Insights

Online retail giant Amazon is being investigated by the Competitions and Markets Authority (CMA) over concerns its practices could result in a worse deal for customers. It is understood the investigation will be looking at how Amazon’s operations affecting sellers on its UK Marketplace may be anti-competitive. This new investigation follows a current European Commission […]

Have you ever found yourself in financial distress, struggling to juggle the bills and balance the books? Or perhaps you have supported someone with their debt issues. The Government is looking for input from anyone who has been touched by severe money problems as it reviews the personal insolvency framework for England and Wales. Anyone […]

In a business context, goodwill could be defined as the amount that a buyer would be prepared to pay for your business over and above the valuation of the business net assets. Very often, it is the relationships that you have built with your customer base that is the most valuable asset. Buyers will be […]

Pensioners on low incomes will find it easier and quicker to apply for or renew their free TV licence under reforms laid in Parliament today. The legislative change will ease the administrative burden put on eligible over-75s when applying for a free licence. As it stands those affected are required to obtain and share documentation […]

HMRC published a report last month that acknowledges it was only able to recover 95% of the taxes assessed for 2020-21. In monetary terms, the tax gap for the 2020-21 tax year is £32 billion. At 5.1%, there has been no change in the percentage tax gap compared to the previous year, although the monetary […]

1 July 2022 – Due date for corporation tax due for the year ended 30 September 2021. 6 July 2022 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2022 – Pay Class 1A NICs (by the 22 July 2022 if paid electronically). 19 […]

The trivial benefits exemption allows you to provide benefits to employees without your employee suffering a tax charge on the benefit. Likewise, there is no Class 1A National Insurance for you, the employer, to pay. To count as ‘trivial’ for the purposes of the exemption, the benefit must meet all of the following conditions: the […]

If your taxable income exceeds £100,000 you will suffer a reduction in your personal tax allowance. For every £2 that your income exceeds £100,000, £1 will be knocked off your allowance. The reduction is progressive and means that once your income exceeds £125,140 your personal allowance of £12,570 will be reduced to zero. As Income […]

The government has announced their intention to radically overhaul the rights of tenants. The changes announced include: For tenants Helping the most vulnerable by outlawing blanket bans on renting to families with children or those in receipt of benefits. For the first time, ending the use of arbitrary rent review clauses, restricting tribunals from hiking […]

Finance Secretary Kate Forbes, of the Scottish government, made a number of suggestions to help households and businesses who are struggling to cope with inflation.   With inflation reaching a 40-year high of 9 per cent, and forecast to rise higher, Ms Forbes has written to the Chancellor of the Exchequer urging the UK Government […]

New measures to stop rip-off agents taking advantage of people by pocketing their tax repayments have been proposed by HMRC. To achieve this, HMRC have launched a 12-week consultation Raising standards in tax advice: Protecting customers claiming tax repayments to consider ways to better protect taxpayers from Repayment Agents who make routine tax claims on […]

Downsizing business operations is a perfectly acceptable response to economic pressures, and this may lead to an absence of activity for a period of time. This would have been the likely experience of businesses subject to recent lockdown restrictions.   Unfortunately, our obligation to file returns to HMRC does not end if there are no […]