NEWSLETTER ARTICLES

 

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18-10-2018
Anti-money laundering rules

Anti-money laundering rules

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and ... read more

18-10-2018
New style £50 note to be introduced

New style £50 note to be introduced

In a joint statement issued by HM Treasury and the Bank of England it had been confirmed that the £50 note is to continue to be part of the UK currency. The new £50 note will be designed and printed ... read more

18-10-2018
Tax to pay if you exceed the annual pensions allowance

Tax to pay if you exceed the annual pensions allowance

The annual allowance for tax relief on pensions has been fixed at the current level of £40,000 since 6 April 2014. The previous allowance was £50,000 and prior to 6 April 2011, the annual allowance ... read more

18-10-2018
Son’s failed investment in father’s company

Son’s failed investment in father’s company

A recent Upper Tribunal case examined whether a sole trader operating a skip hire business was entitled to Income Tax relief on irrecoverable loans made to a company. The company was owned by the sole ... read more

18-10-2018
Electing not to have Incorporation Relief

Electing not to have Incorporation Relief

If a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business ... read more

18-10-2018
Tapering of residence nil rate band

Tapering of residence nil rate band

The Inheritance Tax main residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB is a transferable allowance for married couples and civil partners (per person) when their main ... read more

18-10-2018
Finance (No.3) Bill and the Budget

Finance (No.3) Bill and the Budget

The Financial Secretary to the Treasury, Mel Stride has confirmed that the government will publish Finance (No.3) Bill on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance ... read more

18-10-2018
MTD for VAT pilot extended

MTD for VAT pilot extended

The introduction of Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will have to keep their ... read more

15-10-2018
Data protection self-assessment checklist launched for small business owners

Data protection self-assessment checklist launched for small business owners

The Information Commissioner's Office (ICO) has launched a self-assessment checklist to help small business owners and sole traders to assess their compliance with the GDPR and the Data Protection Act ... read more

11-10-2018
Company director imprisoned

Company director imprisoned

A director of a company that manufactured security systems has been found guilty of two counts of fraudulent trading and one count of fraudulently removing property in anticipation of winding up. He ... read more

11-10-2018
The end of late payments by large organisations?

The end of late payments by large organisations?

The government has been trying to combat the widespread issue of large businesses abusing their position by making late payments to small businesses. This initiative has included the launch of the ... read more

11-10-2018
Importing from non-EU countries

Importing from non-EU countries

There are special rules for businesses that import goods from non-EU countries. Whilst most smaller businesses importing goods will use a courier or freight forwarder it is still important to be aware ... read more

11-10-2018
Self-assessment filing deadline

Self-assessment filing deadline

The 2017-18 tax return deadline for taxpayers using a paper self-assessment return is 31 October 2018. Late submission of a self-assessment return will become liable to a £100 late filing penalty. The ... read more

11-10-2018
VAT - option to tax

VAT - option to tax

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent ... read more

11-10-2018
Companies and trading losses

Companies and trading losses

Corporation Tax relief may be available when a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offset against other gains or profits of the ... read more

11-10-2018
The Digital Disclosure Service

The Digital Disclosure Service

HMRC has used targeted campaigns to recover underpaid taxes and penalties from specific sectors and industries where significant underpayment of tax has been identified. The use of these campaigns is ... read more

11-10-2018
Genuine messages from HMRC

Genuine messages from HMRC

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This ... read more

03-10-2018
Charity filing deadline approaching

Charity filing deadline approaching

The Charity Commission has warned charities that the deadline for submitting the 2017 annual return is fast approaching. The deadline for charities with a standard 12-month accounting period is 31 ... read more

03-10-2018
When do you pay Income Tax?

When do you pay Income Tax?

Income Tax, unsurprisingly, is a tax on income. To be more specific, it is a tax on the income of individuals and non-incorporated businesses. However, there are some types of income where no Income ... read more

03-10-2018
What are National Insurance credits?

What are National Insurance credits?

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the amount of qualifying years of National Insurance ... read more

03-10-2018
Gift Aid donations for food and drink

Gift Aid donations for food and drink

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and provided all the qualifying conditions are met, ... read more

03-10-2018
Class 3 NICs

Class 3 NICs

Class 3 National Insurance Contributions (NICs) are a voluntary contribution paid by those wishing to fill gaps in their NICs contribution record and can be used by taxpayers who have not made ... read more

03-10-2018
Limitations of trivial benefit claims

Limitations of trivial benefit claims

Under HMRC’s rules, there is no tax to pay on trivial benefits in kind (BiK) provided to employees where all of the following apply: the benefit is not cash or a cash-voucher; and costs £50 or ... read more

03-10-2018
Eligibility to claim Entrepreneurs’ Relief

Eligibility to claim Entrepreneurs’ Relief

Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax (CGT) of 10% ... read more

03-10-2018
Ways to liquidate a limited company

Ways to liquidate a limited company

There are a number of reasons why a limited company may be no longer required and can be shut down. This may be because the limited company structure: no longer suits the needs of its owners, the ... read more

03-10-2018
High penalties for offshore tax evasion

High penalties for offshore tax evasion

There are higher penalties for taxpayers evading Income Tax and Capital Gains Tax relating to offshore matters. HMRC’s compliance check notice entitled Higher penalties for offshore matters, has ... read more

26-09-2018
Alert for VAT registered traders

Alert for VAT registered traders

The deadline for businesses with a turnover above the VAT threshold to keep digital records and provide regular digital updates to HMRC for VAT purposes using Making Tax Digital (MTD) is fast ... read more

26-09-2018
Late night taxis for employees

Late night taxis for employees

There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of care to their employees, which means that they should take all steps ... read more

26-09-2018
Do capital gains affect tax credit claims?

Do capital gains affect tax credit claims?

There are special income eligibility rules for making tax credit claims. The amount and type of income you (and your partner for a joint claim) have will affect how much tax credits you might get. ... read more

26-09-2018
Taxpayer wins appeal against filing penalties

Taxpayer wins appeal against filing penalties

The First-Tier Tribunal (FTT) recently heard a taxpayers appeal against penalties imposed for the late filing of his self assessment return in respect of the 2014-15 tax year. The taxpayer had income ... read more

26-09-2018
Employer pension contributions

Employer pension contributions

Employer contributions to any type of pension arrangement in a registered pension scheme are always paid gross. Tax relief is given by deducting the gross amount of the contributions from an ... read more

26-09-2018
Benefits provided by someone other than their employer

Benefits provided by someone other than their employer

Benefits provided to an employee by someone other than the employer (often known as 'third party benefits') are taxable on the employee if they are provided by reason of their employment. For example, ... read more

26-09-2018
Date announced for Autumn Budget 2018

The Chancellor has announced that the Autumn Budget 2018 will be held on Monday, 29 October 2018. The announcement was made on the GOV.UK website. The Treasury said the Budget will set out the ... read more

20-09-2018
Tax Diary October/November 2018

1 October 2018 - Due date for Corporation Tax due for the year ended 31 December 2017. 19 October 2018 - PAYE and NIC deductions due for month ended 5 October 2018. (If you pay your tax ... read more

18-09-2018
Budget date remains to be confirmed

Budget date remains to be confirmed

The Chancellor Philip Hammond, has stated before the House of Lords Economic Affairs Committee, that he is not yet in a position to announce a date for the Autumn Budget 2018 saying it was 'difficult ... read more

18-09-2018
Help-to-Save scheme launched

Help-to-Save scheme launched

The new Help to Save scheme for people on low incomes was officially opened with effect from 12 September 2018 following an 8-month trial. The new scheme allows those in work entitled to Working Tax ... read more

18-09-2018
CGT record keeping

CGT record keeping

The annual Capital Gains Tax (CGT) exemption for individuals is £11,700 for 2018-19. A husband and wife each benefit from a separate exemption. Same-sex couples who acquire a legal status as civil ... read more

18-09-2018
Childcare and compensation claims

Childcare and compensation claims

The Tax-Free Childcare Scheme (TFCS) helps support working families with their childcare costs. The scheme provides for a government top-up on parental contributions. For every 80p in the £1 ... read more

18-09-2018
Spotless but not tax deductible

Spotless but not tax deductible

The First-Tier Tribunal (FTT) recently heard three joined appeals that concerned the availability of tax relief for employee expenses. In each of the cases the expense claims related to the costs ... read more

18-09-2018
Stamp duty and leasehold property

Stamp duty and leasehold property

Stamp Duty Land Tax (SDLT) is payable whether you buy a freehold property, a new or existing leasehold property or a shared ownership property. SDLT has been replaced in Scotland by the Land and ... read more

18-09-2018
Accommodation expenses and benefits

Accommodation expenses and benefits

There are special rules for the provision of living accommodation to employees under certain circumstances. In most cases, employees will pay tax on any living accommodation provided by an employer ... read more

18-09-2018
Paper Self-Assessment return deadline

Paper Self-Assessment  return deadline

The 2017-18 tax return deadline for taxpayers who continue to submit paper Self-Assessment returns, is 31 October 2018. Late submission of a Self-Assessment return will become liable to a £100 late ... read more

13-09-2018
Self-employed Class 2 NIC changes cancelled

Self-employed Class 2 NIC changes cancelled

In a surprise move, the government has announced that, following a lengthy consultation, the planned abolition of Class 2 National Insurance Contributions (NIC) will not take place in the current ... read more

13-09-2018
Receipts to cover certain expenses to be abolished?

Receipts to cover certain expenses to be abolished?

A new measure to remove the requirement for employers to check receipts for expense claims made by employees using the HMRC benchmark scale rates or overseas scale rates is to be introduced. The ... read more

13-09-2018
How to tell if a tax office email is fraudulent

How to tell if a tax office email is fraudulent

HMRC continues to warn taxpayers to be aware of email phishing scams. Phishing emails are used by fraudsters to access recipients' valuable personal details, such as usernames and passwords. Fake ... read more

13-09-2018
CGT Rollover Relief

CGT Rollover Relief

Capital Gains Tax (CGT) Rollover Relief is a valuable relief that allows for a delay in the payment of CGT on gains when you sell or dispose of certain assets and use all or part of the proceeds to ... read more

13-09-2018
Telephone advice a reasonable excuse

Telephone advice a reasonable excuse

The First-tier Tribunal (FTT) recently heard an appeal against late filing penalties imposed on both partnership and individual self-assessment returns for 2010-11 and 2011-12. There were also appeals ... read more

13-09-2018
Tax on rental profits

Tax on rental profits

A taxpayer, Miss Akan, appealed to the First Tier Tribunal (FTT) against assessments in relation to Income Tax, Capital Gains Tax and penalties relating to income arising from, and from her disposal ... read more

05-09-2018
Advice for importers if 'no deal' Brexit

Advice for importers if

The UK is set to leave the EU on 29 March 2019 and as things currently stand, it would seem that we are no closer to reaching a negotiated withdrawal agreement. The chances of Britain leaving the EU ... read more

05-09-2018
Advice for exporters if 'no deal' Brexit

Advice for exporters if

We have already examined matters that must be addressed by those importing goods to the UK if there is a 'no deal' Brexit (See previous articles). In this article we will look at the impact this would ... read more