On 31st October 2021 the clocks will go back giving us an extra hour which can be utilised to trace lost pensions.
Read more about the UK’s first National Pension Tracing Day here:
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Posted: 07 September 2021
The Prime Minister has outlined a health and social care tax to pay for reforms.
The new tax starts as a 1.25% rise in National Insurance (NI) from April 2022, becoming a separate tax on earned income from 2023.
View more on this here: https://www.gov.uk/government/publications/build-back-better-our-plan-for-health-and-social-care
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Please be reminded that the Coronavirus Job Retention Scheme (CJRS) will be ending on 30 September 2021.
Employers should consider and consult with employees still currently on furlough regarding return to work from 1 October 2021.
Posted: 13 August 2021
The process has changed for completing right to work checks on EU, EEA and Swiss citizens.
Employers may have staff who they checked for right to work based on EU passports or ID cards. Since the deadline for applications to the EU settlement scheme on the 30 June 2021 this is no longer relevant and employers should check their status online to prove their right to work. If they do not have the right because they have not applied for settled status, they may be able to submit a late application.
You do not need to retrospectively check the status of any EU, EEA or Swiss citizens employed before 1 July 2021.
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Posted: 13 July 2021
Coronavirus Job Retention Scheme (CJRS) which has supported 11.6 million jobs according to the government, is changing once again from 1 August 2021, and due to close at the end September 2021.
View the changes and more information on Furlough here: How is Furlough changing?
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Posted: 24 June 2021
HMRC plans to move taxpayer accounts to a new IT system. They intend to implement these changes from July, till September 2021. This change will affect:
- VAT-registered businesses that are not signed up to Making Tax Digital, i.e. mainly voluntary registrations; and
- businesses that pay their VAT bills by direct debit.
HMRC are required by banking regulations compliance to inform businesses paying by direct debit of the amount and payment date before the payment is taken. HMRC will do this via email only to accommodate the short time frame between the return due date and the payment date. This means that businesses are at risk of late payments as any direct debits will be cancelled if there is no email address on record.
We would encourage businesses to log in to their business tax account to ensure there is a valid and updated email address on record.
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Posted: 16 June 2021
1 July 2021 sees the first change to the latest extension of Coronavirus Job Retention Scheme (CJRS).
View or download our CJRS July Reminder for information on the latest CJRS changes, deadlines and paying back grants.
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Posted: 04 June 2021
HMRC’s Official Statistics on the CJRS show the number of employments on furlough decreased by 900,00 from 31 March 2021 to 30 April 2021.
“The data for April 2021 is not yet fully complete as while claims relating to April 2021 should have been filed by 14 May 2021, employers could file claims later with the agreement of HMRC if they had a reasonable excuse. Claims for April 2021 can also be amended until 28 May 2021. Together these factors are likely to have a small effect on the statistics.”
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Posted: 17 May 2021
Cryptocurrencies have become well publicised once again, having grabbed plenty of media attention during the bull run in 2017, with Bitcoin rising to around $19,800. Throughout 2021, Bitcoin has continued to record all-time highs, with the greatest price being recorded on 13 April in excess of $63,000 per bitcoin. (more…)Read More
A recent First Tier Tribunal judgement has confirmed HMRC’s view – see here for full judgement http://www2.bailii.org/uk/cases/UKFTT/TC/2021/TC08054.html of the required holding period for Substantial Shareholding Exemption to apply where a trade has been ‘hived down’ into a new company.
The case concerns the specific application of part of the Capital Gains Tax legislation (Para 15A Schedule 7AC Taxation of Chargeable Gains Act 1992) which has potential significance where a trade was ‘hived down’ ahead of a sale. Tax Partner Tom Saltmer comments “The application of this clause had been in doubt for some time as it potentially created an unnatural situation where Substantial Shareholding Exemption would apply if the original company had a dormant subsidiary but would not apply if there was no such subsidiary”.
Whilst the Judge in the M Group Holdings case did note this unnatural outcome it was not found that this was sufficient to depart from the strict wording on the legislation.
On that basis it is clear that HMRC’s view is that Substantial Shareholding Exemption would not apply where a single company ‘hives down’ a trade ahead of a sale – likely meaning a substantially worse tax position. Potential transactions will then need to be structured on a different basis to achieve the same tax outcome.
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