HMRC rolls out new measures to ‘tackle CIS abuse’

Four new measures affecting the construction industry scheme (CIS) were enacted from 6 April 2021 as HMRC cracks down on tackling abuse of the scheme. First, the tax authority can now amend the CIS deductions suffered and reclaimed on real-time information via the employment payment summary to an amount matching any evidence HMRC holds.If there

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VAT-registered firms start using digital links under MTD

A million businesses need to have digital links in place to submit VAT returns and comply with phase two of Making Tax Digital (MTD) for VAT. All VAT-registered firms have until their first VAT return period, starting on or after 1 April 2021, to put digital links in place. A digital link is an electronic or

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Tax Implications of Furnished Holiday Lets

COVID-19 prompts high demand for UK holidays. Owning and letting out a holiday home, otherwise known as a furnished holiday let (FHL), has always been a popular way of investing and earning income. Not only do FHLs enjoy many tax advantages over normal residential let properties, owners have an asset which they can use for holidays

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The Pensions Lifetime Allowance

How might the big freeze affect you? Traditionally, most people get nowhere near breaching the pensions lifetime allowance, but that’s likely to change over the next five years. The lifetime pensions allowance is currently £1,073,100.In his Spring Budget on 3 March 2021, however, Chancellor Rishi Sunak revealed that this would be frozen until 5 April

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VAT-Registration and Deregistration Thresholds Frozen until 2024/25

The Treasury has frozen the UK’s VAT thresholds for a further two years in a bid to start repairing tattered public finances following COVID-19. Businesses with annual taxable turnover of more than £85,000 have to register for UK VAT and file digital VAT returns through compatible software. This VAT-registration threshold for 2021/22 remains at £85,000

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Treasury Issues Guidance on the Final Two Self-Employed Grants

More help for the self-employed has been announced, with the final two income support grants available until the end of September 2021. The fourth taxable grant available through the self-employed income support scheme (SEISS) covers a three-month period from 1 February to 30 April 2021.As with two of the previous SEISS grants, the fourth grant

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