Both the Conservative and Labour parties have pledged not to increase income tax, national insurance or VAT, although the Labour party have pledged to introduce VAT on private school fees. Both parties are also committed to clamping down on tax avoidance and evasion which they claim will fund their spending plans.  Both of the main […]

The Institute of Fiscal Studies (IFS) indicates charging VAT on private schools would generate revenue of £1.6bn per year, which Labour claim would fund 6,500 extra teachers. Many parents have been asking if there is any planning to avoid the 20% increase in private school fees. However, the actual increase may not technically be a […]

The time of supply is the earlier of: the date when the supply is ‘really’ made, referred to as the basic tax point; the date when a tax invoice is issued in respect of the supply; and the date when payment is received for the supply. There are a number of refinements to be borne […]

As mentioned in the diary of main tax events, form P11D for reporting benefits provided to employees and directors needs to be submitted online by 6 July. The most common benefits provided are company cars, private healthcare and loans at less than the 2.25% HMRC official rate of interest. Where company cars are provided it […]

If you have children under 12 who attend a nursery, after school club, playscheme or childminder, or you are considering sending them to a summer camp, you should think about setting up a tax-free childcare account. The government adds 25% to the amounts that you save in the account – up to £2,000 for each […]

When a holding company sells shares in a subsidiary, the VAT incurred on the professional fees involved would normally be irrecoverable, on the basis that a sale of shares is an exempt supply. In a recent case a hotel group argued that a subsidiary was sold in order to finance the completion of construction of […]

Date What’s Due 01/07 Corporation tax payment for year to 30/9/23 (unless quarterly instalments apply) 05/07 Last date for agreeing PAYE settlement agreements for 2023/24 employee benefits 05/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2023/24 06/07 Deadline for forms P11D and P11D(b) for […]

P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software. Remember that reimbursed expenses no longer need to be […]

The deadline for reporting shares and securities and share options issued to employees for 2023/24 is 6 July 2024. This is the same as the deadline for reporting expenses and benefits provided to employees on form P11d for 2023/24. Employers must submit their employment related securities annual returns online and attach the appropriate spreadsheet template […]

Where a company car is provided for use by an employee or director there is a benefit in kind taxable on the employee based on the original list price of the vehicle multiplied by the CO2 emissions percentage for that vehicle. There is an additional benefit in kind where private fuel is paid for by […]