Office Holders and Minimum Wage Under HMRC’s rules, ‘office holders’ (ie. people who hold a position at a company but don’t have a contract, or receive regular salary payments) aren’t subject to the National Minimum Wage Regulations unless there‘s a contract of employment in place. A low salary can be paid which means you do…

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This is a basic guide, prepared for our clients. It’s an introduction only and should not be used as a definitive guide since individual circumstances may vary. Specific advice should be obtained, where necessary. The headline message from the Chancellor was future tax cuts to support families with the cost of living. Rates and allowances…

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Spring is coming, and the end of the 2021/22 tax year is under a month away, on Tuesday 5th April. Now is the time to consider tax planning opportunities and ensure you use all the annual tax allowances and exemptions available to you. We have broken this guide into helpful sections: Income tax Capital Gains…

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12:00 noon, Thursday, 20th January 2022. After a successful year of webinars in 2021, I am hosting my first webinar of 2022 this Thursday at 12.00 noon. Back by popular demand, I will be joined by Graham Loosley from Mercian Accountants. Subject: “Family Investment Companies are not just for Oligarchs”! I will also be joined by Paul…

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Financial Secretary to the Treasury Lucy Frazer has announced that the new VAT penalties, which were to apply from 1st April 2022, will now be introduced from 1st January 2023. The mandation of Making Tax Digital (MTD) for VAT for all VAT traders (those not subject to exemptions) was to be accompanied by two completely…

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HMRC has today recognised the additional work and pressures on the Accounting and Tax profession caused by the pandemic. Today, 6th January 2002, they announced an effective extension of the usual 31st January deadline by one month. HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures – GOV.UK (www.gov.uk) If we have already…

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If you’ve sold a UK residential property since April 2020 and paid an estimated CGT amount due to HMRC within 30 days of the sale, you may need to reclaim CGT paid on account Unfortunately, HMRC’s Self-Assessment system isn’t joined up with the UK Property Reporting Service for paying CGT due within 30 days of…

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HM Revenue & Customs (HMRC) has opened the portal for the fifth round of the Self-Employment Income Support Scheme (SEISS). They have directly contacted taxpayers that they believe are eligible, in recent weeks, and provided personal claim dates. You can make a claim from your personal date until the claims service closes on 30th September…

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