Blog
Financial Intermediaries
Businesses that serve as intermediaries in financial transactions often face uncertainty regarding whether their services qualify for the VAT exemption on financial services. We get asked by a myriad of businesses querying their VAT position, which includes IFA’s...
Spring Fiscal Statement 2025 Webinar
In this 30-minute webinar, the Ellacotts Tax, Agriculture & Property, VAT and Wealth Planning team discuss the Spring Fiscal Statement 2025. If you have a question that needs to be answered, please contact us. Spring Fiscal Statement 2025 Summary download...
Extra income: trade or hobby?
HMRC has a new online checker to help those with sources of income outside PAYE decide if they need to register for self assessment. Whether it’s letting out land or property through an online marketplace; or creating online content and earning through advertising or...
SDLT: what makes property uninhabitable?
HMRC has recently turned down a high number of claims for Stamp Duty Land Tax (SDLT) refunds. The claims were made on the grounds that a property in need of repair was unsuitable for use as a dwelling. In HMRC’s opinion, more than 95% of such claims are wrong. HMRC...
Double cab pick-ups: all change again
It’s been a long and winding road for a final decision on the tax treatment of double cab pick-ups (DCPUs). Just when it looked as if the question had been settled, Autumn Budget 2024 put it back in the headlines. Where these vehicles stand as regards the benefit in...
Work Expenses
Claims for PAYE employment expenses not reimbursed by the employer now automatically face greater scrutiny by HMRC. Each year, many employees claim tax relief for job-related expenses, such as subscriptions to professional bodies, business mileage, or travel and...
Paid help at home?
It’s always best to check the responsibilities around tax and employment rights. There are two key questions to ask. What is the employment status of your worker, and how does that impact you? If you hire someone who is neither self-employed, nor paid through an...
VAT: HMRC’s view of the pitfall
HMRC has recently issued new, detailed Guidelines for Compliance for VAT. ‘Help with VAT compliance controls’ aims to help businesses understand HMRC’s expectations and minimise errors. The Guidelines don’t change the law: rather, they give HMRC’s view on complex,...
Child Benefit: need-to-know
Since 6 April 2024, higher income thresholds have applied for the High Income Child Benefit Charge (HICBC), putting Child Benefit payment back on the map for some claimants, and opening the door to a first-time claim for others. The Charge and your options The HICBC...
Employment status: keep on top of the game
Employers will be aware how important it is to make sure you have got the employment status of workers right. But how do you know for sure? It’s hard. Just how hard, was evidenced by a case at the Supreme Court brought by Professional Game Match Officials Ltd (PGMOL),...
Pre year end tax planning 2025 Webinar
In this webinar, our team discuss the UK tax year ends on 6 April 2025, so March can provide a good opportunity to consider your finances and potentially save tax with careful end-of-year tax planning. https://vimeo.com/1056698868/76941ebae5?share=copy Information for...
VAT – Disbursements vs Recharges
Many of our clients operating in both the goods or services industries recharge costs such as subscriptions, professional fees, travel and subsistence expenses to their customers. We often get asked whether there should be VAT on these charges and often the incorrect...
VAT penalties update: Points mean penalties
The way in which HMRC charges penalties for late VAT return submissions and late VAT payments has changed. All VAT return periods starting on or after 1 January 2023 will be caught under the new VAT penalty system.
Less than a month until self-assessment deadline
With less than a month before the self-assessment deadline on 31 January 2025, a significant number of taxpayers are still yet to file their tax returns for the 2023/24 tax year. Taxpayers who fail to file their returns by the deadline will face an initial late filing...
VAT – Imports – Postponed VAT Accounting (PVA)
Postponed Import VAT Accounting was introduced on 1 January 2021 and VAT registered businesses can declare and reclaim import VAT (subject to the normal rules) via the same VAT return. This method helps to manage cashflow, as opposed to paying the VAT at the point of...
VAT – Energy Saving Materials (ESM’s)
Over the last few years, there has been a host of changes made to the VAT rules in respect of installation of ESM’s. Post Brexit, Great Britain was able to reverse the measures imposed by the CJEU to charge VAT at the reduced rate. In March 2022, the government at the...
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