Do you need to register for Self-Assessment?28/09/2023
Taxpayers that need to complete a Self-Assessment return for the first time are required to notify HMRC. This is a final reminder that the latest date that HMRC should be notified, by new Self-Assessment taxpayers, for the 2022-23 tax year, is 5 October 2023. The deadline for filing the 2022-23 Self-Assessment tax return online and paying...More...
Unclaimed Child Trust Fund Accounts28/09/2023
HMRC has published their latest statistics on Child Trust Funds (CTFs) that reveal that whilst around 500,000 accounts have now matured, there remains some 430,000 funds that have matured but remain unclaimed.
If you turned 18 on or after 1 September 2020 there may be cash waiting for you in a dormant CTF. The average market value of an...More...
Accommodation that qualifies as Holiday Lets28/09/2023
The furnished holiday lettings (FHL) rules allow holiday letting of properties that meet certain conditions to be treated as a trade for specific tax purposes.
In order to qualify as an FHL, the following criteria need to be met:
The property must be let on a commercial basis with a view to the realisation of profits. Second homes or...More...
Community Investment Tax Relief scheme28/09/2023
The Community Investment Tax Relief (CITR) scheme is designed to encourage investment in accredited Community Development Finance Institutions (CDFIs). The tax relief under the scheme is available to both individuals and companies.
CDFIs may take a range of forms including:
community loan funds, which make capital available to...More...
Replacement of domestic items relief28/09/2023
The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The allowance is available for the replacement cost of domestic items such as free-standing wardrobes, curtains, carpets, televisions, fridges and...More...
VAT Capital Goods Scheme28/09/2023
The VAT Capital Goods Scheme (CGS) is a means of spreading the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable supplies relating to the use of an asset over its lifetime.
The adjustment period for land and...More...
Charity Trustees Quiz26/09/2023
The Charity Commission has launched the next phase of its trustee campaign which aims to increase charity trustees’ knowledge and drive a positive change in charities’ governance.
The campaign encourages trustees to check what they know about their duties and aims to increase their awareness of the Commission’s 5-minute guides.
Help for businesses launching new AI26/09/2023
Organisations across the country will be able to demonstrate that their new artificial intelligence and digital innovations meet regulatory requirements so they can quickly bring them to market.
In their press release published 19 September 2023, the Department for Science, Innovation and Technology said:
A new pilot scheme set to...More...
Change to Company Accounts filing21/09/2023
The Economic Crime and Corporate Transparency Bill has completed its initial journey through the House of Commons and the House of Lords and is now at the stage known as, consideration of amendments. This is where the second House’s amendments are considered, and the Bill may go back and forth until both Houses agree on the Bill. The Bill...More...
Activities subject to the scope of VAT21/09/2023
There are a number of conditions that must be satisfied for an activity to be within the scope of UK VAT.
An activity will fall within the scope of VAT when all the following conditions are met:
it is done for consideration;
it is a supply of goods or services;
the supply is made in the UK;
it is made by a taxable person; or