government has announced plans to revamp the UK’s corporate reporting and audit regime.
The main changes were summarised as follows in a joint press release published by the Department for
Director banned for Bounce Back Loan abuse
The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses across the UK that were losing revenue and cashflow as a result of the COVID-19 pandemic. The scheme
Customs declaration service update
The Customs Declaration Service (CDS) is a new custom’s IT platform that has been designed to modernise the process for completing customs declarations for businesses that import or export goods from
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