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Pocklington: 01759 305165
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Latest News

Topping up your self-employed NIC contributions
13/03/2019 - More...
In many circumstances it can be...

Lost your Unique Tax Reference number?
13/03/2019 - More...
Your Unique Taxpayer Reference (UTR)...

Treatment of deposits for VAT purposes
13/03/2019 - More...
As a general rule, most deposits made by...

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Topping up your self-employed NIC contributions
13/03/2019 - More...
In many circumstances it can be beneficial to make voluntary Class 2 National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State Pension if you are self-employed. You might want to consider making voluntary NICs because: you’re close to State Pension age and do not have enough qualifying years to get the full State...

Lost your Unique Tax Reference number?
13/03/2019 - More...
Your Unique Taxpayer Reference (UTR) identifies your tax records at HMRC. The number is also known as your taxpayer number or tax reference number and should be used whenever you contact HMRC, or when you file your tax returns. The UTR is a unique 10 digit code. You are automatically given a UTR when you set yourself up to file Self Assessment tax returns or form a limited...

Treatment of deposits for VAT purposes
13/03/2019 - More...
As a general rule, most deposits made by customers serve as advance payments and create a VAT tax point when the deposit is received. It is important that businesses ensure that the VAT element of any deposits received is accounted for correctly. Usually this will mean that VAT is due on a deposit when it is received and not when the supply is actually made. VAT does not...

What are the badges of trade?
13/03/2019 - More...
The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side line to a hobby. Careful consideration needs to be given when deciding if a hobby has become a taxable activity. It is clear from the significant amount of case law on this subject that a decision on...

Sale of income by an individual
13/03/2019 - More...
A capital sum received by an individual in respect of the sale or relinquishment of income to be derived from his or her personal activities, can sometimes be treated as earned income and chargeable to Income Tax. If this is the case, the amount charged to Income Tax is not also charged to Capital Gains Tax. The following conditions must all be present before the sale of...

Employee tax codes 2019-20
13/03/2019 - More...
The P9X form is used to notify employers of the tax codes to use for employees. The basic Personal Allowance for the tax year starting 6 April 2019 will be £12,500 and the tax code for emergency will be 1250L. The basic rate limit is £37,500 except for those defined as Scottish taxpayers who have a lower basic rate limit as well as an intermediate rate. As a result of the...

Spring Statement - 13 March 2019
12/03/2019 - More...
The following comments were written on the 13th March 2019 immediately following Philip Hammond’s presentation of the 2019 Spring Statement to Parliament. In theory, the government uses the Spring Statement to respond to the most recent forecasts made by the Office of Budget Responsibility (OBR). In a nut-shell, the OBR forecast that: the UK economy will continue to grow,...

Expenditure on building that qualifies as plant
11/03/2019 - More...
Capital Allowances are the deductions which allow businesses to secure tax relief for certain capital expenditure. Capital Allowances are available to sole traders, self-employed persons or partnerships, as well as companies and organisations liable to Corporation Tax. Interestingly, the Capital Allowance legislation does not specifically define plant and machinery (P&M)....

Are you claiming the Marriage Allowance?
05/03/2019 - More...
HMRC has published a press release to remind qualifying couples to claim the Marriage Allowance. The Marriage Allowance allows lower earning couples to share part of their personal tax-free allowance. The Marriage Allowance is available to married couples and those in a civil partnership where one partner doesn’t pay more than the basic 20% rate of Income Tax and the other...

Last chance to get ready for VAT filing changes 1 April 2019
05/03/2019 - More...
The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will be required to start keeping their records digitally (for VAT purposes only) and provide their VAT return information to HMRC by using compatible...

Have you received income in the form of loans?
05/03/2019 - More...
HMRC has issued a new briefing paper on disguised remuneration charge on loans. Disguised remuneration schemes are tax avoidance arrangements that seek to avoid Income Tax and National Insurance contributions by paying scheme users their income in the form of loans. HMRC is clear that these loans were never intended to be repaid and are no different to normal income and are...

Companies House – Late Filing Penalties
05/03/2019 - More...
There are Late Filing Penalties which are designed to encourage companies to file their accounts and reports on time. The penalties were first introduced in 1992 and were significantly increased from February 2009. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. The late filing penalties guide has recently...

Utilising unused losses for CGT
05/03/2019 - More...
Sometimes tax-payers may sell an asset at a loss. If acceptable as capital losses, they can be deducted from Capital Gains made in the same or future years. As a general rule, if the asset would have been liable to CGT had a gain taken place then the loss should be an allowable deduction. These allowable losses are deducted automatically. It is not necessary to make a claim...

Incentive award schemes and tax
05/03/2019 - More...
Companies can use incentive award schemes to encourage their employees in various ways, for example, to sell more of their own goods and services. The award can take various forms including cash, vouchers or other gifts. Where an employer meets the tax payable on a non-cash incentive award given to a direct employee by entering into a PAYE settlement agreement (PSA), the...

Post cessation receipts and expenses
05/03/2019 - More...
According to HMRC’s published guidance there are special rules for the taxation of post-cessation receipts and expenses. These provisions apply to professions, vocations and trades. Tax relief may be available for post-cessation expenses of a trade, although such expenses still have to satisfy the wholly and exclusively test and be revenue in nature to qualify for relief. In...

National Insurance if you go abroad
26/02/2019 - More...
If you move abroad it can often be advantageous to continue paying your UK National Insurance Contributions (NICs) in order to preserve your entitlement to the State Pension and other benefits. If you are working in the European Economic Area (EEA) the rules depend on your situation. The EEA includes all EU countries as well as Iceland, Liechtenstein and Norway. The same rules...

Job related expenses you may be able to claim
26/02/2019 - More...
If you are an employee and use your own money to buy things you need for your job, you can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items used solely for your work. There is no tax relief available if your employer pays you back in full for an item you have bought for your work. In addition, you...

Tax if selling online
26/02/2019 - More...
Many people supplement their income by selling services online. This is often described as the 'sharing economy' or the 'peer-to-peer economy' and usually involves renting out something using specialist websites or apps. This could include renting out your house (using websites such as AirBNB) or personal equipment (such as power tools). You can also raise income from using...

What is a Company Voluntary Arrangement?
26/02/2019 - More...
A Company Voluntary Arrangement or CVA is a special arrangement that allows a company with debt problems or that is insolvent to reach a voluntary agreement to pay its business creditors over a fixed period of time. The arrangement is similar to the more well-known Individual Voluntary Arrangement (IVA) that can be used by a sole-trader or self-employed person who is unable to...

Company tax deductions for charitable donations
26/02/2019 - More...
There are special rules in place when a limited company gives to a charity. This can include Corporation Tax relief for qualifying donations made to registered charities or community amateur sports clubs (CASC), as well as Capital Allowances for giving away equipment that has been used by a company. However, the rules are different if the company is given something in return...

Hull Office

1 Parliament Street
Hull
East Yorkshire
HU1 2AS
Tel: 01482 224763
Fax: 01482 214874

Pocklington Office

7 Lockwood Court,
Market Place,
Pocklington,
YO42 2QW
Tel: 01759 305165
Fax: 01759 305985

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