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Tax Tips and News

  • Latest news round-up

    Newsletter issue - October 2021 Health and Social Care Levy Rumours of an imminent rise in NI rates started to circulate at the beginning of September, and were confirmed on 7 September with the publication of the government policy paper Build Back Better: Our Plan for Health and Social Care. The increase will initially take…Read More

  • Preserving FHL status for 2020/21

    Newsletter issue - October 2021 A qualifying furnished holiday let (FHL) enjoys a number of favourable tax breaks - including business asset disposal relief, and the ability to claim capital allowances and rollover relief - when compared with non-qualifying properties. FHL status is subject to occupancy conditions. The main two rules are that the property…Read More

  • Freeports - the tax breaks

    Newsletter issue - October 2021 Eight new Freeports were announced earlier this year, with each offering operators within the sites a number of tax incentives. The sites are: East Midlands Airport Felixstowe & Harwich Humber Region Liverpool City Region Plymouth & South Devon Solent Teesside Thames A Freeport requires a primary customs site located near…Read More

  • Buying a commercial building

    Newsletter issue - October 2021 When buying a commercial building, the price may include VAT if the vendor has opted to tax the property. If the buyer is VAT registered and will be using the building wholly for the purposes of the trade it will be able to reclaim this input tax. However, this can…Read More

  • October Questions and Answers

    Newsletter issue - October 2021 Q. I have been on the VAT flat rate scheme for several years. I have two business activities that fall into different categories with differing FRS percentages. I have apportioned VAT between the rates, but a chance conversation with an old colleague leads me to believe this is incorrect. What…Read More

  • October Key tax dates

    Newsletter issue - October 2021 1 - Due date for payment of Corporation Tax for accounting periods ending 31 December 2020 5 - Deadline to notify HMRC of tax liability where not already in self-assessment 7 - Electronic VAT return and payment due for quarter ended 31 August 2021 14 - Claim deadline for employers…Read More

  • Autumn Budget 2021

    The economy and headline figures The 2021 Autumn Budget took place on 27 October 2021. Chancellor Rishi Sunak adopted an upbeat and optimistic tone, pledging over £150 billion in additional spending by the end of the current Parliament - crediting the ability to do so to a "better than expected post-pandemic recovery". Among the usual…Read More

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