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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 civil partnership where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above … More...

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 during August 2018. The CDS is used for making import and export declarations when moving … More...

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 grant applied. Significant changes to the low-emission vehicles plug-in grant scheme became … More...

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 per person, per authorised bank or building society. There is additional protection … More...

Bona Vacantia – dissolved companies

11/08/2022 – The final step in bringing a company to a legal end is dissolution. However, one if 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 responsibility of the company directors to ensure that all of a company’s assets and liabilities are … More...

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 payments they make to their employees. Employees do not pay tax and National Insurance … More...

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 to for your own use without any UK tax or duty liabilities. 200 cigarettes or 100 … More...

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 advantage of the exemption employers can simplify the treatment of BiKs whilst at the … More...

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 to reflect actual average fuel costs and are updated quarterly. However, the car-fuel … More...

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 time the courts have set some established guidance. It is clear from the significant amount … More...

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