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February 8, 2021
At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2020/21 tax year (currently £20,000 each). You might…Read More
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
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
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
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
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
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
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
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
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
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.
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.
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
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
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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