Red Shoes Accounting Services

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News

Amber gets green light at Red Shoes Accounting

15/02/2020

We are delighted to welcome trainee accountant, Amber Smith, as the team continues to grow. Amber will be responsible for the accurate and efficient processing of client personal tax returns, VAT returns and corporation tax returns as well as

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Employer toolkit for EU Settlement Scheme published

19/02/2020

Following Brexit, the government has published an updated toolkit for employers on how to support their employees who are EU citizens (including EEA and Swiss citizens) to apply to stay in the UK. The content includes print and digital fact sheets,

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Change to the off-payroll working rules

19/02/2020

As part of a review into changes to the operation of the off-payroll working rules (IR35), HMRC has announced that the changes will only apply to payments made for services provided on or after 6 April 2020. Previously, the rules would have applied

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Could you claim the marriage allowance?

18/02/2020

If you are entitled to the marriage allowance and have not yet applied, you could receive a payment of up to £1,150 from HMRC. HMRC used the occasion of Valentine’s Day to remind couples to make a claim. It is estimated that whilst 1.78

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Budget date re-confirmed

18/02/2020

After a tumultuous few days in politics, it has been confirmed by the new Chancellor of the Exchequer, Rishi Sunak that the Budget will take place as planned on Wednesday 11 March 2020. There has been fevered press speculation that the new

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Tax if you return to the UK

18/02/2020

There are tax implications that you will need to consider if you previously left the UK to live abroad and are now returning to live and work in the UK or are considering such a move. In most cases, if you have returned to live in the UK, you will

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Rent a room relief 2019-20

18/02/2020

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April 2016. If you are using this scheme you should ensure

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Student and postgraduate loans

18/02/2020

If you have a student loan, have finished your studies and entered the workforce you must begin to make loan repayments from the April after you have finished your studies or when your income begins to exceed the annual threshold. The annual

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PAYE payment dates

18/02/2020

This article is a reminder to payroll staff about the electronic PAYE payment dates. The due date for electronic PAYE payments falls on the 22nd of the month and when a payment is made electronically, a payment on the day usually suffices. However,

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New bandings for electric vehicles

18/02/2020

From 6 April 2020, the car and car fuel benefit calculations are changing with the introduction of 11 new bands for ultra-low emission vehicles (ULEVs) including a separate zero emissions band. If a car has a CO2 emission figure of 1-50g/km

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IHT tenants in common or joint tenants?

18/02/2020

As a general rule, Inheritance Tax (IHT) is collected from a person's estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to be paid if the value of the estate is

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A reminder – badges of trade

18/02/2020

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side-line to a hobby. Eventually, taxpayers may have to decide if

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Breathing space to help those in debt

11/02/2020

HM Treasury has confirmed that the new 'breathing space' scheme to help those with problem debts will become operational next year. The scheme will provide legal protections from creditor action while those affected will receive professional

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Scottish Income Tax rates announced 2020-21

11/02/2020

Public finance minister Kate Forbes delivered her first Budget statement to the Scottish Parliament on 6 February 2020. This followed the shock resignation of finance minister, Derek Mackay. This is the first time that Scotland has held a Budget

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Still time to utilise annual tax-free allowance

11/02/2020

We would like to remind our readers that there is still time to use the annual exemption for Capital Gains Tax (CGT). In the current 2019-20 tax year, this amounts to £12,000. This means that there is no CGT to pay on the first £12,000 of

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Checking your NIC records

11/02/2020

HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up

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Review occupancy for Holiday Lets owners

11/02/2020

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The

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Change to off-payroll working rules

11/02/2020

A welcome change to the implementation of the new off-payroll working rules has been announced. The Government has confirmed that the changes that come into effect April 2020 will not be retrospective. This means that the new rules will only apply to

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