NEWSLETTER ARTICLES

 

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13-12-2017
Tax is changing in Wales next year

Tax is changing in Wales next year

From next April, Wales will join Scotland in becoming responsible for some of the taxes paid locally. This will begin with the introduction of the new Welsh land transaction tax (LTT) which will ... read more

13-12-2017
What is reasonable care from a tax point of view?

What is reasonable care from a tax point of view?

The tax penalty system is intended to make penalties simpler to understand and more consistent across many taxes. The penalties can range from 0% where reasonable care is taken, but nonetheless an ... read more

13-12-2017
Selling your business – 10% tax may apply to sale

Selling your business – 10% tax may apply to sale

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

13-12-2017
Coventry named UK City of Culture for 2021

Coventry named UK City of Culture for 2021

In a boost for the Midlands economy, Coventry has been named UK City of Culture 2021. The announcement was made by the Minister for Arts, Heritage and Tourism, John Glen after Coventry beat four other ... read more

13-12-2017
When you can’t claim employment allowance

When you can’t claim employment allowance

The employment allowance of £3,000 per year is available to most businesses and charities and can be used to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of ... read more

07-12-2017
Spring Statement 2018

Spring Statement 2018

The Chancellor, Philip Hammond has announced that he will deliver his Spring Statement to the House of Commons on Tuesday, 13 March 2018. This will be the first Spring Statement to take place ... read more

06-12-2017
Finance Bill 2017-18 is published

Finance Bill 2017-18 is published

The Finance Bill 2017-18 was published on 1 December 2017 and runs to relatively modest 192 pages. The Bill contains the legislation for many of the tax measures that have been announced by the ... read more

06-12-2017
What happens to the 5p for a plastic bag?

What happens to the 5p for a plastic bag?

HM Treasury has published an interesting response to a Freedom of Information enquiry that wanted to know what happens to the money raised from the sale of 5p plastic bags by retailers. HM Treasury ... read more

06-12-2017
Tax incentives to invest in qualifying assets

Tax incentives to invest in qualifying assets

The Annual Investment Allowance (AIA) limit is a generous capital allowance that will more than cover the annual capital expenditure spend of many small and medium sized businesses. The AIA is a 100% ... read more

06-12-2017
Reminder of current tax relief for pension contributions

Reminder of current tax relief for pension contributions

Many commentators had predicted that the Chancellor would further reduce the annual amount that can be saved into a pension as part of the Budget measures. However, these fears appear to have been ... read more

06-12-2017
Why don’t we still pay Class 2 NIC monthly?

Why don’t we still pay Class 2 NIC monthly?

Class 2 national Insurance contributions (NICs) are paid by self-employed taxpayers and members of partnerships if their annual profits are over £6,025. Class 2 NICs are payable at a flat weekly rate ... read more

06-12-2017
Tax win for Spurs

Tax win for Spurs

HMRC’s appeal to the Upper Tribunal over termination payments made to two football players employed by Tottenham Hotspur has been rejected. The case related to the tax position of termination payments ... read more

04-12-2017
Fit for Work referral and assessment service to be abolished

Fit for Work referral and assessment service to be abolished

The government has confirmed that, as a result of “low referral rates”, its national Fit for Work referral and assessment service will come to an end in England and Wales on 31 March 2018 and on 31 ... read more

30-11-2017
Statutory maternity, adoption, paternity, shared parental and sick pay to rise from April 2018

Statutory maternity, adoption, paternity, shared parental and sick pay to rise from April 2018

In a written ministerial statement, the government has announced the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared ... read more

30-11-2017
New Acas guidance on sexual harassment at work and on avoiding pregnancy and maternity discrimination

New Acas guidance on sexual harassment at work and on avoiding pregnancy and maternity discrimination

Acas has published new guidance for employers and employees that outlines what kind of workplace behaviours could be considered sexual harassment and how to report and handle it. The guidance ... read more

29-11-2017
Company capital gains tax increase

Company capital gains tax increase

As part of the Budget measures, the Chancellor announced that the indexation allowance for companies that make capital gains is to be scrapped. The indexation allowance currently allows companies or ... read more

29-11-2017
First-time buyer bonanza

First-time buyer bonanza

The biggest prize from the recent Budget went to first-time home buyers after the Chancellor announced changes to the Stamp Duty Land Tax (SDLT) rules. With immediate effect from Budget day, SDLT has ... read more

29-11-2017
Low-emission vehicles plug-in grant

Low-emission vehicles plug-in grant

The low-emission vehicles plug-in grant can help you save up to £4,500 on the purchase price of a new electric or hybrid car. The scheme was first launched in 2011 and is available across the UK and ... read more

29-11-2017
Born before 6 April 1935?

Born before 6 April 1935?

The married couple's allowance (MCA) is available to elderly married couples or those in a civil partnership where at least one member of the couple were born before 6 April 1935. The allowance ... read more

29-11-2017
Paying National Insurance at State Pension Age?

Paying National Insurance at State Pension Age?

The State Pension age has been increasing since April 2010. The changes will see the State pension age gradually rise to 65 for women between 2010 and 2018, and then to 66, 67 and 68 for both men and ... read more

29-11-2017
Tax on property, money and shares you inherit

Tax on property, money and shares you inherit

As a general rule, someone who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased's estate ... read more

29-11-2017
Advisory fuel rates for company cars

Advisory fuel rates for company cars

The latest advisory fuel rates became effective on 1 December 2017. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December. You can use the ... read more

28-11-2017
Finance (No.2) Act 2017 receives Royal Assent

Finance (No.2) Act 2017 receives Royal Assent

The Finance (No. 2) Act 2017 received Royal Assent on 17 November 2017. It follows the Finance Act 2017 which received Royal Assent before the June 2017 general election. Some of the provisions were ... read more

28-11-2017
The ICO publishes Guide to the General Data Protection Regulation

The ICO publishes Guide to the General Data Protection Regulation

The Information Commissioner's Office (ICO) has replaced its Overview of the General Data Protection Regulation with a 58-page “Guide to the General Data Protection Regulation (GDPR)”. The Guide ... read more

27-11-2017
Tax Diary December 2017/January 2018

Tax Diary December 2017/January 2018

1 December 2017 - Due date for corporation tax due for the year ended 28 February 2017. 19 December 2017 - PAYE and NIC deductions due for month ended 5 December 2017. (If you pay your tax ... read more

23-11-2017
Autumn Budget 2017 – SDLT for first-time buyers

Autumn Budget 2017 – SDLT for first-time buyers

As the Chancellor, Philip Hammond alluded to in his Budget speech there had been much speculation in the press that he would do something to alleviate the Stamp Duty Land Tax (SDLT) burden for first ... read more

23-11-2017
Autumn Budget 2017 - VAT registration and deregistration thresholds

Autumn Budget 2017 - VAT registration and deregistration thresholds

The taxable turnover threshold, that determines whether businesses should be registered for VAT, will be frozen at £85,000 for 2 years from 1 April 2018. The taxable turnover threshold that determines ... read more

23-11-2017
Autumn Budget 2017 – Income Tax Rates & Allowances

Autumn Budget 2017 – Income Tax Rates & Allowances

The Chancellor has confirmed that from 2018-19 the personal allowance will increase to £11,850 (an increase from the current £11,500) and the basic rate limit to £34,500. As a result, the higher rate ... read more

23-11-2017
Autumn Budget 2017 - Minimum wage increases

Autumn Budget 2017 - Minimum wage increases

The Chancellor used his Budget speech to confirm that increased National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1 April 2018, subject to Parliamentary ... read more

23-11-2017
Autumn Budget 2017 - Alcohol and Tobacco Duty

Autumn Budget 2017 - Alcohol and Tobacco Duty

As part of the Budget measures the Chancellor announced that the duty rates on beers, ciders, spirits and wine will be frozen at the current rates. These measures will mean that a bottle of whisky ... read more

23-11-2017
Autumn Budget 2017 – EIS and VCT scheme changes

Autumn Budget 2017 – EIS and VCT scheme changes

As part of the Budget measures, several changes were announced to both the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) scheme. These schemes are designed to help smaller ... read more

23-11-2017
Autumn Budget 2017 – Research and Development (R&D)

Autumn Budget 2017 – Research and Development (R&D)

R&D tax credits were introduced for Small and Medium Sized Enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a Corporation Tax relief used to encourage innovation and ... read more

23-11-2017
Autumn Budget 2017 - Air Passenger Duty

Autumn Budget 2017 - Air Passenger Duty

Air passenger duty (APD) is a departure tax levied on most air travel. Each geographical band has two rates of air passenger duty, one for standard class and the second for 'other' higher classes of ... read more

22-11-2017
Employment tribunal fees refund scheme is now open

Employment tribunal fees refund scheme is now open

Following the successful completion of the first phase of its refund scheme for employment tribunal fees, following the Supreme Court's judgment in July 2017 in R (on the application of Unison) v Lord ... read more

21-11-2017
Uber loses appeal on worker status but Deliveroo riders held not to be workers

Uber loses appeal on worker status but Deliveroo riders held not to be workers

Back in October 2016, in Aslam and others v Uber BV and others 2016, an employment tribunal was held that Uber drivers were “workers” for the purposes of the Employment Rights Act 1996, the Working ... read more

15-11-2017
How to appeal against a tax decision

How to appeal against a tax decision

It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision made by HMRC. There are a number of different options open to taxpayers seeking to use the ... read more

15-11-2017
Claiming an “unclaimed” estate

Claiming an “unclaimed” estate

There are special rules that govern how assets are divided if a person dies without making a will. If this happens your assets are passed on to family members in accordance with a set legal formula. ... read more

15-11-2017
How to import goods for the first time

How to import goods for the first time

Businesses that are starting to import goods for the first time need to be aware of a myriad of special rules that apply. Whilst most smaller businesses importing goods will use a courier or freight ... read more

15-11-2017
Disguised remuneration settlement opportunity

Disguised remuneration settlement opportunity

A new measure to tackle disguised remuneration tax avoidance schemes was announced as part of the Autumn Statement 2016. The new measure will introduce a loan charge on disguised remuneration ... read more

15-11-2017
How much statutory redundancy pay should you receive?

How much statutory redundancy pay should you receive?

If you have been in the same job for two years or more and are made redundant you will usually be entitled to a redundancy payment. The legal minimum that you are entitled to receive is known as ... read more

15-11-2017
Changing a will after death

Changing a will after death

This may come as a surprising fact to many of our readers, but a will can be changed after death. This can be done by using what is known as a Deed of Variation. Any changes to the will must be done ... read more

15-11-2017
Are you caught by the High Income Child Benefit tax charge?

Are you caught by the High Income Child Benefit tax charge?

The High Income Child Benefit Charge (HICBC) applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge either reduces or removes the financial ... read more

08-11-2017
OTS publishes new report on the VAT system

OTS publishes new report on the VAT system

The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system, with the objective of reducing compliance burdens on both businesses and individual taxpayers ... read more

08-11-2017
Delay in withdrawal of self-employed NIC contributions

Delay in withdrawal of self-employed NIC contributions

In a surprising move, the Government has announced that the planned abolition of Class 2 National Insurance Contributions (NICs) is to be delayed for a year. The withdrawal of Class 2 NICs was due to ... read more

08-11-2017
HMRC win Littlewoods’ tax case

HMRC win Littlewoods’ tax case

HMRC has won a landmark case after the Supreme Court overturned an earlier decision of the Court of Appeal. The issue at hand concerned historic overpayments of VAT by Littlewoods (a catalogue sales ... read more

08-11-2017
Are your bank deposits protected?

Are your bank deposits protected?

The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation ... read more

08-11-2017
Interest rates start to rise

Interest rates start to rise

In a widely expected move, the Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the Bank Rate from 0.25% to 0.5%. This is the first increase in interest rates ... read more

08-11-2017
UK Living Wage rates rise

UK Living Wage rates rise

The current National Minimum Wage (NMW) hourly rate for adults between 21-24 years old is £7.05, and the national living wage is £7.50 for those aged 25 and over. The Living Wage Foundation (an ... read more

06-11-2017
New Acas guidance on dealing with stress in the workplace

New Acas guidance on dealing with stress in the workplace

Following the publication of its guidance for employers on managing staff who are experiencing mental health issues, Acas has now published new guidance for employers on how to support employees who ... read more

02-11-2017
Change to tax relief on re-mortgaged buy-to-let property?

Change to tax relief on re-mortgaged buy-to-let property?

HMRC’s guidance on paying income tax when you rent out a property has been updated to reflect the new restriction on tax relief for finance charges incurred since April 2017. The tax relief on finance ... read more