November Budget cancelled

Sajid Javid has cancelled the Budget that was due to be presented to Parliament 6th November. As the UK will ...
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Compensation limits for bank deposits

What happens if your bank becomes insolvent and you stand to lose any funds deposited? The bank deposit guarantee limit ...
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Making Tax Digital (MTD)

Since April 2019, VAT registered businesses with a turnover above the VAT threshold need to keep digital records for VAT ...
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What is a Close Company?

A Close Company is broadly defined as a company that is controlled by: five or fewer participators or any number ...
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Tax deducted from payments by companies

Under certain circumstances, companies (including non-resident companies trading from a branch or agency in the UK and local authorities) can ...
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Lump sums paid in continuing employment

A lump sum payment can sometimes be made in lieu of all or part of an employee’s salary, wage, commission ...
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Tax implications for construction industry

If you run a construction business and secure the services of sub-contractors, or if you are a building sub-contractor, you ...
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What is a reasonable excuse?

There are a number of options if you find yourself in disagreement with a tax decision issued by HMRC. As ...
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Win while you save

HM Treasury has announced the trial launch of a new PrizeSaver account with participating credit unions. The new account was ...
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31 October paper Self-Assessment filing deadline

The 2018-19 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2019. Late submission of a Self-Assessment ...
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Simplified import procedures

HMRC has automatically registered many businesses to use simplified import procedures should the UK leave the EU without a deal ...
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Definition of a Scottish taxpayer

The Scottish rate of Income Tax (SRIT) commenced on 6 April 2016 and is administered by HMRC on behalf of ...
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Definition of a Welsh taxpayer

The start of the 2019-20 tax year marked a fundamental change to the way Income Tax is calculated for people ...
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Gifts in anticipation of marriage

There is a special exemption from Inheritance Tax for cash gifts made on or shortly before the date that the ...
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Provisional date announced for Autumn Budget 2019

The Chancellor of the Exchequer, Sajid Javid, has announced that he is planning to hold his first Autumn Budget 2019 ...
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Tax if you return to the UK

There used to be a form that had to be completed advising HMRC if you were returning to live in ...
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Who is eligible for 10% tax on business sale?

Entrepreneurs' Relief (ER) can be valuable relief when selling your business, your shares in a trading company or your interest ...
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National Living/Minimum Wage entitlement

A reminder that the current National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 ...
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New £20 note unveiled

The Governor of the Bank of England, Mark Carney, has unveiled the design of the new £20 note featuring the ...
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Objecting to a limited company being struck off

There are a limited range of circumstances when a company can request to be removed from the register (known as ...
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When overseas companies need to register at Companies House

An overseas company must register with Companies House if they want to set up a place of business or branch ...
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Overdrawn directors’ loans

An overdrawn Director’s Loan Account is created when a director (or other close family members) 'borrows' money from their company ...
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What is Capital Gains Tax incorporation relief?

If you own a business as a sole trader or in partnership, a Capital Gain will arise if your business ...
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What is the Inheritance Tax residence nil rate band?

The Inheritance Tax residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB is a transferable allowance ...
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