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Can an employer pay a long-serving employee a tax-free retirement bonus?

It is not unusual for businesses to want to pay long-serving employees a cash bonus when they retire. But can this be done tax free, and if not, are any other options available? In brief, the answer is “no – tax is payable”. Any sum paid to the retiring employee would be subject to PAYE […]

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Post-Brexit, what are the changes to the rules on importing, exporting and labelling organic food and other products?

The rules for importing and exporting changed from 1 January 2021, with resulting changes in labelling requirements. This article examines some of these changes. Importing and exporting organic food and feed – changes from 1 July 2022 For the purposes of organic food and feed, the UK and the EU (plus Norway, Iceland and Liechtenstein) […]

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Government announces review of the taxation of residential property income

The Office for Tax Simplification (OTS) has published a scoping document for a review of the taxation of property income, and mgr is taking part in the consultation process. This article examines the review. The review’s focus is to identify opportunities to simplify the tax and administrative treatment of individuals, partnerships or micro companies that […]

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Properties affected by the annual tax on enveloped dwellings (ATED) must be revalued as at 1 April 2022

Companies and some partnerships that own residential property in the UK valued at more than £500,000 are required to file annual ATED returns and may have to pay an annual ATED tax. All relevant residential properties need to be revalued as at 1 April 2022 to cover ATED returns for the next five years and […]

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National Insurance and tax on dividends to increase from April 2022

National insurance and dividend tax rates are increasing by the addition of 1.25% from 6 April 2022 to fund reforms to social care and help the NHS recover from the impact of the pandemic. The government is introducing a new health and social care (H&SC) levy to fund what it calls “the biggest catch-up programme […]

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New penalties for late tax submissions to be introduced in January 2023

The government is changing the sanctions for late tax submissions and payments, starting with VAT in January 2023, followed by Income Tax Self Assessment (ITSA) in April 2024. Overview The new late payment and submission penalties will apply to taxpayers who fail to pay tax or file returns on time. The new regime will penalise […]

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Traders should prepare for new EU/UK customs controls in place from 1 January 2022

New customs and border requirements and procedures apply to most goods imported from or exported to the European Union from 1 January 2022. In this article, we outline the main changes. The government has set out a staged timetable for introducing border controls for goods moving between the UK and the EU. Both importers and […]

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Anette Holzinger and Jill Springbett attend ETL Global meetings in Europe

mgr has been a member of the ETL Global network since November 2018. Due to the pandemic, it has not been possible for us to meet fellow ETL Global members in person until recently when Anette Holzinger, Director of Inward Investment Services, and Jill Springbett, Partner, travelled to Berlin and Paris, respectively. Anette and Jill […]

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“As many as 90% of spreadsheets contain a mistake” mgr’s financial controller, Thomas Edmunds, contributed to the ICAEW’s latest thought leadership publication, “How to review a spreadsheet”. The guide focuses on five main review stages: Initial review: checking the initial impression of the state of the workbook. Structural review: checking that the spreadsheet is well laid out and […]

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HMRC targets tax evaders and avoiders with new joint and several liability notices

The ‘joint and several liability of company directors, etc’ legislation was introduced in the Finance Act 2020 to help deliver fairness across the tax system. We examine who the new legislation applies to and how HMRC will enforce it. Who is the legislation aimed at? The purpose of the new joint and several liability legislation […]

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Making Tax Digital for Income Tax delayed until April 2024

Businesses will have an extra year to prepare for the digitisation of Income Tax Self Assessment (ITSA) after the government announced a delay of one year last week. This is due to the challenges faced by many businesses and HMRC as the country emerges from the pandemic. Making Tax Digital (MTD) for ITSA will now […]

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What are the new VAT rules for online sales to EU customers?

The One Stop Shop scheme (OSS) and Import One Stop Shop scheme (IOSS) introduced in July 2021 aim to simplify the VAT compliance burden on online sellers. In this article, we look at both schemes and how they work for UK businesses. The new VAT rules, known as ‘the EU VAT e-commerce package’, comprise two […]

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Government names, shames and fines employers that fail to pay National Minimum Wage

The government has named and shamed 191 employers who have paid employees less than the minimum wage, including household names such as John Lewis, Pret A Manger and The Body Shop International. The named firms have been fined for owing £2.1m to more than 34,000 workers. Business Minister Paul Scully has warned that “employers that […]

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Inward Investment into the UK After Brexit

In October we collaborated with law firm, Glaisyers Solicitors to produce a webinar surrounding Inward Investment into the UK After Brexit. The webinar was hosted by mgr’s Managing Partner, Nick Muir, and Senior Manager and Anette Holzinger, along side William Pinnock, Head of Corporate, from Glaisyers Solicitors to discuss Brexit and it’s current legal and […]

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How has Covid-19 affected the completion of P11D submissions for benefits in kind?

The Covid-19 pandemic has changed the way people work and, in turn, has affected the expenses employees have incurred. What impact will this have on the annual P11Ds for 2020/2021, which are due for submission to HMRC by 6 July 2021? Employees working from home – extra costs Many employees have been forced to work […]

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Government launches Help to Grow programmes for small businesses – with more to come

The government’s new Help to Grow: Management and Help to Grow: Digital programmes are designed to help small and medium-sized businesses in the UK learn new skills, reach new customers and boost profits. Help to Grow: Management has been launched this month. Help to Grow: Digital will follow in the autumn. Help to Grow: Management […]

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Employers required to contribute 10% to furlough payments from 1 July

The level of grant available to employers under the Coronavirus Job Retention Scheme (furlough) is changing from 1 July 2021, with employers being required to contribute 10%. In this article, we examine the changes. In the spring Budget, the government extended the Coronavirus Job Retention Scheme (CJRS) to 30 September 2021. At the same time, […]

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Fifth Self-Employment Income Support Scheme (SEISS) grant opens for claims in July

The fifth Self-Employment Income Support Scheme (SEISS) grant covering May to September 2021 opens for claims in July. This article sets out who can claim, how this fifth grant differs from the previous ones and when you can claim. The Self-Employment Income Support Scheme was introduced at the start of the pandemic to support self-employed […]

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Government extends Bounce Back Loan repayment terms

The government introduced the Bounce Back Loan Scheme (BBLS) in May 2020 to help businesses access finance quickly during the Covid-19 pandemic. Businesses that took out these loans will now have more flexibility in relation to their repayment. The Bounce Back Loan Scheme (BBLS) enabled small and medium-sized businesses to borrow between £2,000 and £50,000 […]

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The IR35 rules are being extended to the private sector on 6 April 2021 – what you need to know

The extension of the off-payroll working rules (IR35) to the private sector was due to come into force on 6 April 2020 but was delayed due to the Covid-19 pandemic. The new rules now come into force on 6 April 2021 and apply to medium or large private sector end users/clients, and there is an […]

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£2,000 available for SMEs to help with new EU trade rules

A new £20m SME Brexit Support Fund offers grants of up to £2,000 to SMEs to give them the practical support they need to adjust to the new EU trading rules The fund is available to help with training and professional advice for businesses with up to 500 employees and no more than £100m in […]

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Budget 2021: key points in brief

Chancellor of the Exchequer Rishi Sunak’s Budget set out the government’s plans for fixing the “acute damage” to public finances caused by the pandemic. These include new measures to help businesses and jobs through the months ahead and several tax-raising plans to rebalance the public purse. Rishi Sunak opened his Budget by saying he would […]

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Stamp duty holiday expected to be extended until June in next week’s Budget

Chancellor Rishi Sunak is reported to have decided on a three-month extension of the current stamp duty holiday until the end of June 2021. After months of lobbying from the property industry, Rishi Sunak is expected to announce in next Wednesday’s Budget that the stamp duty holiday due to end on 31 March will be […]

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How will Brexit affect Britons buying or selling second homes in France?

In this article, Jill Springbett considers the impact Brexit will have on Britons buying or selling a property in France now that the UK has left the European Union. France is one the most popular places in the world for Britons to own a second home, with estimates of the number of people owning properties […]

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Coronavirus support grants – Retail, hospitality and leisure

The government have outlined a further £4.6 billion support package to benefit more than 600,000 retail, hospitality and leisure sector business properties, with one off grants of up to £9,000 being made available. The grants will be available to businesses forced to close under the current lockdown, as follows: £4,000 for businesses with a rateable […]

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No late filing penalty for 2019-20 Self Assessment returns

HMRC have announced that Self Assessment tax payers will not receive a penalty if they file their 2019-20 tax return late, as long as they file it online by 28 February. However, HMRC say that they encourage those tax payers who are able, to file their return by 31 January. You still must pay your Self Assessment […]

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Green Homes Grant extended until March 2022

Homeowners will now have until March 2022 to apply for vouchers for energy-saving home improvements. The £2bn scheme was due to end on 31 March 2021, but the government has extended it for a further year. Chancellor Rishi Sunak announced last July that homeowners and landlords could receive a grant of up to £5,000 to […]

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New VAT checking tool will replace VIES for UK businesses from 1 January 2021

The VAT Information System (VIES) operated by the European Commission allows users to verify the validity of a VAT number issued by any EU member state. With the UK leaving the EU, it will no longer be possible to check a UK VAT number using this tool after 31 December 2020. If you want to […]

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Coronavirus Job Retention Scheme Extended

UK Chancellor Rishi Sunak has confirmed that he will extend the furlough scheme across the UK until the end of March 2021, to provide businesses with certainty throughout the winter. The government is extending the Coronavirus Job Retention Scheme (CJRS) to support individuals and businesses who have been adversely impacted by COVID-19. The CJRS will remain open until 31 […]

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Self-Employment Income Support Scheme Grant Extension

Chancellor, Rishi Sunak, has confirmed he has extended the Self-Employed Income Support Scheme (SEISS) from 1 November 2020 to 30 April 2021. The Self-Employment Income Support Scheme Grant Extension will provide support to the self-employed in the form of two grants, each available for three-month periods covering November 2020 to January 2021, and February 2021 […]