Blog

Banks will be granted new powers to delay and investigate payments suspected of fraud, enhancing consumer protection against scammers. Under new laws being proposed by the Government, banks will be able to extend the maximum delay for suspicious payments by up to 72 hours when there are reasonable grounds to suspect a payment is fraudulent and additional time is needed for investigation. Under the current regulations, banks are required to either complete or reject a payment by the close of the next business day. This extended time frame will...

New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on 1 October 2024. This change follows the enactment of The Employment (Allocation of Tips) Act 2023, commonly referred to as the Tipping Act, along with the statutory Code of Practice on the fair and transparent distribution of tips, which also took effect on 1 October 2024. This means that more than 2 million workers will have their tips protected. HMRC has estimated that this new law will mean an...

The GOV.UK ID Check app is used to allow applicants to verify their identify when they sign in to a government service with GOV.UK One Login. Once this had been completed satisfactorily, your identity information is automatically saved to your GOV.UK One Login. This means you will not need to prove your identity next time a service needs to check who you are. The app is available on both iPhone and Android platforms and will check that: your photo ID is real you are a real person you are the same person as in your photo ID You also need...

There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into effect on 1 March 2021, make the supply of most construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge only applies to supplies of specified construction services provided to other businesses within the construction sector. If you are VAT registered in the UK and supply services to the building and construction industry, you must use...

Chancellor Rachel Reeves has recently introduced a series of new measures aimed at advancing the priorities of the new government. The key announcements include: New funding for breakfast clubs at 750 schools with primary-aged pupils. The publication of a new Industrial Strategy in the spring. A reversal of the decision to write off over £640 million in Covid PPE contracts. HMRC will consult on the implementation of e-invoicing for businesses and government departments. Further details are as follows: School Breakfast Club Pilot The...

While there have been no specific announcements regarding changes to Business Asset Disposal Relief (BADR), the Chancellor may consider modifying this relief in the upcoming Budget. If you are contemplating selling your business soon, we can assist you in evaluating your options. BADR currently applies to the sale of a business, shares in a trading company, or an individual's interest in a trading partnership. When this relief is available, a Capital Gains Tax (CGT) rate of 10% applies instead of the standard rate, potentially resulting in...

The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing SMEs £22,000 a year on average and according to FSB research, leads to 50,000 business closures a year. The government will consult on tough new laws which will hold larger firms to account and get cash flowing back into businesses - helping deliver our mission to grow the economy. In addition, new legislation being brought in the coming weeks will require all...

A reminder that the government has stated that it will remove preferential tax treatment based on domicile status for all new foreign income and gains (FIG) that arise from 6 April 2025. To replace the present remittance basis of tax, the government will introduce an internationally competitive residence-based regime, providing 100% relief on FIG for new arrivals to the UK in their first four years of tax residence, this is provided that they have not been UK tax resident in any of the 10 consecutive years prior to their arrival. From 6 April...

1 November 2024 - Due date for Corporation Tax due for the year ended 31 January 2024. 19 November 2024 - PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax electronically the due date is 22 November 20244.) 19 November 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 November 20244. 19 November 2024 - CIS tax deducted for the month ended 5 November 2024 is payable by today. 1 December 2024 - Due date for Corporation Tax payable for the year ended 28 February 2024. 19 December 2024...

HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 670,000 young adults in this age group have unclaimed funds, with the average savings pot estimated to be marginally in excess of £2,000. Anyone who turned 18 on or after 1 September 2020 could have unclaimed money in a dormant CTF. Parents of children aged 18-22 should also check if their children have claimed the funds to which they are entitled. Children born between 1...