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Overseas seller VAT check

18/08/2022

Since 2018, online marketplaces (such as eBay or Amazon) have been required to help tackle online VAT fraud. These measures, known as joint and several liability (JSL) for marketplaces aim to ensure that all businesses selling goods in the UK follow

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VAT Flat Rate Scheme

18/08/2022

The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable

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Contacting HMRC by email

18/08/2022

HMRC has published a new guidance titled ‘Corresponding with HMRC by email’. The guidance was published on 9 August 2022 and explains some of the risk factors associated with contacting HMRC in this way. HMRC suggests that the information contained

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Employee ownership and involvement

18/08/2022

There are many ways that employees can own a stake in their employer's company. However, employee ownership usually refers to a situation where all employees of a business have a ‘significant and meaningful’ stake in a business. This means employees

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Definitions of connected persons

18/08/2022

The definition of a connected person for tax purposes can be complex and varies depending on the circumstances at hand. A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the Taxation

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VAT and food supplies

18/08/2022

HMRC’s VAT Notice 701/14: food explains what types of foods are zero rated and standard rated for VAT. The notice includes many examples of different food categories. The notice covers some general VAT liability rules. For example, food supplied in

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Do you qualify for the marriage allowance?

11/08/2022

HMRC is using the wedding season to issue a reminder to married couples and those in civil partnerships to sign up for marriage allowance if they are eligible and haven’t yet done so. The marriage allowance applies to married couples and those in a

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Using the Customs Declaration Service

11/08/2022

The Customs Declaration Service (CDS) is a new customs IT platform that has been designed to modernise the process for completing customs declarations for businesses that import or export goods from the UK. A phased launch of the service started

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Reminder that the plug-in grant has ended

11/08/2022

The government plug-in grant was first introduced 11 years ago to help drivers make the move to owning an electric car. Since the scheme was introduced the amount of the grant available reduced significantly as did the range of cars to which the

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Reminder of compensation limits for bank deposits

11/08/2022

The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guaranteed amount is currently £85,000

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Bona Vacantia – dissolved companies

11/08/2022

The final step in bringing a company to a legal end is dissolution. However, one of the important points to consider when doing so is that the dissolved company can no longer do or receive anything including receive a tax refund. It is the

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Termination payments

11/08/2022

The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by making an employer liable to pay NICs on termination

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Tax Diary September/October 2022

08/08/2022

1 September 2022 - Due date for Corporation Tax due for the year ended 30 November 2021. 19 September 2022 - PAYE and NIC deductions due for month ended 5 September 2022. (If you pay your tax electronically the due date is 22 September 2022) 19

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Duty free limits if you are travelling abroad

04/08/2022

Here is a reminder of any duty payable and tax-free allowances if travelling abroad this summer. If you are travelling from outside the UK and arriving home in Great Britain (England, Wales and Scotland), you are allowed to bring the following back

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Tax-free trivial benefits

04/08/2022

There is a benefit in kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a bouquet of flowers given occasionally to employees or any other BiK classed as 'trivial' that falls within the exemption. By taking

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Using Advisory Fuel rates

04/08/2022

The easiest way to ensure that no car-fuel benefit charge (for private journeys in a company car) is payable, is to use the advisory fuel rates published by HMRC to repay any private fuel costs to your employer. The advisory fuel rates are intended

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Scope of Trade

04/08/2022

There is no statutory definition of ‘trade’. The only statutory reference to the term is that ‘trade’ includes a ‘venture in the nature of trade’. This absence of a formal definition decides if an activity is a trade more difficult. However, over

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Using the Annual Investment Allowance

04/08/2022

The Annual Investment Allowance (AIA) is a generous tax relief that was first introduced in 2008. The AIA allows for the total amount of qualifying expenditure on plant and machinery to be deducted from profits before tax. The AIA can be claimed by

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