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Are your Child Benefits under threat?

For some time now, HMRC have had the power to claw back some or all of the Child Benefits you receive if either parent’s income exceeds £50,000. The benefit is recovered by the High Income Child Benefit Charge (HICBC). This states that if either parent had income over £50,000 and...
4 days 9 hours ago

Averaging profits for creators of literary or artistic works

A special relief is available for creators of literary or artistic works under which they can claim to add together their profits for 2 years and be taxable on the average of those profits if certain conditions are met. This helps to even out fluctuating tax charges for creative...
6 days 9 hours ago

Data Protection obligations

Everyone in business that handles personal data must register for data protection purposes with the Information Commissioners Office. Most business will need to pay an annual fee of £40 or £60 but this can rise to £2,900. Some organisations only pay £40 regardless of their size and...
6 days 9 hours ago

Tax Diary May/June 2021

1 May 2021 - Due date for Corporation Tax due for the year ended 30 July 2020. 19 May 2021 - PAYE and NIC deductions due for month ended 5 May 2021. (If you pay your tax electronically the due date is 22 May 2021). 19 May 2021 - Filing deadline for the CIS300 monthly return for the...
6 days 9 hours ago

Advisory Fuel Rates from 1 March 2021

The advisory electricity rate for fully electric cars is 4 pence per mile. Hybrid cars are treated as either petrol or diesel cars for advisory fuel rates. The advisory fuel rates for petrol, LPG and diesel cars are shown in these tables. From 1 March 2021 You can use the...
6 days 9 hours ago

A new government-backed loan scheme

A new Recovery Loan Scheme was launched 6 April 2021, to provide much needed liquidity to businesses affected by COVID lockdown measures. Under the scheme, loans of up to £10m are available. The minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,...
6 days 9 hours ago

Charity - using a subsidiary trading company

One or more charities can set up a subsidiary trading company to trade on their behalf. This may be a useful strategy if your charity: makes profits on trading that is not linked to its primary purpose makes a profit that comes close to or is higher than the small trading tax...
6 days 9 hours ago

Beware trading into insolvency

The present pandemic has created just the right conditions for certain businesses to trade their way into insolvency. As we start the gradual withdrawal from lockdown, consumers will be on the lookout to spend after months of enforced home “arrest”. This will likely fuel an increase...
1 week 4 days ago

New build your own home funding

Considering a home build? It would seem that government is keen to support this activity as they have just announced new plans to provide over £150 million in new government funding. This is aimed to make it easier and more affordable for people to build their own homes. The ‘Help...
1 week 6 days ago

New Recovery Loan Scheme

A new government backed loan scheme was launched 6 April 2021. A recent news story confirming the details is reproduced below: The scheme, which was announced at budget and runs until 31 December 2021, will be administered by the British Business Bank, with loans available through...
2 weeks 4 days ago

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