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Tax Tips and News

  • Latest news round-up

    Newsletter issue - December 2021. The first tax sites in the Freeports announced at the Spring Budget have now been designated, meaning that businesses operating within them can now access some of the reliefs. The sites are located in three of the eight Freeport sites; namely Humber, Thames and Teeside as follows: Humber - Hull…Read More

  • Using the Import One-Stop-Shop for low value sales

    Newsletter issue - December 2021. The old low value import VAT threshold of €22 was abolished in June 2021. All exports (which now include sales of goods to the EU) are subject to VAT. Where the total value of the shipment doesn't exceed €150, the seller can opt to charge VAT at the point of…Read More

  • EIS - FTT considers risk to capital condition

    Newsletter issue - December 2021. The enterprise investment scheme (EIS) is a collection of tax incentives aimed at encouraging private investment into younger trading companies. EIS is well established; however, the rules have been subject to various changes and additions over the years. In summary, the reliefs available on a qualifying investment are: income tax…Read More

  • Let property: improvement v repair

    Newsletter issue - December 2021. The tax rules for property businesses have changed considerably since 2010, for example the restriction of relief for financing costs to the equivalent of a basic rate tax reducer (at best). Almost all these changes have been made with the aim of making property letting less attractive. This makes it…Read More

  • December Questions and Answers

    Newsletter issue - December 2021. Q. I recently made an investment of £100,000 under the Seed EIS scheme. However, as I don't have much income in the current tax year, I am going to make a carry back claim. I have also read that there is a 50% CGT exemption available. Should I sell some…Read More

  • December Key tax dates

    Newsletter issue - December 2021. 1 - Due date for payment of Corporation Tax for accounting periods ending 28 February 2021 7 - Electronic VAT return and payment due for quarter ended 31 October 2021 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/12/2021 30 - Last date to file tax…Read More

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