Category Archives: Blog

Off-payroll working, will HMRC accept CEST result?

Since 6 April 2021 large and medium-sized organisations have had to determine whether or not a worker supplying their services via their own personal service company would be treated as an employee if directly engaged. HMRC suggest organisations use their Check Employment Status for Tax (CEST) tool on their website to check the worker’s status,…

Making Tax Digital for VAT (MTDfV)

As you may have heard, HM Revenue & Customs have already started implementation of MTDfV, however, the first phase introduced a couple of years ago was only necessary if your VAT registered business had a turnover above the VAT threshold, currently £85,000. If your business is VAT registered, but is not already filing MTD VAT…

We are looking for individuals to join our payroll team in Ambleside

At Saint & Co we work with clients all along their journey, whether they’re just starting or an established business or a private individual. We have a full range of accounting, tax, wealth and business advisory services to help our clients improve, streamline and grow their business and personal finances. We’ve earned a reputation for…

Company loss relief can be claimed early

Where a company makes a trading loss of no more than £200,000 in an accounting period it is now possible to claim relief for that loss even though the corporation tax return CT600 has not been submitted. This will enable the company to carry back the loss to earlier years and obtain a repayment of…

Claiming the employment allowance in 2021/2022

Claiming employment allowance means reducing your annual National Insurance liability as a business owner or employer by up to £4,000. Since April 2020, receiving employment allowance is now reliant on you making what’s known as a de minimis State Aid declaration. This may sound daunting, but we’ll break down exactly how you can do this…

Making Tax Digital (MTD) coming soon for income tax

VAT registered business making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2023. The obligation to keep records in a digital format and report information quarterly…

Guidance on SEISS turnover test issued by HMRC

The fifth (and final) SEISS grant  for the self-employed is now available to claim. You must make your claim on or before 30 September 2021. HMRC will contact those traders that may be eligible with their claim date. The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed…

Furnished Holiday Letting (FHL)

Where a property is let out as a furnished holiday let as opposed to a longer term residential let, there are a number of advantageous tax reliefs available including the following: Business Asset Disposal relief – Taxable gains on disposal of FHL properties are charged at a lower Capital Gains Tax rate of 10%. Gains…