NEWSLETTER ARTICLES

 

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19-04-2018
Tax Diary May/June 2018

1 May 2018 - Due date for corporation tax due for the year ended 30 July 2017. 19 May 2018 - PAYE and NIC deductions due for month ended 5 May 2018. (If you pay your tax electronically the due date ... read more

18-04-2018
Renewing tax credit claims

Renewing tax credit claims

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2018. Claimants who do not renew on-time may have their payments stopped. HMRC has ... read more

18-04-2018
How much does Class 4 NIC cost?

How much does Class 4 NIC cost?

There are currently two types of national insurance contributions (NICs) payable by most self-employed people. These are known as: Class 2 NICs, and Class 4 NICs. Class 2 NICs are paid by all ... read more

18-04-2018
Claiming for job related expenses

Claiming for job related expenses

Employees who use their own money to buy things they need for their job, can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items ... read more

18-04-2018
Don’t forget to handout P60s

Don’t forget to handout P60s

The deadline for employers to provide employees with a copy of their P60 form is by 31 May 2018. A P60 must be given to all employees that were on the payroll on the last day of the tax year – 5 April ... read more

18-04-2018
What is a PET?

What is a PET?

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve ... read more

18-04-2018
Non-resident landlord’s scheme

Non-resident landlord’s scheme

The Non-resident landlord (NRL) scheme is a special scheme for the UK rental income of non-resident landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. HMRC ... read more

18-04-2018
Let property disclosure campaign

Let property disclosure campaign

Landlords that receive letting income should notify HMRC by 5 October after the end of the tax year for which you start to receive that income. So, for the 2017-18 tax year that has just ended, HMRC ... read more

11-04-2018
EMIs lose tax clearance under state aid

EMIs lose tax clearance under state aid

HMRC's recently published, and usually routine, Employment related securities bulletin contains an important announcement on the future of EMI share options. It transpires that the EU state aid ... read more

11-04-2018
Reminder to submit details for Benefits in Kind

Reminder to submit details for Benefits in Kind

Employers are reminded that the deadline for submitting the 2017-18 forms P11D, P11D(b) and P9D is 6 July 2018. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), ... read more

11-04-2018
Treatment of termination payments

Treatment of termination payments

With effect from 6 April 2018, employers will need to pay income tax and Class 1 national insurance contributions (NICs) on certain parts of termination payments made to employees whether or not these ... read more

11-04-2018
Court rules on online filing penalties

Court rules on online filing penalties

The Construction Industry Scheme (CIS) is a set of special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction industry are known ... read more

11-04-2018
Sugar tax takes the sweetness out of soft drinks

Sugar tax takes the sweetness out of soft drinks

The new Soft Drinks Industry Levy came into effect with the start of the new tax year on 6 April 2018. The Levy commonly known as the 'sugar tax', has been put into effect to help combat the excess ... read more

11-04-2018
Extra tax relief for married over 80s

Extra tax relief for married over 80s

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 (i.e. at least 83 ... read more

11-04-2018
What plant purchases qualify for a tax allowance?

What plant purchases qualify for a tax allowance?

Most day to day business expenses can be deducted from business income when calculating your taxable profits. However, the rules are different for 'capital’ expenditure'. Capital allowances is the ... read more

09-04-2018
Access to Work grants increase by £15,000

Access to Work grants increase by £15,000

Following new measures introduced in Parliament, from 1 April 2018 disabled workers can now benefit from a £15,000 rise in Access to Work grants to assist them at work. Such workers can now claim up ... read more

04-04-2018
What is your Principal private residence?

What is your Principal private residence?

As a general rule, there should be no capital gains tax (CGT) to be paid on a property which has been used solely as the main family residence (referred to by HMRC as one’s principal private ... read more

04-04-2018
The GDPR is coming

The GDPR is coming

There are now just 7 weeks to go until the new data protection regulations become law on 25 May 2018. The new provisions known as the General Data Protection Regulation (GDPR) represent a step change ... read more

04-04-2018
Changed circumstances, change your Will

Changed circumstances, change your Will

We have published articles before discussing the importance of making a will and ensuring that your assets are divided amongst your beneficiaries in the way best suited to your personal wishes. One of ... read more

04-04-2018
Overseas online VAT abuse

Overseas online VAT abuse

The new Fulfilment House Due Diligence Scheme (FHDDS) opened for online applications on 1 April 2018. The FHDDS is part of a package of measure to combat the abuse of VAT rules by online traders based ... read more

04-04-2018
What is the settlement legislation?

What is the settlement legislation?

The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained an interest in property, in a settlement, that the income arising is ... read more

04-04-2018
Online access to personal tax account

Online access to personal tax account

HMRC has issued an update of what can be dealt with by accessing and using a personal tax account (PTA). The PTA works like an online bank account to allow taxpayers to review all their details in ... read more

03-04-2018
Presidential Guidance published on uprated Vento bands

Presidential Guidance published on uprated Vento bands

The President of the Employment Tribunals (England and Wales) and the President of the Employment Tribunals (Scotland), have issued updated joint presidential guidance in relation to the so-called ... read more

28-03-2018
Getting ready for Customs Declaration Service

Getting ready for Customs Declaration Service

The Customs Handling of Import and Export Freight (CHIEF) is a computerised service that records the movement of goods by land, air and sea. The system allows importers, exporters and freight ... read more

28-03-2018
When you can reclaim VAT on a car purchase?

When you can reclaim VAT on a car purchase?

There are complex VAT rules that determine the amount of VAT that can be recovered when purchasing a new car. In most cases, when a business purchases a car they can’t reclaim the VAT incurred. The ... read more

28-03-2018
Childcare voucher scheme extended

Childcare voucher scheme extended

The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 and opened to all remaining eligible families with children under 12 on 14 February 2018. The new scheme allows working parents to ... read more

28-03-2018
What's in a name?

What

We recently discussed updated Companies House guidance that provides advice on checking which names are acceptable to Companies House when naming a company. HMRC also published guidance for choosing a ... read more

28-03-2018
Buy-back of company shares

Buy-back of company shares

When a company makes a purchase of its own shares, any excess paid over the amount of capital originally subscribed for the shares is usually treated as a distribution. However, there are special ... read more

26-03-2018
Employment law changes taking effect in April 2018

Employment law changes taking effect in April 2018

The following key changes to employment law will come into force in April 2018: The National Minimum Wage (Amendment) Regulations 2018 will increase the national minimum wage (NMW) and national ... read more

21-03-2018
Ken Dodd has the last laugh

Ken Dodd has the last laugh

The recent death of the comedian, Sir Ken Dodd, aged 90, would not usually be the topic of one of our weekly articles. However, the comedian managed to have one last laugh by marrying his partner of ... read more

21-03-2018
Self-catering and holiday let business rates

Self-catering and holiday let business rates

One important aspect of a self-catering or holiday let business that should not be overlooked, is whether or not the owner of a holiday let is liable to pay business rates. Business rates are charged ... read more

21-03-2018
HMRC tackling online VAT fraud

HMRC tackling online VAT fraud

Under new rules that came into force on 15 March 2018, HMRC has enhanced powers to make online marketplaces accountable for VAT fraud committed by online sellers on their platforms. These measures are ... read more

21-03-2018
VAT option to tax land and buildings

VAT option to tax land and buildings

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

21-03-2018
Directors beware National Living Wage complications

Directors beware National Living Wage complications

From 1 April 2018, the National Living Wage (NLW) will increase by 33p to £7.83. This represents an increase of 4.4%. The NLW is the minimum hourly rate that must be paid to those aged 25 or over. For ... read more

21-03-2018
Marriage allowance still time to apply

Marriage allowance still time to apply

The marriage allowance is available to married couples and those in a civil partnership, where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above the basic rate threshold for income ... read more

21-03-2018
Finance Bill receives Royal Assent

Finance Bill receives Royal Assent

The Finance Bill 2017-18 officially known as Finance (No.2) Bill 2017-19, received Royal Assent on 15 March 2018 following agreement by both Houses. The Bill is now an Act of Parliament to be called ... read more

20-03-2018
Tax Diary April/May 2018

1 April 2018 - Due date for corporation tax due for the year ended 30 June 2017. 19 April 2018 - PAYE and NIC deductions due for month ended 5 April 2018. (If you pay your tax electronically the due ... read more

18-03-2018
Childcare voucher scheme deadline extended

Childcare voucher scheme deadline extended

The government has announced that the employer-operated childcare voucher scheme will remain open to new entrants for a further six months, i.e. until October 2018. The childcare voucher scheme, also ... read more

14-03-2018
Information Commissioner’s Office publishes introduction to the Data Protection Bill

Information Commissioner’s Office publishes introduction to the Data Protection Bill

The Information Commissioner's Office (ICO) has published a 77-page introduction to the Data Protection Bill, to help businesses navigate their way around the Bill and focus on the areas that are most ... read more

14-03-2018
Tax avoidance scheme scuppered by HMRC

Tax avoidance scheme scuppered by HMRC

A tax avoidance scheme used by businesses that sought to avoid paying tax and National Insurance on company directors’ bonuses was the subject of a recent Upper Tribunal hearing. HMRC challenged the ... read more

14-03-2018
New offshore tax penalties

New offshore tax penalties

New legislation that comes into effect from 1 October 2018 will see higher penalties for anyone with undeclared offshore assets. HMRC has published a news release urging taxpayers with undeclared ... read more

14-03-2018
ISAs transfer of benefits upon death

ISAs transfer of benefits upon death

New rules were introduced in April 2015 that allow for the spouse or civil partner of a deceased ISA saver to benefit from additional ISA benefits. Under the rules, if an ISA saver in a marriage or ... read more

14-03-2018
Tax break to help black cabs turn green

Tax break to help black cabs turn green

The government has confirmed that a new tax allowance for electric taxis will come into effect from April 2018, a year earlier than had been expected. The new exemption will be worth £1,550 for anyone ... read more

14-03-2018
Inflation proofing corporate gains ceased December 2017

Inflation proofing corporate gains ceased December 2017

As part of the Autumn Budget measures, the Chancellor announced that the indexation allowance for corporate chargeable gains would cease on 31 December 2017. The indexation allowance allowed companies ... read more

14-03-2018
Claiming legal and financial costs

Claiming legal and financial costs

The self-employed are often concerned as to whether an expense is allowable for tax purposes. As a general rule, the self-employed can deduct running costs of the business when working out their ... read more

13-03-2018
Spring Statement 2018

Spring Statement 2018

As you would expect, the Spring Statement delivered by the Chancellor Philip Hammond, to Parliament on 13 March 2018, was peppered with party political jibes no doubt intended to lift the spirits of ... read more

07-03-2018
Company fined £297,845 for paying VAT one day late

Company fined £297,845 for paying VAT one day late

We have often warned our readers of the importance of submitting and paying VAT returns in a timely manner. In a recent article we wrote that it is imperative that VAT returns are submitted and paid ... read more

07-03-2018
Property owners lose 50% of higher rate tax relief on finance costs

Property owners lose 50% of higher rate tax relief on finance costs

Under new rules that came into effect from April 2017 the tax relief on mortgage costs for residential landlords is being gradually restricted to the basic rate of tax. Many landlords of residential ... read more

07-03-2018
Benefits that lose tax-free status from April 2018

Benefits that lose tax-free status from April 2018

The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement changed from 6 April 2017. When the changes were introduced it was confirmed that all arrangements in ... read more

07-03-2018
Wales takes over taxes starting from April 2018

Wales takes over taxes starting from April 2018

The Welsh tax devolution will begin next month when Wales, the Welsh Government and the National Assembly for Wales, become responsible for some of the taxes paid in Wales for the first time in over ... read more