The ‘badges of trade’ tests whilst not conclusive are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making by-product of a
A reminder – HMRC’s badges of trade
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Further changes to customs issues from 1 July 2022
There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 December 2020, the process for importing goods from the EU effectively mirrors the
New £1bn support package announced
The Chancellor, Rishi Sunak has announced a new £1bn support package for businesses most impacted by the highly transmissible Omicron variant that is sweeping across the UK. The biggest single measure
Changes to customs declarations 1 January 2022
There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 December 2020, the process for importing goods from the EU effectively mirrors the
Postponed VAT accounting
Since 1 January 2021, businesses registered for VAT have been able to account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most businesses, this means that
Rent-a-room relief
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the
The judgement in HMRC v Tooth
A recent Supreme Court decision examined in some detail HMRC’s powers in relation to issuing a discovery assessment. HMRC generally use discovery assessments where the statutory time limit for looking
Gifts to spouse or charity
In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes
BADR associated disposals
Business Asset Rollover Relief (BADR) is the renamed Entrepreneurs’ Relief. The name change does not affect the operation of the relief. BADR applies to the sale of a business, shares in a trading
Tax Diary January/February 2022
1 January 2022 – Due date for Corporation Tax due for the year ended 31 March 2021.
19 January 2022 – PAYE and NIC deductions due for month ended 5 January 2022. (If you pay your tax electronically
Claiming tax relief for working from home
Employees working from home may be able to claim tax relief for certain home-related bills they pay that are related to your work.
Employers may reimburse employees for the additional household
Plug-in grants for electric vehicles
The low-emission vehicles plug-in grant can help you save up to £2,500 on the purchase price of new low-emission vehicles. The scheme was first launched in 2011 and is available across the UK with
60 days is better than 30 days
The deadline for paying any Capital Gains Tax (CGT) due on the sale of a residential property is now 60 days. The previous 30-day limit was replaced as part of the Autumn Budget measures in October
Government agrees OTS recommendations
The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor of the Exchequer on simplifying the UK tax system. The Financial Secretary to the Treasury has
Steps to modernise UK tax system
At the Autumn Budget 2021, it was announced that there would be a dedicated day this Autumn where the government would set out further plans to continue building a modern, simple and effective tax
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