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Types of HMRC enquiries
13/06/2024 - More...
HMRC can enquire into any statutory return (or amendment of that return) or statutory claim to check if the return / claim has been prepared correctly or if further information is required. HMRC’s internal manuals state that there is no statutory definition of an enquiry, so it carries its normal dictionary meaning of `seeking

Correcting errors in VAT returns
13/06/2024 - More...
Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. To do this, the errors must be below the reporting threshold. Under the reporting threshold rule, businesses can make an adjustment on their

Interest on children’s savings
13/06/2024 - More...
All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts significant amounts of money to their children which results in them receiving bank interest of more than £100 (before tax) annually. If this is the case, the parent is liable to pay tax on all the interest if it is above

Non-resident UK property sales
13/06/2024 - More...
There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to report and pay any non-resident Capital Gains Tax (CGT) due if they have sold or disposed of: residential UK property or land (land for these purposes also includes any buildings on the land); non-residential UK

Self-assessment payments on account
13/06/2024 - More...
Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments on account are due on 31 January during the tax year and 31 July following the tax year end date. These payments on account are based on 50% each of the previous year’s net income tax liability. In

Multiple Dwellings Relief for SDLT
13/06/2024 - More...
It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change has now come into effect for transactions which complete, or substantially perform on or after 1 June 2024. The MDR relief applied to property purchasers who bought more than one dwelling where a transaction or a

New Brooms
11/06/2024 - More...
As time passes during the present election campaign, its seems more likely that we may have a change of government from the 5 July. Labour have disclosed a number of tax changes they would introduce. To summarise they are: Private school fees will attract VAT at 20% which private schools will no doubt pass on to parents. The Labour

Falling inflation – what does it mean for you?
11/06/2024 - More...
The following notes are reproduced from a Treasury statement issued 21 May 2024. Lower inflation supports people by maintaining the purchasing power of their money. If prices only rise slowly, people can plan their budgets more effectively - encouraging spending and investment, which fuels the economy. Lower inflation also helps

Tax Diary July/August 2024
07/06/2024 - More...
1 July 2024 - Due date for corporation tax due for the year ended 30 September 2023. 6 July 2024 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2024 - Pay Class 1A NICs (by the 22 July 2024 if paid electronically). 19 July 2024 - PAYE and NIC deductions due for month ended

Filing your tax return early
06/06/2024 - More...
The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January 2025. The 31 January 2025 is not just the final date for submission of the 2023-24 self-assessment tax return but also an

Setting up as a sole trader
06/06/2024 - More...
Setting up in business as a sole trader is arguably the simplest way of starting and running a business. The advantages of being a sole trader include independence, ease of set up and running your business, and the fact that all the profits go to you. The disadvantages include a lack of support, unlimited liability, the prospect of

Need to register for self-assessment?
06/06/2024 - More...
There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at You are required to submit a self-assessment return if any of the following apply: you were self-employed as a ‘sole trader’ and earned

Statutory Pay assistance
06/06/2024 - More...
An employer can usually reclaim 92% of employees’ Statutory Maternity, Statutory Paternity, Statutory Adoption, Statutory Parental Bereavement and Statutory Shared Parental Pay. If the business qualifies for Small Employers’ relief, this figure can increase to 103%. Small Employers’ relief is available if the business paid £45,000 or

Directors and National Insurance
06/06/2024 - More...
Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary Threshold. The annual threshold is £12,570 in the current 2024-25 tax year. Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance

Transferring unused IHT residence nil rate band
06/06/2024 - More...
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. The allowance increased to the present maximum level of £175,000 from 6 April 2020. The

04/06/2024 - More...
There is a French saying “Plus ca change, plus c’est la meme chose” meaning, the more things change, the more they stay the same. Its interesting to apply this to a change that is about to come about, if, as expected, the Labour Party form the next government from the 5th of July. The present Shadow Chancellor, Rachael

New protection for consumers
04/06/2024 - More...
The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent. The Act paves the way to give consumers rights across the UK, with greater control and clarity over online purchases. It does this by requiring businesses to provide clearer information to consumers before they enter a subscription contract,

General election date announced
30/05/2024 - More...
The Prime Minister, Rishi Sunak, declared from the steps of Downing Street (on 22 May 2024) that the next general election will take place on 4 July 2024. The Prime Minister confirmed that he had spoken with His Majesty the King to request the dissolution of parliament. The King granted this request, thereby confirming that the general

Do not respond if you receive this letter
30/05/2024 - More...
Companies House published guidance titled ‘Reporting scams pretending to be from Companies House’ has been updated. The list is intended to help people check if contacts purporting to be from Companies House are actually a scam. The guidance contains a list of emails, letters and phone calls that are fraudulent. The guidance can be

Changes to the High Income Child Benefit Charge
30/05/2024 - More...
The changes to the High Income Child Benefit Charge (HICBC) announced as part of the Spring Budget came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged has been increased from £50,000 to £60,000. The HICBC is charged at the rate of 1% of the full Child Benefit award for each £200 (2023-24: £100) of

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Kemp Hall Chartered Certified Accountants

19 Victoria Street
Tel: 01278 787307



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