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HMRC withdraws P11D PDF alternative

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HMRC withdraws P11D PDF alternative

HMRC has decommissioned its interactive PDF that businesses have been using to submit up to 150 P11Ds. For 2021/22, former users will instead have to turn to HMRC’s PAYE online service or use commercial payroll software.

The deadline for filing P11Ds to report taxable benefits and expenses for 2021/22 is not due until 6 July, so there is still time to go with one of the alternatives.

More disclosure on the cards for businesses

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More disclosure on the cards for businesses

A downside to running a limited company is that financial information is publicly available. However, micro-entities and small companies do not have to file a profit and loss account, so available information is somewhat restricted. This situation is set to change.

The information currently filed by a micro-entity at Companies House can be as little as just three figures: total fixed assets, current assets and current liabilities. If a company provides services, with profits largely withdrawn as remuneration, these figures might all be negligible.

Zero-rated food confusion

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Zero-rated food confusion

The distinction between zero-rated food and standard VAT confectionery is a crucial, and complex, one – not helped by what may appear to be apparently arbitrary rulings. Despite its predecessor losing a notorious ruling over the zero-rating of Jaffa Cakes more than 30 years ago, HMRC refuses to give ground on marginal cases. The latest target was the simple flapjack.

Higher rate taxpayers: no longer a select club

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Higher rate taxpayers: no longer a select club

Higher rate taxpayer numbers are rising sharply, and if that’s you, then advice is now more important than ever.

Can the child benefit charge be fixed?

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Can the child benefit charge be fixed?

A critical review of how the government taxes child benefits has raised a major question mark over HMRC’s approach to collecting payments.

Child benefit tax, or the High-Income Child Benefit Charge (HICBC) to use its legal name, is a case study in how not to introduce and operate a tax. It was designed as a quick fix to political pressure for the withdrawal of child benefit from high earners during a period of austerity.

NICs boost for the self-employed

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NICs boost for the self-employed

Prior to the March Spring Statement, most self-employed individuals were facing increased national insurance contribution (NIC) bills this year. However, those with profits up to and just over £28,000 will now see a fall in the amount they pay compared to last year. What’s more, low earners can benefit from deemed contributions.

Taxpayer victory leads to room hire VAT exemption

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Taxpayer victory leads to room hire VAT exemption

A recent First-Tier Tribunal (FTT) decision in the taxpayer’s favour has helped clarify that room rental is VAT exempt, but standard rating can apply if additional services are also supplied, such as a hairdresser renting chair spaces.

The FTT case involved hair and beauty business, Errol Willy Salons, hiring out two spare rooms to self-employed beauticians. Exempt VAT treatment suited the beauticians who were not VAT-registered.

Spring Statement 2022 - all you need to know

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Spring Statement 2022 - all you need to know

Manchester tax advisors HURST

The backdrop to today’s Spring Statement is unlike any other. Mr Sunak is grappling with both the implications of the pandemic and the financial challenges thrown up by Putin’s war in Ukraine.

Taxpayer Protection Taskforce to tackle Covid-19 fraud

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Taxpayer Protection Taskforce to tackle Covid-19 fraud

A recent report by the public accounts committee estimates that the level of fraud and error across all Covid-19 support schemes could be as high as £20 billion. However, don’t assume mistakes and errors will not be picked up – HMRC is running the Taxpayer Protection Taskforce (Taskforce) to scrutinise claims made.

The two main areas of concern are the furlough scheme with an expected loss through fraud of £5.3 billion, and the bounce back loan scheme with some £18 billion expected to be written off.

What is ‘substantial extent’ for non-trading activities?

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What is ‘substantial extent’ for non-trading activities?

Gains that qualify for business asset disposal relief (BADR) are taxed at a reduced rate of 10%, but relief for company shares is not available if the underlying company carries on substantial non-trading activities. HMRC has long applied a strict 20% test, but a recent Upper Tribunal case has forced HMRC to backpedal and further clarify the interpretation of 'substantial'.

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