To reduce costs for UK firms that import certain goods from abroad, the Department for International Trade (DIT) has announced a new tariff suspension scheme. The aim, according to a recent press release, is designed to make UK companies more competitive. The published details of the scheme are reproduced below: From next month, firms based in the UK or Crown Dependencies will...
Muras Matters: Capital Allowances Super Deduction And Planning of Capital Expenditure
Background The Budget 2021 saw Chancellor Rishi Sunak introduce a new 130% super deduction capital allowance for companies and there has been a recent extension of the rules to now include leased assets. The super deduction is aimed at encouraging investment in plant and machinery by companies now rather than waiting until April 2023 when the tax saving will be at...
New rules to curb pension scammers.
The government is helping shut the door on social media scammers trying to plunder people’s pensions under new scam prevention measures due this autumn. Under the plans, suspicious requests could be stopped if pensions savers have been approached to access or transfer their savings uninvited via social media. Such unsolicited contact would trigger a “red flag” which would mean pension trustees...
How the lockdown rules are changing from 17th May
Fingers crossed that the present rise of the Indian COVID variant is restricted to localised outbreaks and that the intended relaxation of lockdown will generally go ahead as planned from 17th May. It would be a cruel irony if businesses that have been stocking up and training staff were told they could not open after all or that those desired summer...
Muras Matters: Tax Relief – Working From Home
Background As a result of the coronavirus pandemic requiring many employees to work from home, HM Revenue & Customs (HMRC) relaxed the rules on claiming the working from home tax relief for the 2020/21 tax year. This meant that an employee could claim a full year’s entitlement provided they had been required to work from home at some point during the...
Did you overclaim the SEISS grant?
A reminder that HMRC have set out detailed guidance for the self-employed who may have over-claimed any of their Self-Employed Income Support Scheme (SEISS) grants. The guidance is reproduced below: You must tell HMRC if, when you made the claim, you were not eligible for the grant. For example: for the first or second grant, your business was not adversely affected. for the third...
Running a limited company
Limited companies are owned by shareholders and managed by directors. Very often, especially in the case of smaller companies, the owners and managers (shareholders and directors) are the same persons. Unfortunately, each has separate roles and responsibilities. For example, as a director of a limited company you must: follow the company’s rules, shown in its articles of association. keep company records and report...
Muras Matters: Employment Related Securities – Annual Reporting
Background Where an individual acquires or receives a security in a company, either in the form of shares or other type of security, by virtue of their employment then it falls under the legislation of Employment Related Securities (“ERS”). Companies have a requirement to report to HM Revenue & Customs (HMRC) in respect of almost all share and securities acquisitions in...
Are your Child Benefits under threat?
For some time now, HMRC have had the power to claw back some or all of the Child Benefits you receive if either parent’s income exceeds £50,000. The benefit is recovered by the High Income Child Benefit Charge (HICBC). This states that if either parent had income over £50,000 and: either partner received Child Benefit, or someone else received Child Benefit for a...
Data Protection obligations
Everyone in business that handles personal data must register for data protection purposes with the Information Commissioners Office. Most business will need to pay an annual fee of £40 or £60 but this can rise to £2,900. Some organisations only pay £40 regardless of their size and turnover. These are: charities and small occupational pension schemes. If you need to register, there...