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Inheritance Tax: no ease up on changes
Inheritance Tax (IHT) net set to widen. From 6 April 2026, changes announced last year will radically overhaul two key IHT reliefs: business property relief (BPR) and agricultural property relief (APR). The real game changer is the significant restriction of 100% relief on qualifying agricultural and relevant business property in estates or settlements (trusts). Currently, […]
Taxation Services
Winter Fuel Payment options
Under new rules, more pensioners are now eligible for the Winter Fuel Payment in England, Wales, and Northern Ireland. In Scotland, eligibility has also widened for the Pension Age Winter Heating Payment.
Taxation Services
Making Tax Digital latest
HMRC presses on with roll-out of Making Tax Digital for Income Tax (MTD IT) – but changes plans for Corporation Tax. MTD IT is now well on the horizon, with updated draft legislation published over the summer. Significantly, HMRC also published a Transformation Roadmap, underscoring the fact that digital self-serve is very much the direction […]
Taxation Services
Employment status
It may not be as straightforward as you think. When is a volunteer not a volunteer? When they’re a worker as regards employment status?
Taxation Services
SEIS/EIS
Taxation Services
Making Tax Digital for Income Tax: Key Dates and How It Works
It’s been called the biggest change since the introduction of self assessment in the 1990s – and for the first taxpayers impacted, Making Tax Digital for Income Tax (MTD IT) is now less than a year away.
Business Services
No need to file a tax return: not the same as no tax bill
The government announced earlier this year that up to 300,000 people would no longer need to file a tax return.
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Payrolling Benefits in Kind: New Timeline
Businesses have been given more time to prepare for the change to compulsory Payrolling Benefits in Kind. The start date has been moved from April 2026 to April 2027.
Taxation Services
Umbrella companies: what they are and why you need to know
Umbrella companies that don’t comply with their tax obligations have been in the government’s sights for some years. Worst case scenarios have seen fraudulent companies defaulting on HMRC, and workers landed with large, unexpected bills as a result of payment structures contrived to avoid tax.
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Right to Work Checks on the Way for Gig Economy
The government is extending Right to Work Checks to the gig economy and zero-hours workers. The change will form part of the Border Security, Asylum and Immigration Bill. Although the Bill is not yet law, businesses should prepare now. The introduction of right to work checks for gig workers and zero-hours staff represents a major […]
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Why it pays to pay tax on time
Late payment interest is charged automatically when tax isn’t paid on time, running from the date payment was due until the date payment is made. The rate of interest charged by HMRC has increased significantly since 6 April 2025.
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PAYE for High Income Child Benefit Charge
As announced at the Spring Statement 2025, HMRC will be providing a new service to allow employees to pay High Income Child Benefit Charge (HICBC) through their PAYE tax code. The service is expected to go live from summer 2025.
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Official rate of interest could impact your benefits in kind
The Official Rate of Interest (ORI) increased from 2.25% to 3.75% on 6 April 2025. What sounds like a minimal adjustment is, in fact, likely to make a difference to the cost of providing — and receiving — certain benefits in kind.
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Tax compliance: much more than common sense
Keeping up to date with tax isn’t always as simple as it seems, as one taxpayer, Mr Hammant, recently found to his cost.
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Spring 2025 Charity Newsletter
Our latest charity newsletter has been published, you can download it here or sign up to receive future editions straight into your inbox.
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New questions for Self Assessment tax return
The information required on the Self Assessment tax return will change for some taxpayers from 6 April 2025. This will impact tax returns for 2025/26 and future years.
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Making Tax Digital for Income Tax going live
Making Tax Digital for Income Tax (MTD IT) is being phased in from April 2026, and HMRC is now starting to write to taxpayers it thinks are in scope.
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Research and Development claims: what’s new?
To deal with high levels of error and fraud, the Research and Development (R&D) tax relief regime has been significantly reshaped since 2023, and HMRC risk assessment is now much sharper.
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Neonatal care: new entitlement for employed parents
From 6 April 2025, there is a new statutory right to neonatal care leave and pay for employed parents. The new law applies in England, Scotland and Wales, but not in Northern Ireland.
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HMRC backtracks on employee data requirement
Plans requiring employers to provide more detailed information on the hours worked by employees in their Real Time Information PAYE reporting have now been cancelled.
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Off-payroll working: change to company size thresholds
The government is changing the thresholds that determine company size, in a bid to cut red tape impacting businesses. As company size plays a key role in compliance with the off-payroll working and IR35 rules, the change will also have a knock-on effect here.
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Tax among top business concerns
The Office for National Statistics (ONS) regularly reports on how UK businesses feel about the economy, their concerns, and assessment of their performance.
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Side Hustle Tax Changes You Need to Know
The government has announced changes that could be good news if you have a side hustle. Whether you make extra money through eBay sales, dog walking, or creating content online, the rules are shifting, particularly when it comes to side hustle tax.
Business Services
Taxation Services
The Spring Statement 2025
Chancellor of the Exchequer, Rachel Reeves, held the Spring Statement on Wednesday 26 March 2025. In the run up to the event, the Chancellor stated that she ‘remains committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending changes and, in turn, to support the government’s growth mission’.
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Year End Tax Planning
The run up to the end of the tax year on 5 April 2025 is a good time to check that your family and business finances are arranged in the best way possible.
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Child Benefit: need-to-know
Since 6 April 2024, higher income thresholds have applied for the High Income Child Benefit Charge (HICBC), putting Child Benefit payment back on the map for some claimants, and opening the door to a first-time claim for others.
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Extra income: trade or hobby?
HMRC has a new online checker to help those with sources of income outside PAYE decide if they need to register for self assessment.
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SDLT: what makes property uninhabitable?
HMRC has recently turned down a high number of claims for Stamp Duty Land Tax (SDLT) refunds. The claims were made on the grounds that a property in need of repair was unsuitable for use as a dwelling.
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Work expenses
Claims for PAYE employment expenses not reimbursed by the employer now automatically face greater scrutiny by HMRC.
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VAT: HMRC’s view of the pitfalls
HMRC has recently issued new, detailed Guidelines for Compliance for VAT.
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Employment status: keep on top of the game
Employers will be aware how important it is to make sure you have got the employment status of workers right. But how do you know for sure?
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Paid help at home?
It’s always best to check the responsibilities around tax and employment rights. There are two key questions to ask. What is the employment status of your worker, and how does that impact you?
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Jointly-owned property: get it right
A need-to-read case came before the Tax Tribunal recently.
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Autumn 2024 Charity Newsletter
Our latest charity newsletter has been published, you can download it here or sign up to receive future editions straight into your inbox.
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HMRC’s new VAT tool
If you are thinking about registering voluntarily for VAT, or hovering around the £90,000 compulsory registration threshold, the new VAT Registration Estimator tool from HMRC could be for you.
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HMRC targets sales of cats and dogs
If you’ve made money from breeding or selling cats, dogs and other animals, HMRC could be on your tail.
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Employers: avoid unwanted attention from HMRC
The latest tax gap figures show a black hole of more than £3 billion for PAYE. This gap is being put down to employer errors.
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Major change for holiday lets
Preferential tax rules for furnished holiday lettings (FHLs) end in April 2025, removing any tax incentive to offer short-term holiday lets, rather than letting residential property on a longer basis.
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Extra staff for Christmas
Employers boosting their workforce — even temporarily — need to remember the pensions automatic enrolment rules.
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Tax owing?
HMRC offers Time to Pay (TTP) where a business or individual is struggling to make a tax payment because of genuine financial hardship or personal difficulties.
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HMRC construction industry concerns
Subcontractor verification is under HMRC’s spotlight.
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Our summary of the Autumn Budget 2024
Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’. Only time will tell if her approach is successful.
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Our summary of the Autumn Budget 2024 (copy 1)
Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’. Only time will tell if her approach is successful.
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Creative Tax Incentives Reflect the Market Trends Fuelling the UK’s Growth as a Creative Hub
The annual Creative Industries Statistics Commentary has recently been released, covering the various ‘Tax Reliefs’ up to March 2023 (remember that companies have 12 months to make a claim, so that there is a lag in accurate data until all claims have been filed). The impact of the shift towards On-Demand TV and increased percentage […]
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Reporting benefits in kind
Get ready for change. From April 2026, it’s expected that employers will be required to report and pay Income Tax and Class 1A National Insurance contributions on benefits in kind in real time, via payroll software.
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Staff tips: when do new employer duties begin?
Temporary delay buys more time for preparation. Earlier this year, a new Code of Practice on the fair and transparent distribution of tips was published and laid before Parliament. It will have legal effect under the long-awaited Employment (Allocation of Tips) Act 2023.
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Training costs: HMRC shifts ground
Is the training tax deductible — or not?
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Update: pensions automatic enrolment
Significant change to the pensions automatic enrolment regime, extending enrolment to younger workers, and removing the lower earnings threshold for qualifying earnings, has been said to be on the horizon for some time. A government Review in 2017 stated that the aim was to have change in place by the mid-2020s. So where are we now? We outline the current state of play.
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It’s your main residence
But if HMRC asks, can you prove it? It’s an important question when it comes to Capital Gains Tax (CGT) and Private Residence Relief.
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Travel expenses: flexible and hybrid workers
Travel costs make up a large part of necessary expenditure for many businesses. With the shift to some form of out of office working now operated by many employers, has the position on allowable travel expenses kept pace?
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Plant and machinery allowances
What records should you keep to stay on the right side of the rules?
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Izabela Suchomska Appointed Director of the European Board at Morison Global
We are delighted to announce that Izabela Suchomska, one of our Partners at Nyman Libson Paul, has been appointed as a Director of the European Board at Morison Global!
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Spring 2024 Charity Newsletter
Our latest charity newsletter has been published, you can download it here or sign up to receive future editions straight into your inbox.
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HMRC eyes potentially underdeclared dividend income
HMRC is using its data analytic powers to contact taxpayers where it thinks there’s a chance that income has been overlooked.
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Capital Gains Tax – in the news
There continue to be significant changes to the already complex Capital Gains Tax (CGT) rules.
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Trade and customs: commodity codes
A figure of Captain America (think Marvel comic books), the Tin Man, some Norse gods and Grey Worm from ‘Game of Thrones’ all came before the tax tribunal recently.
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Budget surprises
If they weren’t exactly rabbits out of the hat, Spring Budget 2024 still sprang its share of surprises.
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Minimum wage
A reminder that minimum wage rates changed on 1 April 2024.
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National Insurance: where are we now?
Spring Budget 2024 announced further cuts to National Insurance contributions (NICs) taking effect from the start of the tax year, 6 April 2024.
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Our summary of the Spring Budget 2024
Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’.
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UK Creative Industries; Budget boost as incentives increase…
Government support for the UK Creative Industries was hiked in the 2024 Spring Budget, with the news that the Audio Visual Expenditure Credit on Independent Films with Core Production Expenditure of up to £15 million will benefit from a new credit rate of 53%, which has the potential to deliver up to 31.8% in cash benefit (after tax is taken into account).
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The Autumn Statement 2023
On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’.
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What is extended producer responsibility for packaging?
As part of the government’s pledge to eliminate avoidable waste, and recycle a greater proportion of municipal waste, the rules on recycling responsibilities are changing. Extended producer responsibility for packaging (EPR) is part of this.
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GDPR right of access: new guidance
Under the General Data Protection Regulation (GDPR), individuals have the right to a copy of the personal data that your organisation holds about them. This is often known as a subject access request (SAR). The Information Commissioner’s Office (ICO) has recently issued new guidance for businesses and employers about how SARs should be dealt with.
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R&D single scheme uncertainty for companies
The government has now consulted on replacing the two existing Research and Development (R&D) schemes for tax relief with a single merged scheme. The result: uncertainty.
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Child Benefit – watch the sting in the tail
If you or your partner get Child Benefit, keep the High Income Child Benefit charge (HICBC) in mind.
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New employee checks
HMRC is publicising a new way that employers can be provided with an employee’s National Insurance number (NINO).
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Paying voluntary National Insurance contributions
It’s all about plugging holes in your National Insurance record. And that in turn, is about making sure there are enough years of National Insurance contributions (NICs), or National Insurance credits, to get the full State Pension.
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HMRC detective work means tax bill for eBay trader
Online sales: one of those areas where awareness of tax is often low.
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One widget or two? Covid support payments still on HMRC’s radar
With support schemes having lost between £3.3 billion and £7.3 billion to error and fraud, HMRC isn’t letting go now.
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Autumn 2023 Charity Newsletter
Our latest charity newsletter has been published, you can download it here or sign up to receive future editions straight into your inbox.
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Trade and customs: latest news
Brexit has meant constant change for customs rules. What else is round the corner?
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A common payroll problem: and how to avoid it
Nearly 90% of businesses made payroll mistakes in the last year, research suggests. Errors can easily translate into overstretched payroll staff, who need to follow up what’s gone wrong, and employees who are left wondering what’s happened to their wages.
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Your pension… then there was the Budget
The rules underpinning what you can contribute to a pension, and the rules around the Lifetime Allowance, have changed significantly from 6 April 2023.
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Why basis period reform actually does matter
It sounds entirely shoulder-shruggable: but basis period reform is like the bits under the bonnet. It makes the car go. In this case, it helps determine the tax bill.
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Who needs to know about full expensing?
Unveiled in the Spring Budget, it’s the highlight of what the government calls its new ‘capital allowances offer’. But what is full expensing? And will it benefit your business?
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One bundle. One price. Different VAT rates.
The classic example is the meal deal. The cold takeaway sandwich is zero-rated, the fizzy drink is standard-rated and the piece of confectionery is, too. Technically, it’s a mixed supply for VAT purposes. Practically, it’s a headache.
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Cryptoassets get a mention on the tax return
HMRC wants to raise awareness of the fact that cryptoasset transactions can mean tax bills – and there’s clearly some way to go.
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Spring 2023 Charity Newsletter
Our latest charity newsletter has been published, you can download it here or sign up to receive future editions straight into your inbox.
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Changes on the way for the Creative Industry Tax Reliefs
Jeremy Hunt’s Spring Budget brought some very welcome news for the theatre industry, and also laid out future changes to the various audio-visual reliefs.
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The Spring Budget 2023
Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall.
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Critics Circle Film Awards 2023
Nyman Libson Paul is proud to have supported the Critics Circle Film Awards 2023
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Autumn 2022 Charity Newsletter
Our latest charity newsletter has been published, you can download it here or sign up to receive future editions straight into your inbox.
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The Autumn Statement 2022
On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession.
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When couples separate: capital gains tax change
Couples whose marriage or civil partnership ends formally in divorce or dissolution get longer to make a fair and tax efficient distribution of assets between them under new rules planned for disposals that occur on or after 6 April 2023.
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Reminders for your diary
A few reminders for your diary…
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Tax rules for hybrid working under review
Employees are increasingly able to work from almost anywhere in the world. However, the Office of Tax Simplification (OTS) is examining the rules around tax as they apply to distance and hybrid working, both within the UK and globally.
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Reversal on Emergency Budget 2022
Chancellor brings forward further medium-term fiscal plan measures
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Tax Tip
Review your business structure
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Chancellor reverses Mini Budget measures
Chancellor Jeremy Hunt has announced a reversal of most of the measures announced in the recent Mini Budget.
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HMRC releases more details on MTD for Income Tax
HMRC has published more details on how Making Tax Digital for Income Tax (MTD for IT) will work for buy-to-let landlords and sole traders with qualifying income over £10,000.
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VAT: terminating a contract early
When someone charges a customer to withdraw from an agreement to supply goods or services, the position can be complicated. What is the position as regards VAT – never a set of tax rules to take lightly? And why is it news now?
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Did claims comply with the furlough scheme?
1,100 HMRC staff, a set of FAQs and a negative outcome for a business at the tax tribunal. What’s the common factor?
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Bye bye GDPR?
Expect change. The General Data Protection Regulation (GDPR) is getting a post-Brexit makeover as new data protection rules are planned.
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Introducing the Plastic Packaging Tax
If your business imports or manufactures plastic packaging components, or regularly trades with a business that does so, the Plastic Packaging Tax (PPT) needs to be on your radar.
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Staff tips, employer obligations
Long-anticipated legislation to ensure workers keep the tips intended for them is finally going through parliament. It’s need to know employer information, particularly for sectors like hospitality, leisure and services, where tipping is especially high profile.
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Mind the skills gap
The extent of the skills shortages facing UK businesses was laid bare recently by a Federation of Small Businesses (FSB) report that found over 80% of SMEs are struggling to recruit the staff they need.
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Beware cost-of-living financial scams
As the cost-of-living crisis continues to grip the UK, experts are warning individuals to be wary of the heightened risks posed by scammers and fraudsters. Here, we consider how businesses and individuals can protect themselves against scams and fraud.
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Mini Budget September 2022
The week leading up to Chancellor Kwasi Kwarteng’s ‘Mini Budget’ may have been a short one due to the Queen’s funeral but the new government managed to fill it with a stream of policy announcements.
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Her Majesty Queen Elizabeth II
We are deeply saddened by the passing of Her Majesty Queen Elizabeth II. She was a truly remarkable woman and an inspiration to so many people throughout her long and glorious reign. We offer our sincere condolences to the Royal Family and those mourning her loss around the world.
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July 2022 Business and Personal Newsletters
Our latest newsletters have been published, you can download them here or sign up to receive future editions straight into your inbox.
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Combating the cost-of-living crisis
Following the stresses caused by the COVID-19 pandemic and Russia’s invasion of Ukraine, many businesses and households are under extreme pressure from rising inflation rates and soaring energy prices.
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Spotlight on diversity in the workplace
Promoting workplace diversity and inclusion is an important factor when running a business. Creating an inclusive and welcoming environment for employees goes a long way to helping workers achieve their potential and only serves to add value to a company.
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HMRC’s Trust Registration Service
With a registration deadline looming, and urgent action needed, check now: could the Trust Registration Service (TRS) impact you?
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Talking about capital allowances
What comes next for capital allowances? The enhanced Annual Investment Allowance (AIA) and super-deduction come to an end on 31 March 2023 and the government is discussing the next step, prior to the Autumn Budget.
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FAO landlords: Homes for Ukraine scheme
Payments received under the Homes for Ukraine sponsorship scheme are free of tax. Legislation setting this out will be included in the next Finance Bill, with retrospective effect from the date of payment.
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Cameras, action and a happy tax ending
The Enterprise Investment Scheme (EIS) is one of four venture capital schemes designed to allow certain types of small, higher-risk, unquoted trading companies to raise capital.
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Business Round-up
HMRC issues £14 million in penalties for minimum wage offences and FSB finds one in three business owners suffered COVID-related mental health decline.
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Covid-19 support and a letter from HMRC?
HMRC is still reviewing claims made for financial support during the pandemic.
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Capital gains tax: negligible value claims
What happens if you own shares that have become all but worthless – say you bought shares at the start of the pandemic, and their value has plummeted?
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Up to speed with pensions
‘All I know is I’ve put in an amount of money… but how they come to that figure, no idea.’
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What’s going on with your National Insurance costs?
National Insurance contributions (NICs) rose in April 2022, but the latest swing of the pendulum brings better news: an increase in the amount that can be earned before NICs are due.
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Reminders for your diary
A few reminders for your diary…
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Tax Tip
If you are self-employed you may want to consider forming a limited company. A limited company can be an effective way to shelter profits, especially if immediate access to them is not required.
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Basis period reform: it could impact your tax bill
Tax year 2023/24 brings important adjustments to the way tax liability is calculated for unincorporated businesses. The change is called basis period reform.
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Business Round-up
Report warns ‘millions would struggle’ in cashless society, and consumer group issues fraud warning on online shopping scams
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Holiday pay on tap: what you need to know about the Pimlico Plumbers
Employment status and employment rights are knotty issues.
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Employers: risk assess your minimum wage payment
HMRC carries out checks on employers as part of its compliance procedure, visiting business premises to inspect records, and also to engage directly with workers to make sure they’re receiving what is legally due to them.
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IR35 and off-payroll: 2022 matters
It’s now a year since major change to the off-payroll working (OPW) rules. The OPW regime requires a decision on employment status to be made for tax purposes, broadly analogous to the decision required by the IR35 regime for those working through an intermediary, typically a personal service company.
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Explaining the Health and Social Care Levy and National Insurance change
Change to the National Insurance (NI) regime makes major demands on employers. It amounts to much more than making sure payroll systems are crunching the right numbers.
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Getting to grips with ‘carbon jargon’
Despite the UK’s drive to reach net zero by 2050 being high up the policy and news agendas, the majority of SMEs in the UK do not understand how ‘carbon jargon’ applies to their businesses. So, what do these terms mean?
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Your guide to the Spring Statement
‘The Chancellor will not make significant tax or spending announcements at the Spring Statement, unless the economic circumstances require it.’
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Cryptocurrency: the future for payments?
The Treasury recently announced that it intends to recognise stablecoins as a valid form of payment as part of wider government plans to ‘make Britain a global hub for cryptoasset technology and investment’. Here, we consider cryptoassets in greater detail.
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Employment Allowance gives SMEs £1,000 boost
For small businesses one of the most welcome announcements from this year’s Spring Statement was the increase to the Employment Allowance. Chancellor Rishi Sunak raised the allowance from £4,000 to £5,000, which the government says will benefit around 495,000 businesses, or almost a third of all UK firms. We look at the Employment Allowance, who is eligible and how to claim.
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Help to Grow gives discount on software costs
The government’s Help to Grow: Digital scheme offers a 50% discount, to a maximum of £5,000, on a range of approved software.
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Tax Tip
Make sure your Will is up to date
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Spring 2022 Charity Newsletter
Our latest charity newsletter has been published, you can download it here or sign up to receive future editions straight into your inbox.
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Reminders for your diary
A few reminders for your diary…
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Spring Statement 2022
Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022.
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March 2022 Business and Personal Newsletters
Our latest newsletters have been published, you can download them here or sign up to receive future editions straight into your inbox.
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Preserving your mental health at work
With the coronavirus (COVID-19) pandemic continuing to require employees across the UK to work from home, it is important now more than ever to prioritise your mental health. Employees and employers alike are advised to take the time to recognise, manage and reduce stress in both their professional and personal lives.
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Hybrid working – is flexibility the future?
The experience of the past couple of years, with many businesses and employees finding there are benefits to working from home, is fuelling increased interest in hybrid working practices. Consequently, flexible working is increasingly becoming a standard part of staff benefit packages.
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Gift Aid: 5 own goals to avoid
There’s no doubt that Gift Aid is good for charities. Latest statistics reveal that the average Gift Aid donor gives £360, though Northern Ireland tops the list, with an average gift of £750. But it’s also an area where close attention to the rules matters.
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Business Round-up
Chancellor announces £1 billion support fund for businesses and Climate Change Committee calls for higher tax on household gas.
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Why timing matters for your capital spend
Getting the maximum tax benefit from capital spending often involves a balance of considerations, and timing can be critical to the outcome. We look here at two timing issues that could impact your business.
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HMRC sets sights on cryptoassets
For proof that cryptoassets are high profile, see Collins Dictionary’s 2021 word of the year. It’s NFT – non-fungible token.
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Busting the research and development myth
Research and development (R&D). It’s what other people do. Right?
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Capital gains tax: property disposals
Autumn Budget 2021 reset the capital gains tax (CGT) clock for payments on disposals of UK land and property.
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Take advantage: tax free benefit for directors and employees
And it’s not too good to be true.
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Drilling down: Mr Tooth and the tax return
A complex Supreme Court case in 2021 ended in taxpayer victory — and two takeaway messages.
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Your pension and you
Our round up of pensions news highlights a number of changes.
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Tax Tip
Have you considered a dividend over a salary or a bonus?
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Reminders for your diary
A few reminders for your diary…
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Winter 2021 Charity Newsletter
Our latest charity newsletter has been published, you can download it here or sign up to receive future editions straight into your inbox.
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Nyman Libson Paul LLP announces three new partners
We’re delighted to announce the promotion of three of our colleagues who have become Partners; Rowan Lindsay, Hetal Mistry and Harry Waterman.
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October 2021 Business and Personal Newsletters
Our latest newsletters have been published, you can download them here or sign up to receive future editions straight into your inbox.
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Good News for the Creative Industries
Creative tax credits: More cash and more flexibility
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Autumn Budget Report
We are pleased to provide our downloadable guide to this year’s Autumn Budget.
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Income tax administration to get a shake-up
It’s not just technical tax talk – recent proposals could have a major impact on income tax liabilities.
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Reminders for your diary
A few reminders for your diary…
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Business Round-up
Government announces rise in NICs to fund new Health and Social Care Levy plus HMRC outlines changes to late payment penalty regime…
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Brexit. What changes next?
Though last-minute announcements alter the timetable for import checks and controls, 1 January 2022 still sees significant new compliance requirements.
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Post Brexit teething problems with import VAT
Accounting for import VAT on the VAT return, sometimes known as postponed VAT accounting (PVA), hasn’t been without its problems. We offer some practical advice.
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Salary sacrifice: how to change the small print
With the upheaval of Covid-19, employers may find themselves asked to change the terms of a salary sacrifice arrangement. What do you need to know?
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Employer funding. Act now
If you’re an employer, you can still tap into Covid-19 youth job creation funding.
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Outstanding tax: HMRC latest
Expect a sea change in HMRC’s approach to tax debt as the economy emerges from the pandemic.
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Naming and shaming the minimum wage offenders
The government recently took the step of naming and shaming almost 200 UK companies that had broken National Minimum Wage (NMW) laws. Following investigations by HMRC, the named firms had to repay £2.1 million to over 34,000 workers and were fined an additional £3.2 million.
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Side hustle. Tax?
A pup from a favourite black labradoodle. Speciality cakes on a Facebook page. Perhaps you had space to branch out during lockdown: perhaps you need to advise a family member. What’s the position with tax?
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Pensions auto-enrolment: business as usual
Pandemic or no pandemic, employer obligations remain. With the auto-enrolment (AE) compliance cycle still fairly new, what should you be doing now?
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Don’t click on the link. COVID-19 scams
Scam texts, emails and phone calls saying they’re from HMRC are on the rise. And it can be increasingly difficult to tell the real from the fake.
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Making Tax Digital: at a glance
HMRC’s flagship Making Tax Digital (MTD) programme has seen many stops and starts over the years. Where are we now?
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Self-employment Income Support Scheme: HMRC and your claim
As the Self-employment Income Support Scheme (SEISS) comes to a close, HMRC will continue to check claims rigorously.
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Business Round-up
News about SEISS grants, the Finance Act — and a handy tax tip.
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Employees working from home: new claim needed
During the pandemic, employees required to work from home have been able to claim tax relief for additional costs, if these are not reimbursed by their employer.
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Holiday. Leave. COVID-19.
As the economy starts to reopen, how flexible do employers have to be when it comes to time off for staff?
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Reminders for your diary
A few reminders for your diary through to August 2021.
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Beware the scammers
The coronavirus (COVID-19) pandemic has created more opportunities for fraudsters and scammers to attack businesses, taxpayers and savers.
Online scams rose last year as criminals exploited COVID and the aftermath of Brexit, according to the National Cyber Security Centre (NCSC).
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Trading loss, cashflow gain?
Temporary change to the rules on carrying back trade losses was announced in Budget 2021. Unlocking such tax relief could be a considerable cashflow plus for businesses hit by the pandemic.
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Business Round-up
A quick round-up of business changes and a useful tax tip.
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Going on holiday. Counting the days.
Furnished holiday lettings (FHLs) have their own tax treatment, reliant on a set of strict day-count rules. With the impact of COVID-19 on occupancy, business owners may need to take stock of the position.
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Property: what’s new?
Like the extension to the Stamp Duty Land Tax holiday to 30 June 2021 in England and Northern Ireland; the similar announcement in Wales, and absence of one in Scotland, some changes make headlines. But others escape the media spotlight.
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Budget big freeze
Personal taxes, capital taxes, pensions. No dramatic announcements. But Chancellors can create considerable change through low-key tactics, and the Budget freeze for various rates and allowances until 5 April 2026 will impact many people.
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Thousands missing out on Tax-Free Childcare bonus
Thousands of families across the UK are missing out on the chance to save money on the costs of childcare, HMRC has revealed.
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Doing business after Brexit: taking a look at the new rules
The end of the Brexit transition period ushered in a range of new trade rules and regulations applicable to businesses that trade with the EU. Firms need to follow new rules on exports, imports and tariffs. Here we outline the changes.
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Analysing the Recovery Loan Scheme
Budget 2021 announced a successor loan scheme to support UK business recovery. Earlier coronavirus (COVID-19) loans, like the Bounce Back loan, closed to applications on 31 March 2021.
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COVID-19 support schemes latest
Ongoing change to the Coronavirus Job Retention Scheme (‘furlough’ scheme) and Self-employment Income Support Scheme (SEISS) creates the potential for inadvertent errors.
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Super-deductions: Budget changes for business
‘Bold and unprecedented’. That was the Chancellor’s description of the new 130% super-deduction for expenditure on new qualifying plant and machinery announced in the Budget. The headlines were that for every pound invested, tax is cut by up to 25p.
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Using a loss
Welcome news for previously profitable businesses struggling with COVID-19 losses.
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Uber and you
The Uber case on worker status, recently decided in the Supreme Court, has important practical lessons for businesses.
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Reminders for your diary
A few reminders for your diary through to July 2021.
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April 2021 Charity Newsletter
Our latest charity newsletter has been published, you can download it here or sign up to receive future editions straight into your inbox.
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Year end factsheet 2021
As the end of the 2020/21 tax year approaches, businesses and individuals should be planning ahead in order to minimise their tax bills. Within the attached factsheet, we highlight strategies for you to consider to ensure that your tax planning is as efficient as possible.
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February 2021 Business and Personal Newsletters
Our latest newsletters have been published, you can download them here or sign up to receive future editions straight into your inbox.
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Health-check your Self-employment Income Support Scheme claim
With the Self-employment Income Support Scheme (SEISS) having been rolled out at pace, errors have crept into claims.
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Just one click? Your Business Tax Account
Many businesses will already have made use of their Business Tax Account (BTA), for example in connection with Making Tax Digital for VAT (MTD for VAT). But they may not have explored all the services on offer, so HMRC is currently encouraging all businesses to access their BTA and do just that.
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Business Round-up
A quick round-up of business changes and a useful tax tip.
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Corporation tax to go digital
Making Tax Digital. It’s at the heart of the government’s vision of a modern, transformed tax administration. With a consultation now running, Making Tax Digital (MTD) for corporation tax is on its way.
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Deferred VAT payments: what now?
What are the options if you took up the government’s offer to defer VAT payments between 20 March 2020 and 30 June 2020, and still need to pay?
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Should business rates be overhauled?
Many members of the business community have been asking for a re-evaluation of business rates for some time now. The current system has been deemed unfair by many businesses and the need for reform has now been magnified by the economic disruption caused by the coronavirus (COVID-19) pandemic. We look at business rates and consider some of the options for a fairer, better solution to support businesses.
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Changing the tax and employment status of off-payroll workers
New rules concerning the tax and employment status of off-payroll workers will be introduced on 6 April 2021. The change applies to those off-payroll workers who provide personal services to clients in the private sector through an ‘intermediary’. Under the rules, commonly known as IR35, the responsibility for determining that status will pass to medium and large private sector organisations.
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Claiming capital allowances
Businesses and owners of commercial property planning major capital purchases, take note.
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Reminders for your diary
A few reminders for your diary through to April 2021.
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Coronavirus News Update
Read our latest Coronavirus news update.
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Extension of Job Retention Scheme
On 5 November 2020 the Chancellor, Rishi Sunak, announced changes to the package of support measures being introduced as a consequence of a second national lockdown for England. In the original package the Coronavirus Job Retention Scheme (CJRS) was extended until the planned lifting of the lockdown on 2 December. The Chancellor has now announced that the CJRS will be extended to the end of March.
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Autumn 2020 Charity Newsletter
Our Autumn Charity Newsletter includes the latest guidance on coping with the impact of COVID-19, promoting diversity and inclusion within the charity sector and how to report serious incidents to the Charity Regulators.
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Black History Month
October is Black History Month and we, alongside the ICAEW, firmly support equality and diversity in the workplace.
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Return of freeports
The government is planning to re-establish freeports in the UK as part of its plans to boost the country’s economy following Brexit. However, these Special Economic Zones have gained importance as part of the business recovery from the coronavirus (COVID-19) pandemic. They will have different customs rules to the rest of the country and the government wants them to become innovation hubs, attracting inward investment.
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Tax Tip
The Annual Investment Allowance (AIA) provides a tax write-off against profits for expenditure incurred on plant and machinery by businesses and owners of commercial property.
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Business diversification. Implications for tax
Many businesses turned chameleon during Covid-19, changing core business to adapt. But whether you’re a florist making face masks or a farm shop starting home deliveries, what about tax?
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Brexit: imports and exports
From 1 January 2021, the UK will operate a full external border with the EU.
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Life raft of laws to keep companies buoyant
The Corporate Insolvency and Governance Act 2020 puts in place a series of measures amending insolvency and company law.
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COVID-19 loans
The Winter Economy Plan brings change to the small print on the government’s temporary Covid-19 loan schemes.
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Reminders for your diary
A few reminders for your diary through to January 2021.
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COVID-19 round-up
Our latest round-up including the Job Support Scheme, the Job Retention Bonus, COVID-19 grants and furlough.
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Surprise economic statement
Cancelling the autumn Budget, the government has outlined instead a ‘Winter Economy Plan’.
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Making Tax Digital: an update
Making Tax Digital for VAT (MTD for VAT) has been effective for businesses with turnover above the VAT threshold of £85,000 since April 2019. HMRC recently outlined its next steps, including the introduction of Making Tax Digital for Income Tax Self Assessment. Here, we consider the plans.
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Tax cashflow: your next steps
Latest advice and guidance for income tax and VAT.
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Winter Economy Plan
On Thursday 24 September Chancellor Rishi Sunak provided some details of the government’s plan to protect jobs and support businesses over the coming months. We set out the main announcements below.
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Tax Assistant Job Vacancy
The Firm is offering a role in its busy and expanding Creative Industries department with specialisation in the Entertainment and Arts sectors. The role involves dealing with companies in the Film, Theatre, Animation and Video Games sectors. You will support the team to provide timely and accurate delivery of technical tax services to clients in conjunction with the Creative Industries Tax Manager and liaising with other specialists within the Creative Industries team.
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August 2020 Business and Personal Newsletters
Our latest newsletters have been published, you can download them here or sign up to receive future editions straight into your inbox.
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TV Production Restart Scheme Announced
The Government has announced a new UK-wide £500 million Film and TV Production Restart Scheme. It is designed to cover future losses suffered due to Covid-19, thereby filling the gap left by the lack of available insurance.
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Reminders for your diary
A round-up of key dates for August, September and October 2020
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Tax Tip: Employing family members
Have you considered employing family members in your business? As long as you can justify their involvement, you can employ them in your business.
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Business Round-up
VAT reverse charge on construction services delayed and pension savers warned over scams and transfers…
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Help for tourism and hospitality
We talk about the Temporary VAT cut and the Eat Out to Help Out initiative.
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COVID-19 round-up
Our latest round-up including the Job Retention Scheme, the Job Retention Bonus and the Self-employed Income Support Scheme.
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Home is where the dog is
Disposals of residential property bring the potential for any gain to trigger a capital gains tax (CGT) liability. If you dispose of your main home, principal private residence relief (PRR) usually renders the gain exempt.
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Your workforce: changing the small print
As an employer, you may want to review the options going forwards. Change to employee roles, working hours, working patterns or workplace may all be on the agenda. Could staggered hours help employees come back to the workplace safely? If homeworking has been a success, could you use it long term to cut property costs? A degree of reorganisation may make sound business sense, enabling you to build for the future.
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Research and Development: the tomorrow business
COVID-19 spotlights Research and Development (R&D). Funding initiatives like the Fast Start Competition, managed by Innovate UK, have recently been available for break-through projects in science and technology. Companies involved in R&D may also be eligible for support such as the Coronavirus Business Interruption Loan Scheme (CBILS) and the Future Fund. But how do these measures fit in the context of the R&D tax incentives available for companies generally?
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A plan for jobs
Chancellor Rishi Sunak used his recent Summer Economic Update to announce a £30 billion plan to create and protect jobs as government support for the economic recovery from the coronavirus (COVID-19) pandemic moves into a new phase. As part of his ‘plan for jobs’, the Chancellor introduced a Job Retention Bonus to support the phasing out of the furlough scheme, a VAT reduction for businesses in the hospitality and tourism sector and a temporary reduction in Stamp Duty Land Tax (SDLT). Here, we look at what these measures mean for businesses and individuals.
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Chairs, tables and tax: working from home
The coronavirus (COVID-19) has seen an upsurge in homeworking. For many people, there are questions on the tax on the equipment required.
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Getting up and running after the lockdown
As lockdown restrictions lift across the UK, businesses are preparing for a new working environment. The Chancellor may have begun winding down the schemes that have supported businesses through the pandemic, but government-backed loans and the furlough scheme will remain factors for some time yet.
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The Chancellor’s Summer Economic Update 2020
Chancellor Rishi Sunak presented the Summer Economic Update against a backdrop of economic uncertainty caused by coronavirus (COVID-19) lockdown.
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Mental health in times of crisis
The coronavirus (COVID-19) pandemic has caused major disruption to businesses and economies worldwide. Drastic measures have seen millions of people locked down. Working from home has become the new normal for many, while others have been furloughed to keep jobs viable.
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Personal tax after the Budget
Notable for what didn’t change, as well as what did…
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Tax Tip – Minimising the capital gains tax bill
There are many ways in which your eventual liability to capital gains tax (CGT) can be minimised, particularly when share prices are depressed.
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Reminders for your diary
A round-up of key dates for May, June and July 2020.
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Business Round-up
HMRC extends MTD digital links deadline until 2021, and the rise in contactless card payment limit.
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Time to pay tax
If coronavirus means you can’t pay a tax bill on time, the government is offering Time To Pay (TTP) as a way of easing cash flow problems.
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National Insurance: what the changes mean for you
Change to National Insurance contributions (NICs) limits and thresholds took effect from 6 April. The Treasury says the ‘typical’ employee will pay around £104 less in NICs in 2020/21. Before the coronavirus crisis, there were plans to raise the NICs threshold to £12,500. What will happen now is more uncertain.
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Entrepreneurs’ Relief: outlook changing
Before the Budget, there were fears that it might be scrapped altogether. It wasn’t. Entrepreneurs’ Relief (ER) lives on, but with a new name – business asset disposal relief – and a new, lower lifetime limit.
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Employer headlines
At this time of unprecedented challenge, employers will have many concerns, from issues around health and safety in the workplace (where this remains open), to how best to facilitate homeworking. Please do not hesitate to contact us for advice on these or any of the areas outlined below.
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Beware sharks
The coronavirus crisis has the potential to be big business for criminals. Stressed business owners and employees make easy prey and HMRC warns that fraudsters are already looking to capitalise on the situation.
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IR35: change on hold
The IR35 rules had been set to take effect from 6 April 2020, however, they are now on hold until 6 April 2021. This is to help the business community cope with the impact of the coronavirus (COVID-19), and the government emphasises that it is a ‘deferral, not a cancellation’ of the policy. So, what do contractors do now?
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Business critical management
This is a time of unparalleled change for business and the wider community. We are privileged to act as your professional advisers, and if there are matters of concern to you, please do not hesitate to get in touch. Some questions may still be under discussion at government level, but we will do our very best to help.
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Help for business
Government help for business is being put in place, with schemes evolving in real time. Some measures vary across the UK.
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Coronavirus: Further Facts on Furloughs
On Wednesday 15 April HMRC updated its advice on Furloughing employees. We look at what we know so far as the Job Retention Scheme becomes more defined and honed.
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Coronavirus: a guide for businesses and employers
An unprecedented number of emergency measures have been announced by the Government to help businesses during the COVID-19 period. The aim of this document is to highlight and provide commentary on the most significant measures. We start with employees as, undoubtedly, this topic will be a major concern for many, both because of the cost to employers and the devastation for employees should they lose their jobs.
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Arts Council emergency funding package
The Arts Council has announced an emergency funding package for people and organisations in the arts.
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UK Government Announces Financial Support for Businesses
There has been a flurry of updates and changes announced by the UK Government regarding support for businesses to help with the downturn caused by the Coronavirus (COVID-19).
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Are you making the most of R&D?
Data published recently by the Office for National Statistics (ONS) revealed that the amount UK companies spent on Research and Development (R&D) totalled £25 billion in 2018. With this in mind, we explore how you can make the most of any R&D tax reliefs available to you.
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New year resolutions for family companies
In this article we explore some financial tips and advice for family companies.
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Capital gains fall-out
Married and divorcing couples, including civil partners, should be alert to change to the capital gains tax (CGT) rules on private residence relief
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Care at home: your responsibilities
‘Death, taxes and childbirth! Never any convenient time.’
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Reminders for your diary
A round-up of reminders for the next quarter.
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Business Round-up
UK SMEs owed £23.4 billion in late payments, and UK minimum wage gets largest ever raise
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National Insurance number missing
If an employee forgets their National Insurance number (NINO), or needs a letter confirming it, there are options.
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Workplace skills crisis
UK employers: facing a skills crisis – and spending at unsustainably high levels to get out. This is the reality of day to day life for many UK businesses, according to a recent Open University report.
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Charities: easy prey?
‘Not doing the basics to protect themselves’. That was the verdict on charities from the largest ever survey into fraud and cybercrime in the sector.
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Battling online bank fraud
Bank fraud and scams cost UK customers £1.2 billion in 2018 alone, and businesses faced even higher losses. The good news – better online security is on the way.
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Government gear change on company car tax
A clean green era with new emissions tests and benefit in kind (BiK) rates gets on the road in April 2020. But what does the drive to cut emissions and grow electric technology look like in terms of tax?
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Has the time come for cryptocurrency?
Cryptocurrencies may have attracted their fair share of controversy, but there is little doubt their usage is becoming increasingly commonplace and acceptable. More companies are accepting digital tokens as payment, investors now consider them an asset class, and tax authorities have started laying down guidelines.
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Are you making the most of R&D?
Data published recently by the Office for National Statistics (ONS) revealed that the amount UK companies spent on Research and Development (R&D) totalled £25 billion in 2018. With this in mind, we explore how you can make the most of any R&D tax reliefs available to you.
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Election Fact Sheet
Following the publication of the manifestos by the main parties, we have reviewed those issued by the Conservative, Labour and Liberal Democrat parties for tax proposals.
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Keeping pace with property tax changes
Are you disposing of a property? There are important tax changes on the horizon. The date to keep in mind is 6 April 2020. Disposing of a property on or after this date means you will need to factor in new capital gains tax (CGT) rules.
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Curing the top-earner pensions tax problem
NHS pensions made news this year, with consultants and GPs blaming large tax bills, linked to pension statements, for making some work ‘uneconomic’. Why should high-earning power, coupled with pension provision, spell trouble – even for top-earners outside the NHS? We consider this issue and more.
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Tax Tip and Reminders for your diary
A handy tax tip for minimising your national insurance contribution, and some key dates for the next three months.
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Business and Tax Round-up – October 2019
A round-up of the latest business news.
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HMRC applies brakes to domestic reverse charge
HMRC has announced a one-year delay to the introduction of the VAT domestic reverse charge (DRC) for building and construction services. The DRC was set to come into effect on 1 October 2019. It has now been pushed back 12 months to 1 October 2020, due to fears that businesses in the construction sector are not yet ready.
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Off-payroll changes: are you prepared?
From 6 April 2020, a major shake-up of the off-payroll (IR35) rules is expected. Draft legislation has already been published, though final details and HMRC guidance are still to come.
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Brexit and its impact on workforces
EU nationals currently contribute over two million people to the UK workforce.
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How can SMEs help to tackle climate change?
This summer’s record-breaking European heatwave has given consumers and businesses alike another warning about the dangers of man-made climate change. It is a warning that many businesses now appear to be heeding. A recent survey carried out by the Institute of Directors (IoD) and the Chartered Management Institute (CMI) has suggested that business leaders are ‘committed to combating climate change’.
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Making Tax Digital for VAT
Making Tax Digital for VAT (MTD for VAT) is up and running. Most VAT-registered businesses with taxable annual turnover above £85,000 will now be signed up to HMRC’s new system. This requires digital records to be kept and VAT returns to be filed using MTD for VAT-compliant software. As the system beds in, there are some key points to remember.
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NLP Sponsors Critics’ Circle Awards for 15th Year
The Critics’ Circle Awards 2018 took place on Tuesday 29 January 2019. It was the 15th year that Nyman Libson Paul have sponsored the event, proudly supporting the best of British theatre.
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The 2019 Spring Statement
Chancellor Philip Hammond delivered this year’s Spring Statement during what is an uncertain time for the economy and businesses.
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Increase in Death Certificate Cost
The cost of original death certificates has risen from £4 per certificate to £11 – an increase of 175%. The rise took place just a week after the Government forged ahead with a new tiered system for probate fees. The flat fee of £215 will be replaced by a sliding scale that could see some estates pay as much as £6,000 for probate.
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New rules for personal service companies
The 2018 Autumn Budget announced changes to the ‘off-payroll’ working (or ‘IR35’) rules, which are set to apply from April 2020. This may affect you if you work on a contract through a personal service company (PSC) in the private sector, or hire or place such workers. Similar rules already apply in the public sector.
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Spotlight on charities
Although charity law varies across the UK, charity governance is very much in the spotlight.
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Entrepreneurs’ Relief: an update
Entrepreneurs’ Relief (ER) is available to taxpayers on the disposal of the whole or part of their business. ER means that you pay capital gains tax (CGT) at a rate of 10% rather than 20%, subject to a lifetime limit of £10 million.
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Retaining staff: key areas to consider
Retaining staff can sometimes prove to be challenging. One recent report found that UK workers change job, on average, every five years – and that millennials could have been through four different jobs by the time they reach the age of 31. Here, we take a look at ways in which you can help ensure your employees are as fulfilled as possible in their roles.
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The new Structures and Buildings Allowance
In the 2018 Autumn Budget, Chancellor Philip Hammond announced a new capital allowance, the Structures and Buildings Allowance (SBA).
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Top planning tips for the year end
With the end of the 2018/19 tax year fast approaching, now is a good time to review your finances to ensure you are making full use of the available allowances and minimising your tax liability.
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Making Tax Digital – are you ready?
Making Tax Digital is the biggest change to the UK tax system in decades. From 1 April 2019, VAT registered businesses and sole traders with a taxable turnover above the VAT threshold of £85,000 will be required to keep digital VAT records and file VAT returns directly to HMRC using compatible software. The rules around VAT are not changing. But the way you submit VAT records is.
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