HLAS

Information about paying deferred VAT in full or making an arrangement to pay by 30 June 2021 has been added to the webpage below. If you have not arranged a time to pay plan or have not repaid any VAT deferred then you should contact coronavirus (COVID-19) helpline to discuss your situation. You may be charged a 5% penalty or interest if you do not pay in full or make an arrangement to pay by 30 June 2021. See: Pay VAT deferred due to coronavirus (COVID-19) - GOV.UK (www.gov.uk)

The Valuation Office Agency (VOA) is contacting businesses to request information to support the current revaluation of business rates in England and Wales. Once ratepayers receive a request via letter, they need to go online and submit their up-to-date details. For some specialist property classes you will be asked to provide your information by email instead, so once you receive a request please follow the instructions on your letter. The information ratepayers submit is used to set rateable values, which are in turn used to calculate business rates. To ensure your business rates are accurate and reflect the current property [...]

Last week we learned that over 60% of UK adults have been vaccinated with a second dose of the coronavirus (COVID-19) vaccine and the government announced a 4-week pause at Step 3. Step 3 restrictions remain in place. It is expected that England will move to Step 4 on 19 July, though the data will be reviewed after 2 weeks in case the risks have reduced. The government will continue to monitor the data and the move to Step 4 will be confirmed one week in advance. The red, amber and green list rules for entering England have changed with [...]

The UKCA (UK Conformity Assessed) marking is a new UK product marking that is used for goods being placed on the market in Great Britain (England, Wales and Scotland). It covers most goods which previously required the CE marking, known as ‘new approach’ goods. The UKCA marking came into effect on 1 January 2021. However, to allow businesses time to adjust to the new requirements, you will still be able to use the CE marking until 1 January 2022 in most cases. The UK Government has produced guidance which explains how to use the UKCA marking. For further information on [...]

The SME Brexit Support Fund could give you up to £2,000 to help with training or professional advice if your business has up to 500 employees and no more than £100 million annual turnover. You can use the grant for training on: how to complete customs declarations how to manage customs processes and use customs software and systems specific import and export related aspects including VAT, excise and rules of origin It can be used to help you get professional advice so your business can meet its customs, excise, import VAT or safety and security declaration requirements. Your business must: [...]

If you move goods between the UK and countries in the EU, you need to follow new customs and tax rules. HMRC has set up the Customs and International Trade helpline on 0300‌‌ ‌322‌‌ ‌9434. The helpline is open‌‌ ‌from 8am‌‌ ‌to‌‌ ‌10pm‌‌ ‌Monday‌‌ ‌to‌‌ ‌Friday and‌‌ ‌from 8am‌‌ ‌to‌‌ ‌4pm at‌‌ ‌week‌‌ends. HMRC's YouTube channel is where you can watch videos to familiarise yourself with the new customs processes and what you need to do when you trade goods with the EU. If you buy goods from the EU, or send or sell goods to the EU for your business, [...]

An extended loss carry back was announced at Budget 2021 which enables companies (and individuals) to make claims to carry back losses for a further 2 years than previous rules allowed. This temporary extension applies for losses arising in company accounting periods ending between 1 April 2020 and 31 March 2022. An HMRC guidance note setting out further information on extended loss carry back for businesses is available. Claims Process Where the loss relief claim is no more than £200,000, HMRC are prepared to accept the loss claim in advance of submitting the CT600 company tax return and finalised accounts [...]

Pickup trucks are a popular choice for construction workers and other tradespeople who are entitled to the use of a company car. While company car tax, or benefits-in-kind (BiK) tax is part and parcel of acquiring any business-owned car, pickups offer the advantage of a flat rate rather than a percentage rate which decreases or fluctuates depending on the fuel type (like car BiK tax which is advantageous for hybrid and electric car drivers). How much is company car tax on pickups? While the driver can expect to pay a flat rate regardless of which pickup* they acquire through their [...]

HMRC are currently attacking a marketed tax avoidance scheme using unfunded pension arrangements to avoid Corporation Tax, Income Tax and National Insurance contributions. HMRC strongly believes these arrangements do not work and will seek to challenge anyone promoting or using these arrangements and make sure the correct tax is paid. Users of these arrangements may pay considerable fees to use them yet may still have to repay the tax claimed to be avoided, as well as interest and a penalty. Contact us if you are approached to use such a scheme.

Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached. The contributions are also deductible for the employer provided incurred wholly and exclusively for the purposes of the trade and paid before the end of the accounting period of the business. For most taxpayers the annual input limit is £40,000 and this overall limit applies to contributions by the employee plus contributions made by the employer on the employee’s behalf. It is also possible to take advantage of unused relief from the previous three [...]