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Archive:August 2021

Please find below all the articles from August 2021.

Tax-free childcare and summer activities

HMRC has issued a reminder to working parents that Tax-Free childcare (TFC), the scheme the government phased in between 2017 and 2018, is not just for "traditional" childcare costs, such as regular hours after school during term time. It’s also possible to use the account to pay for things like accredited clubs or sports activities over the summer.

TFC is available for children aged up to 11 generally and takes the form of a top-up scheme – parents pay into the account and HMRC tops it up…

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Invalid VAT invoices

One of the fundamental requirements for re-claiming input tax on a VAT return is the need to have a valid VAT invoice. A valid invoice must include certain requisite information, such details of the goods or services procured, the VAT registration number of the supplier, their address, and show the amount of VAT on a separate line to the cost of the expense.

HMRC routinely carry out VAT inspections for compliance purposes. If they find invoices that don’t meet these requirements there will be classed as invalid…

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Investors’ relief – the forgotten CGT break?

Investors’ Relief (IR) was introduced in April 2016 to complement what was then called entrepreneurs’ relief. IR is intended to encourage outside investment into smaller entrepreneurial companies by those investors who may not wish to get involved with the day-to-day running of the business. Entrepreneurs’ relief, now called Business Asset Disposal Relief (BADR), requires the shareholder to be a director or employee of the issuing company. In contrast, IR prohibits the shareholder from being a "relevant employee " (with some exceptions) during the minimum shareholding period – referred…

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Latest news round up


From 1 August the government contribution will fall to 60%, meaning the employer will need to pay 20% to ensure the employee receives their entitlement of 80% (subject to a £2,400 per month). This will remain in place until the end of September when the scheme is set to close.

HMRC published new guidance for those who have received SEISS grant payments last month. The guidance covers situations where the SEISS income may not have been correctly reported on the self-assessment return. The income…

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