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Reverse charge VAT for building services imminent

January 21, 2021

The new rules for certain building services will finally take effect from 1 March 2021. Where the rules apply, a trader will not charge VAT on their invoice. Instead, their customer will account for the VAT by making a “reverse charge” entry on their VAT return. In practical terms, this means that the customer will…Read More

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Self Employed Income Support Scheme (SEISS) third grant deadline

January 14, 2021

The third SEISS grant is open for claims until midnight on Friday 29 January. Eligible people must claim on or before this date. The easiest way to claim is via https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme Eligibility for the third SEISS grant is limited to people whose business has faced reduced demand, or has been temporarily unable to trade due…Read More

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A Different Happy Christmas!

December 14, 2020

We have always enjoyed seeing our Clients visit the office over Christmas and some have been lucky enough to win a gift in our Christmas Tombola. This Christmas, as we can’t invite clients to visit the office, and in the light of the difficult year it has been, we have decided on a different approach.…Read More

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Make a claim if you are working from home

December 10, 2020

With more of us working from home there is good news from HMRC that employees can now make a claim for tax relief to cover some of their costs while they are working from home. The previous rule for employees was that there had to be a home working arrangement with their employer under which…Read More

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How about a virtual Christmas party?

December 7, 2020

HMRC are not the Grinch after all. They have recently announced that employers may arrange a “virtual” Christmas party this year and there will be no taxable benefit for employees provided that all staff are invited and the cost per head does not exceed the normal £150 limit. Plus Christmas gifts of up to £50…Read More

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More time to pay Tax due on 31 January 2021

November 19, 2020

Those taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC provided the amount outstanding is no more than £30,000. The government have already agreed that amounts due under self-assessment on 31 July 2020 could be deferred until 31 January 2021 but…Read More

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Rent Covered by Rent a Room Relief

November 16, 2020

For many property owners the rental income will be tax free if it is within the £7,500 rent a room relief and will not even need to be reported. This applies where room(s) in the taxpayer’s main residence are rented out, typically to lodgers. Where the house is owned jointly they would qualify for £3,750…Read More

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Airbnb Reporting Property Rental Details to HMRC

November 13, 2020

You may have seen in the newspapers that Airbnb will share data with HMRC about the earnings of hosts (those who let out property) on its UK platform in the years 2017/18 and 2018/19. It is anticipated that HMRC will use this data to open enquiries into the tax affairs of individuals who have not…Read More

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Considering an Electric Company Car?

October 30, 2020

There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23. The zero taxable benefit also applies to hybrid cars emitting…Read More

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Recent Measures Announced By The Chancellor

October 26, 2020

The temporary 5% rate of VAT for the hospitality sector, accommodation and attractions will be extended to 31 March 2021. Businesses that have deferred their VAT payments will be able to pay back the deferred amount over 11 months. The “Bounce-back” and CBILS loans can be repaid over 10 years instead of 6 years.

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Introducing Owen to our Team

October 23, 2020

We’d like to introduce and welcome Owen to the Cowley Holmes Team. Owen is studying an apprenticeship to work his way towards his qualification to be a Level 4 Professional Accounting Taxation Technician. Check out our Meet the Team page at https://cowleyholmes.co.uk/become-a-client/meet-the-team/owen-cowley/ to see Owen’s profile.

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Congratulations to Pauline on 20 years service at Cowley Holmes!

October 5, 2020

A big thank you to Pauline on her 20th year anniversary at Cowley Holmes. Here’s to the years of… loyalty and dedication; moments of joy and frustration; hard work and ideas; laughs and tears; training and mentoring; learning and developing; contributions to success; straight talking and finesse; work ethic and leadership; companionship and friendship; and…Read More

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MTD for VAT to be extended to all VAT Registered Businesses in 2022

September 14, 2020

Since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software. From April 2022 these requirements will apply to all VAT-registered businesses. It has also been announced that MTD for Income Tax…Read More

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Vat Definition of “Motor Car”

September 10, 2020

For VAT purposes the definition of a motor car has been amended several times over the years. The current definition states:   “Motor car” means any motor vehicle of a kind normally used on public roads which has three or more wheels and either: a)    is constructed or adapted solely or mainly for the carriage…Read More

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Company Vans Were Motor Cars

September 7, 2020

The Court of Appeal have now ruled on the tax status of certain vehicles provided to employees of Coca Cola. The court has upheld the HMRC view that vans with windows and a second row of seats behind the driver are not goods vehicles but motor cars for benefit in kind purposes. Consequently, the income…Read More

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