Employers may meet the cost of certain social events for staff without creating a tax liability. This used to be a concession but is now a statutory exemption provided certain conditions apply. The exemption applies to an “annual party or similar function” provided it is available to all employees or available generally to those at […]

The State Opening of Parliament took place on 17 July and the King’s Speech set out the measures that the government intends to introduce during the next session of parliament. Other than a mention of the proposal to remove the VAT exemption for private school fees (which we covered in a previous edition of this […]

The government has now issued the draft legislation to abolish the special tax treatment of furnished holiday lettings (FHL) with effect from 6 April 2025 for individuals (1 April 2025 for corporation tax). This change will remove the tax advantages that current FHL landlords have received over other property businesses in 4 key areas by: […]

On 29 July 2024, the Chancellor announced that as of 1 January 2025, all education services and vocational training supplied by a private school, or a connected person, for a charge will be subject to VAT at the standard rate of 20%. Boarding services provided by a private school, or a connected person, will also […]

Date What’s Due 01/08 Corporation tax payment for year to 31/10/23 (unless quarterly instalments apply) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/08/24 (due 22/08/24 if you pay electronically) 01/09 Corporation tax for year to 30/11/23 (unless quarterly instalments apply) 19/09 PAYE & NIC deductions, and CIS return and […]

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 […]