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April 12, 2022

IMPORTANT CHANGES TO TRUST LEGISLATION


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You may not be aware of some new legislation which has been announced that forces nearly all trusts to register with HMRC before 1 September 2022, whether or not they

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April 7, 2022

Taxpayer victory leads to room hire VAT exemption


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A recent First-Tier Tribunal (FTT) decision in the taxpayer’s favour has helped clarify that room rental is VAT exempt, but standard rating can apply if additional services are also supplied,

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March 31, 2022

Protecting the normal minimum pension age


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The normal minimum pension age (NMPA) will increase from 55 to 57 on 6 April 2028, although a protected pension age regime will be introduced. This will allow those who

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March 24, 2022

Taxpayer Protection Taskforce to tackle Covid-19 fraud


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A recent report by the public accounts committee estimates that the level of fraud and error across all Covid-19 support schemes could be as high as £20 billion. However, don’t

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March 17, 2022

What is ‘substantial extent’ for non-trading activities?


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Gains that qualify for business asset disposal relief (BADR) are taxed at a reduced rate of 10%, but relief for company shares is not available if the underlying company carries

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March 10, 2022

What is a ‘reasonable excuse’ for tax penalties?


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Having a reasonable excuse can be a get-out-of-jail-free card if you are charged a tax penalty. However, there is no statutory definition of the term, and what might constitute a

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March 3, 2022

Keeping it in the family – tax-saving salary strategies


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An easy way to reduce a business’s tax bill – and also increase the amount of funds withdrawn from the business – is to put a family member on the

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February 24, 2022

The patchwork effect of rising inflation


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2021 ended with inflation sitting at 5.4%, but it may not have felt like that to you.  Source: Office for National Statistics. You may have caught the food campaigner Jack

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February 17, 2022

Business rates loophole on second homes closing


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Owners of holiday lets and second homes in England have been able to avoid council tax by registering their properties as businesses. However, from April 2023, small business rates relief

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February 10, 2022

Focus on tax year-end planning


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With Christmas and New Year behind us, tax year-end planning should now be on your radar. The 2021/22 tax year will end on Tuesday 5 April. This year there is

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February 3, 2022

Sick pay rebate returns to help relieve pressure on businesses


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The Statutory Sick Pay Rebate Scheme (SSPRS), which ended on 30 September 2021, was reintroduced from 21 December 2021, with employers able to make retrospective claims from mid-January. The scheme’s

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January 27, 2022

New Covid-19 business support package


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A new support package has been announced to assist businesses impacted by the Covid-19 Omicron variant. Applications are open to the end of February, but many have said the measures

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