HLAS

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 [...]

If you have children under 12 who attend a nursery, after school club, playscheme, childminder or you are considering sending them to a summer camp you should think about setting up a tax-free childcare account. The government adds 25% to the amounts that you save in the account up to £2,000 for each child so £8,000 is topped up to £10,000 (a higher amount applies for disabled children). The account is then used to pay Ofsted registered childcare providers. Note that it doesn’t need to be the child’s parents paying into the account, uncles, aunts, grandparents and others can also [...]

As you are probably aware tax agents were not able to claim SEISS grants on their client’s behalf, and we do not currently have access to the amounts you have claimed. If you are self-employed and have received any SEISS grants in 2020/21 can you please let us have details of the amounts received so that we can include the correct amounts in your return. The amounts received are taxable but should not be included in your turnover as that would mean double counting.

The fifth (and final) SEISS grant will be available for the self-employed to claim towards the end of July. The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed £50,000 and must be more than 50% of your total income. If that test is not met, then the same £50,000 and 50% tests are applied to average profits and total income over the four fiscal years to 2019/20. Self-employed traders need not have claimed grants under the previous scheme to qualify for the July payment and will be required to confirm that [...]