HMW Blog

Higher National Living Wage rates

Businesses that have a significant number of workers who are paid at the National Minimum Wage or National Living Wage (NLW) rates should probably read the recent independent report that…

Employing someone at home

Believe it or not, HMRC will consider you are the employer of a nanny, housekeeper, gardener or anyone else who works in your home if both the following criteria apply:…

Selling shares?

As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT). Shares and investments…

Working after State Pension age

It is fine to keep working past your State Retirement Age unless your employment is subject to retirement at a compulsory retirement age. If your employer does this, they must…

Gifts and Inheritance Tax

When you make a gift to third parties you are potentially transferring part of your estate and a life-time charge to IHT may be applied. However, in most cases you…

Negligible value claims

Occasionally, the tax system in the UK throws up an issue that does not make sense. For example, how can you create a tax loss for capital gains tax (CGT)…

The uncertainty continues

The Brexit issue continues to drag its heels and it now looks as if we will have a general election until matters are resolved. Another crucial matter that will be…

Heads up for contractors

Contractors completing energy improvements on the homes of low-income families will need to be registered with a new government quality scheme – the Energy Company Obligation (ECO) – to give…

Beefing-up UK exports

UK farmers looking for opportunities to export beef products to China will be encouraged by the recent relaxation of export criteria. A recent UK government press release titled “China opens…

Win while you save

In a further attempt to incentivise savings our government has created a new saving vehicle called a PrizeSaver account. Here’s what the Treasury press release on the launch says: Treasury…

Cars and taxing issues

We have listed below a number of issues that you will need to consider if directors or employees use a car for business purposes. Essentially, if the car is owned…

Paying tax if you are self-employed

If you are a sole trader or an individual member of a partnership you will likely be subject to income tax, and possibly National Insurance, on your earnings. Unfortunately, tax…

An update for hauliers

If you are involved in the transport of goods to and from the EU HMRC have posted useful guidance on what you will need to do to accommodate a no-deal…

Tax Diary October/November 2019

1 October 2019 – Due date for Corporation Tax due for the year ended 31 December 2018. 19 October 2019 – PAYE and NIC deductions due for month ended 5…

The loan charge controversy continues

The following press release was published by HMRC last month. Extracts are reproduced below: Sir Amyas Morse, the former Comptroller and Auditor General and Chief Executive of the National Audit…

About face by HMRC

Last month we reported the changes that CIS, VAT registered contractors and sub-contractors were about to face with the introduction of the “reverse charge” process from 1 October 2019. Shortly…

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