News

Self-Assessment filing deadlines

21/10/2021 – The 2020-21 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2021. The tax deadline for submitting online returns is 31 January 2022. Late submission of a Self-Assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due … More...

Claiming tariff quotas to reduce import duties

21/10/2021 – Tariff quotas are a special mechanism for importing limited supplies of specific goods at a lower rate of customs duty than would normally apply. The quotas usually apply to imports from specific countries. Most tariff quotas operate on a first come first serve basis and when the quota runs out, the duty rate returns to normal. There is … More...

Transport restrictions eased

21/10/2021 – The government has announced plans to introduce a temporary extension to road haulage cabotage rules to alleviate pressures with the supply chain due to lorry driver shortages and other global supply issues. The term cabotage in this context refers to specific restrictions on foreign lorry drivers on the amount of work they can do within … More...

VAT Margin Scheme bad debt relief

21/10/2021 – The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer and no payment has been received after an extended period (usually 6 months after the due date) has elapsed. Under the normal VAT accounting rules, a business … More...

Haulage company charged with loan fraud

21/10/2021 – An interesting case has seen a haulage company based in the West Midlands have their operator licence revoked. This followed a public inquiry into the company by the traffic commissioner for the West Midlands. The traffic commissioner found that almost all the company’s financial resources had been provided by a £50,000 Bounce Back loan … More...

Payments received after company is dissolved

21/10/2021 – Any assets or rights (but not liabilities) remaining in a company at the date of dissolution will pass to the Crown as ownerless property. This happens under what is known as 'bona vacantia' which literally means vacant goods. The bodies that deal with bona vacantia claims vary across the United Kingdom, but they all ultimately represent … More...

Have you claimed your Child Trust Fund cash?

14/10/2021 – Young persons who turned 18 on or after 1 September 2020 may have cash waiting in a dormant Child Trust Fund (CTF) account. This could be as much as or more than £1,000. The actual amount on deposit depends on certain factors. Children born after 31 August 2002 and before 3 January 2011 were entitled to a CTF account provided they met … More...

Letting agencies and the Money Laundering Regulations

14/10/2021 – HMRC is responsible for the money laundering supervision of certain businesses including letting agencies. Businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for failing to register. It is a criminal offence to trade as a letting agency business (as defined within … More...

Don’t miss out on this tax allowance

14/10/2021 – If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,220 from HMRC. The marriage allowance is available to qualifying married couples and those in a civil partnership where a spouse or civil partner is a non-taxpayer i.e., has an income below their personal allowance … More...

What goods are eligible for the margin scheme?

14/10/2021 – There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to account for VAT on their profit margin i.e., on the difference between the cost of acquiring an item and its sale price rather than on the full selling price. Without the margin scheme the business would have to account for VAT on the full … More...

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