Business Asset Rollover Relief is a valuable relief that allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the tax on the gain of the old asset is

As international travel options are normalising it is important to consider the rules for carrying cash when travelling.  If you carry cash of £10,000 or more when you enter or leave Great Britain to or from any other country, you must declare it. Travellers from Great Britain need to declare if they are carrying cash of €10,000

The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing cost of living crisis. The Chancellor also stressed that, apart from the untold human suffering, the Russian invasion of Ukraine is creating further uncertainty in the domestic and global economy, particularly in relation to energy

HMRC has issued a new Policy paper entitled ‘Lennartz mechanism and VAT accounting’.  The VAT rules which allowed for full VAT recovery on the purchase of certain business assets used for both business and private or non-business use changed with effect from 1 January 2011.  Previously a business using the ‘Lennartz mechanism’ could opt to

The government has published updated Codes of Practice on preventing illegal working, and on avoiding unlawful discrimination while preventing illegal working, both of which will come into force from 6 April 2022.  The Codes of Practice include several changes and additions to reflect forthcoming changes to right to work checks from 6 April 2022. For

The government has set out its Living with COVID-19 plan for removing the remaining legal restrictions in England while protecting people most vulnerable to COVID-19. From an employment perspective, from 24 February 2022: those testing positive for COVID-19 are no longer legally required to self-isolate – individuals who test positive continue to be advised to

Acas has published new advice for employers on time off work for bereavement. The guidance covers: leave and pay when someone dies, including the statutory right to time off for dependants the position if an employee’s child dies the position if an employee or their partner has a stillbirth or miscarriage the statutory parental bereavement

HMRC has published corrected figures that show the tax gap for the 2019-20 tax year is 5.2% (reduced from 5.3%). The error was due to an overestimation of the Corporation Tax gap in both 2019-20 and 2018-19. The tax gap is basically the difference between the amount of tax due and the amount of tax

The government has issued a consultation seeking views on proposed amendments to the Code of Practice for employers on avoiding unlawful discrimination while preventing illegal working. It has produced a revised version of the Code of Practice which is intended to apply to all employment commencing on or after 6 April 2022, and to repeat

HMRC has recently updated the Capital allowances for plant and machinery toolkit for 2020-21. This toolkit is aimed at helping and supporting tax agents and advisers by providing guidance on the errors HMRC find commonly occur in relation to capital allowances for plant and machinery. These errors usually relate to record keeping, acquisitions & disposals