Latest blogs for Services

The High Income Child Benefit Charge (HICBC) was introduced in 2013 but with rising inflation and wages being pushed up this may mean that you may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’ (HICBC), if you have an individual income over £50,000 and either:   you or your partner…

Last month, the Financial Times released an article detailing the huge numbers of buy-to-let investors and second homeowners failing to meet the 60-day Capital Gains Tax reporting and payment deadline, which is as high as 20%.   The article can be found here: One-fifth of property sellers miss CGT payment deadline | Financial Times  …

In his first fiscal statement in his recently appointed role as Chancellor of the Exchequer, Kwasi Kwarteng has made a series of unusually radical announcements to try and stimulate growth in the UK economy. Owners of SME businesses will be particularly interested in the following business tax changes: The planned corporation tax rise in April…

Today’s announcements have created much more noise than the last Budget, which took place just 6 months ago to the day. Among the series of tax cuts and economic measures, here are the main points that concern individuals: The recent 1.25% rise in National Insurance is to be reversed from 6 November, with the proposed…

>>> Stop Press <<< The Government reversed this decision on Friday 14 October 2022.   Todays ‘fiscal event’, announced by the Chancellor Kwasi Kwarteng, promises the 2017 and 2021 off-payroll working reforms of IR35 will be scrapped, to simplify the tax system.   Those laws had required the end client, and not the contractor, to…

Cambridgeshire County Council has just relaunched its Business & IP Centre (BIPC) ‘Jumpstart’ grant scheme, to help startup businesses in Cambridgeshire. Main eligibility criteria: Your business must have been registered, in Cambridgeshire or Peterborough, on or after 1 November 2021, or be registered within two months of receiving the grant. You must be 18 or over.…

The Employment (Allocation of Tips) Bill 2022-23, widely expected to become law for the start of the 2023-24 tax year, creates a new legal obligation on employers to ensure all tips, gratuities & service charges they receive, or have control of, must be paid to their employees without deductions. Employers must also ensure that the…

There is now less than a calendar month before the self-assessment (SA) deadline for registering with HMRC (5 October 2022). Do not delay – register today!   If you are not sure if you need to file an SA tax return, did you, between 6 April 2021 and 5 April 2022:   Commence working for…

VAT can be something of a minefield when it comes to construction, with the VAT rate depending on the specific circumstances. The applicable rate of VAT will vary depending on the project undertaken and should be considered from the outset to avoid potentially costly errors. The first sale of a newly built residential property will…

The Construction Industry Scheme (CIS) was first introduced in 1971 (named the Construction Industry Tax Deduction Scheme) in order to combat tax evasion in the construction industry. This is done by contractors deducting money from a subcontractor’s payments and passing it onto HM Revenue and Customs on their behalf. The deductions are then considered as…