NEWSLETTER ARTICLES

 

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15-11-2018
Finance (No.3) Bill published

Finance (No.3) Bill published

As expected, the government published Finance (No.3) Bill on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance Bill in the current special two-year session of Parliament. The ... read more

15-11-2018
Directors’ loans – tax consequences for your company

Directors’ loans – tax consequences for your company

There are tax consequences for both companies and directors relating to the issue of director’s loans. We will examine below some of the implications if a company facilitates loans to a director. A ... read more

15-11-2018
Directors’ loans - tax consequences for the director

Directors’ loans - tax consequences for the director

An overdrawn director's loan account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay for ... read more

15-11-2018
ISAs and Inheritance Tax

ISAs and Inheritance Tax

New rules were introduced by the Government in 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 ... read more

15-11-2018
Employment status of football referees

Employment status of football referees

A recent First-Tier Tribunal case examined the complex issue of whether a group of 60 football referees should be classified as employees or self-employed. HMRC argued that the Professional Game Match ... read more

15-11-2018
Holiday let property and Business Property Relief

Holiday let property and Business Property Relief

Business Property Relief (BPR) is an attractive tax relief for taxpayers with business interests, offering either 50% or 100% relief from Inheritance Tax (IHT) on the value of their business assets if ... read more

15-11-2018
Foreign currency considerations

Foreign currency considerations

There are special rules that must be considered when buying and selling assets in foreign currency. This is sometimes known as a barter transaction. As a general rule when a foreign currency ... read more

15-11-2018
UK Living Wage rates rise

UK Living Wage rates rise

The Living Wage Foundation (an initiative of Citizens UK) recently announced Living Wage rates for London and the UK at £10.55 an hour and £9 an hour respectively. These Living Wage rates are not ... read more

15-11-2018
SDLT payment deadline to be reduced

SDLT payment deadline to be reduced

Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and property in England and Northern Ireland. It is also payable in respect of certain lease premiums. ... read more

13-11-2018
Security guidance on encryption and passwor

Security guidance on encryption and passwor

The Information Commissioner's Office (ICO) has published updated security guidance on encryption and on passwords in online services under the GDPR. The GDPR requires data controllers to implement ... read more

07-11-2018
Child Benefit penalties under review

Child Benefit penalties under review

The High Income Child Benefit Charge (HICBC) came into force in January 2013. It applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge ... read more

07-11-2018
VAT reverse charge construction industry

VAT reverse charge construction industry

A change to the VAT rules first announced at Budget 2018 will come into effect from 1 October 2019. This change will make the supply of construction services between construction or building ... read more

07-11-2018
Business rates support for the High Street

Business rates support for the High Street

The Chancellor announced a number of measures to help many failing high streets up and down the country, as they face a real threat to their existence as footfall continues to be impacted. The growing ... read more

07-11-2018
Entrepreneurs’ relief changes

Entrepreneurs’ relief changes

In the Budget, the Chancellor, Philip Hammond announced two changes to the way Entrepreneurs’ Relief (ER) will operate. ER applies to the sale of a business, shares in a trading company or an ... read more

07-11-2018
Digital Services Tax

Digital Services Tax

One of the more surprising announcements in the recent Budget was the introduction of a new 2% Digital Services Tax (DST) from April 2020. This tax is intended to ensure that the major social media, ... read more

07-11-2018
Using software to make Income Tax updates

Using software to make Income Tax updates

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to ... read more

05-11-2018
Tax Diary November/December 2018

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

31-10-2018
Autumn Budget 2018 – Income Tax Rates & Allowances

Autumn Budget 2018 – Income Tax Rates & Allowances

The Chancellor has confirmed that from 2019-20 the personal allowance will increase to £12,500 (an increase from the current £11,850 allowance) and the basic rate limit to £37,500. As a result, the ... read more

31-10-2018
Autumn Budget 2018 - Minimum wage increases

Autumn Budget 2018 - 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 2019. The NLW first came into ... read more

31-10-2018
Autumn Budget 2018 – Annual Investment Allowance

Autumn Budget 2018 – Annual Investment Allowance

The Chancellor’s announcement of a temporary five-fold increase in the Annual Investment Allowance (AIA) will be welcomed by many small and medium sized businesses looking to incur significant capital ... read more

31-10-2018
Autumn Budget 2018 – Private Residence Relief

Autumn Budget 2018 – Private Residence Relief

As a general rule, there is no Capital Gains Tax (CGT) on a property which has been used wholly as a main family residence. This relief from CGT is commonly known as Private Residence Relief. ... read more

31-10-2018
Autumn Budget 2018 - VAT registration and deregistration thresholds

Autumn Budget 2018 - VAT registration and deregistration thresholds

The Chancellor confirmed in his Budget speech that the taxable turnover threshold that determines whether businesses should be registered for VAT, will be frozen at £85,000 for a further 2 years from ... read more

31-10-2018
Autumn Budget 2018 - Air Passenger Duty

Autumn Budget 2018 - 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

31-10-2018
Autumn Budget 2018 - Alcohol and Tobacco Duty

Autumn Budget 2018 - Alcohol and Tobacco Duty

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

31-10-2018
Self assessment deadline reminder

Self assessment deadline reminder

HMRC has published a news release to remind taxpayers that there is now less than 100 days to file their 2017-18 tax return. Last year over 11 million taxpayers completed a 2016-17 self assessment tax ... read more

29-10-2018
Autumn Budget statement

Autumn Budget statement

Autumn Budget 2018 The Prime Minister announced at the Conservative Party conference that the end of austerity was in sight. Recent tax revenues have exceeded expectations, and although there was ... read more

25-10-2018
Government grants towards home electric charging points

Government grants towards home electric charging points

Over the last number of years, the government has announced a raft of measures to encourage the use of cleaner vehicles and drive the growth of the electric car sector. Some of these measures ... read more

25-10-2018
Help to Save scheme

Help to Save scheme

The Help to Save scheme for people on low incomes was officially launched in September 2018 following an 8-month trial. The scheme allows those in work entitled to Working Tax Credit and in receipt of ... read more

25-10-2018
Small Business rate relief

Small Business rate relief

Business rates are charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. Some properties are eligible for discounts from ... read more

25-10-2018
Repayment of student loans

Repayment of student loans

Students that have finished their studies and entered the workforce, must begin to make loan repayments from the April after they have finished their studies or when their income begins to exceed the ... read more

25-10-2018
Enterprise Investment Scheme CGT exemption not available

Enterprise Investment Scheme CGT exemption not available

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs, including Income Tax and Capital Gains Tax (CGT) ... read more

25-10-2018
Seeking clearance from HMRC

Seeking clearance from HMRC

Under certain circumstances, taxpayers can apply to HMRC for clearance or approval for a specific transaction. This can help give certainty about how a proposed transaction will be treated. Of course, ... read more

25-10-2018
Tax evasion and the Criminal Finances Act

Tax evasion and the Criminal Finances Act

The Criminal Finances Act provides law enforcement agencies with greater powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and terrorist financing. The Act, ... read more

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