NEWSLETTER ARTICLES

 

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18-07-2018
Low emission lorries to pay lower levies

Low emission lorries to pay lower levies

The government has confirmed plans to introduce a lower rate of the HGV road user levy for lorries that meet the latest Euro VI emissions standards. This measure is intended to incentivize vehicle ... read more

18-07-2018
New points-based late filing penalties

New points-based late filing penalties

The Finance Bill 2018-19 draft legislation includes a new measure to introduce a points-based penalty system for certain regular (e.g. monthly, quarterly and annual) returns that are filed late. The ... read more

18-07-2018
HMRC security deposit regime to be extended

HMRC security deposit regime to be extended

The security deposit legislation is to be extended to both Corporation Tax and Construction Industry Scheme (CIS) deductions from April 2019. The security deposit regime allows HMRC to require ... read more

18-07-2018
Change to penalties for late payment of tax

Change to penalties for late payment of tax

Plans to introduce a new two tiered penalty system for individuals and businesses that do not pay their tax bills on time have been included in the draft Finance Bill 2018-19. The government has said ... read more

18-07-2018
VAT and gift vouchers

VAT and gift vouchers

New draft legislation has been published as part of the draft Finance Bill 2018-19 that aims to change the VAT treatment of vouchers. The legislation will focus on bringing the UK VAT treatment of ... read more

18-07-2018
Corporation Tax relief for carried forward losses

Corporation Tax relief for carried forward losses

The rules for the Corporation Tax treatment of carried forward losses changed from 1 April 2017. The changes increased flexibility to set off carried forward losses against total profits of the same ... read more

18-07-2018
Requirement to correct tax due on overseas assets

Requirement to correct tax due on overseas assets

The Requirement to Correct (RTC) legislation created a new statutory obligation for taxpayers with undeclared UK tax liabilities that involve offshore matters. The RTC applies to any person with ... read more

18-07-2018
Tax codes for employees

Tax codes for employees

P9 tax code notices are used to notify employers of the tax codes to use when calculationg PAYE due from employees' wages and salaries. In a service availability update published on 17 July 2018, HMRC ... read more

11-07-2018
Rent-a-room relief to be modified

Rent-a-room relief to be modified

The publication of the draft Finance Bill 2018-19 includes legislation to change the way the rent-a-room relief scheme works. Following last year's Budget, a consultation was launched by HM Treasury ... read more

11-07-2018
Beneficiaries of tax exempt pension benefits to be extended

Beneficiaries of tax exempt pension benefits to be extended

The draft Finance Bill includes a new measure that will help modernise the tax treatment of employer paid premiums for the provision of death in service life assurance products for their employees. ... read more

11-07-2018
Rules for use of taxable cars and vans to be updated

Rules for use of taxable cars and vans to be updated

The Finance Bill 2018-19 draft clauses include new measures that will address two anomalies in the Optional Remuneration Arrangements (OpRA) rules. These measures will: ensure that when a taxable ... read more

11-07-2018
Draft clauses for forthcoming Autumn Budget are published

Draft clauses for forthcoming Autumn Budget are published

The Finance Bill 2018-19 draft legislation was published on 6 July 2018. The Bill which runs to 226 pages (with a further 143 pages of explanatory notes) contains the legislation for many of the tax ... read more

11-07-2018
Change to evidence required for employee expenses

Change to evidence required for employee expenses

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

11-07-2018
Non-UK resident property companies to be charged Corporation Tax

Non-UK resident property companies to be charged Corporation Tax

The government is to move forward with plans to charge Corporation Tax to non-UK resident companies with property income. Currently, these companies are chargeable to Income Tax and not UK Corporation ... read more

11-07-2018
Technical change to Entrepreneurs’ Relief

Technical change to 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 Entrepreneurs' Relief is available CGT of 10% is ... read more

09-07-2018
EU Settlement Scheme

EU Settlement Scheme

The government’s response to the Home Affairs Select Committee’s report on the delivery of Brexit, published in May 2018, committed to providing further details about the proposed EU Settlement Scheme ... read more

04-07-2018
Spousal tax reliefs for unmarried couples?

Spousal tax reliefs for unmarried couples?

In a unanimous decision, the Supreme Court has decided that the law preventing opposite sex couples from entering into a civil partnership breaches the European Convention on Human Rights (ECHR). The ... read more

04-07-2018
What is Business Asset Rollover Relief?

What is Business Asset Rollover Relief?

Business Asset Rollover Relief allows taxpayers to delay paying Capital Gains Tax (CGT) on gains when they sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The ... read more

04-07-2018
1 million couples can still claim £900 tax refund

1 million couples can still claim £900 tax refund

The marriage allowance allows couples to share part of their personal tax-free allowance in certain circumstances. The marriage allowance is available to married couples and those in a civil ... read more

04-07-2018
Investing in new equipment for your business?

Investing in new equipment for your business?

The Annual Investment Allowance (AIA) provides 100% first year tax relief for qualifying expenditure on plant and machinery. It can be claimed by an individual, partnership or company carrying on a ... read more

04-07-2018
Selling digital services to EU based customers

Selling digital services to EU based customers

There are a number of VAT issues to consider if you are selling digital services from the UK to consumers based in other EU countries. Since 1 January 2015, the place of supply rules for these types ... read more

04-07-2018
Bereavement payments

Bereavement payments

The Bereavement Allowance was a weekly benefit that was payable to certain widows, widowers, or surviving civil partners whose spouse or civil partner died before 6 April 2017. Prior to that date, it ... read more

04-07-2018
Claiming Income Tax if you have stopped work

HMRC issues guidance that covers what you need to do if you stopped work. The guidance covers the main reasons that you might have stopped work, for example, being made redundant or leaving your ... read more

02-07-2018
Acas publishes guidance for employers on overtime

Acas publishes guidance for employers on overtime

Acas has published new guidance for employers on overtime. The guidance highlights the importance of setting out overtime terms in employment contracts or staff handbooks and urges employers to keep ... read more

28-06-2018
Tax Diary July/August 2018

1 July 2018 - Due date for corporation tax due for the year ended 30 September 2017. 6 July 2018 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A ... read more

27-06-2018
Interpreting your tax code

Interpreting your tax code

The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to ... read more

27-06-2018
Employee expenses covered by exemption

Employee expenses covered by exemption

There is no longer a requirement to report certain routine expenses to HMRC. The types of expenses and benefits covered are referred to as exemptions and have replaced dispensations which can no ... read more

27-06-2018
Importing goods from non-EU countries?

Businesses that are importing goods need to be aware of the many special rules that apply. Whilst most smaller businesses importing goods will use a courier or freight forwarder, it is still important ... read more

27-06-2018
Could you qualify for NIC Carer’s credits?

Could you qualify for NIC Carer’s credits?

Carer’s credit is a National Insurance credit that can help carers to fill gaps in their National Insurance record. Carers who don’t qualify for Carer’s allowance, may qualify for Carer’s credit. This ... read more

27-06-2018
Equipment you buy for your job

Equipment you buy for your job

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

27-06-2018
Check if company is in liquidation

Check if company is in liquidation

There are a number of ways you can check if a company is in liquidation. This can include looking on the Companies House register. Companies House is responsible for maintaining a register of company ... read more

27-06-2018
Final reminder to submit P11D forms

Final reminder to submit P11D forms

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

27-06-2018
Tax-Free childcare in the school holidays

Tax-Free childcare in the school holidays

The results of a new YouGov poll published by HMRC has revealed that some 30% of parents polled are worried about balancing their job and school holiday childcare, and 54% of parents admitted they ... read more

21-06-2018
Tax gap lowered according to HMRC

Tax gap lowered according to HMRC

HMRC has published figures that show the tax gap for the 2016-17 tax year was 5.7%. The tax gap is basically the difference between the amount of tax due and the amount of tax collected by the ... read more

21-06-2018
M&S lose expensive VAT case

M&S lose expensive VAT case

The First-Tier Tribunal recently heard an appeal that considered the correct VAT treatment of a promotional offer by the retailer, Marks and Spencer (M&S). The issue concerned a frequently run ... read more

21-06-2018
Self-assessment second instalment due end of July

Self-assessment second instalment due end of July

Taxpayers that make payments on account should be aware that the second payment on account for 2017-18 is due on or before 31 July 2018. The amount due for payment is usually the same as the first ... read more

21-06-2018
Is the email really from HMRC?

Is the email really from HMRC?

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. Whilst ... read more

21-06-2018
Are you on track to qualify for a full State Pension?

Are you on track to qualify for a full State Pension?

Anyone aged 16 or over and at least 30 days from their State Pension age can request a State Pension statement from the Department for Work & Pensions (DWP). The statement provides an estimate of ... read more

21-06-2018
Payment deadlines for VAT Annual Accounting Scheme

Payment deadlines for VAT Annual Accounting Scheme

The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. Businesses that use the scheme are only required to file one VAT return at the end of each year. ... read more

21-06-2018
Plumber wins landmark gig economy case

The Supreme Court has upheld the Court of Appeal's decision and confirmed that a plumber who was classed as self-employed was actually a 'worker'. The Supreme Court dismissed the appeal by Pimlico ... read more

18-06-2018
Impact on pensions of maternity leave

Impact on pensions of maternity leave

The Pensions Advisory Service (TPAS) has published a “Maternity Leave Spotlight” outlining the impact on pensions of maternity leave. It also covers what happens when the employee returns to work and ... read more

13-06-2018
Dormant assets scheme to be expanded

Dormant assets scheme to be expanded

The government has announced that the dormant asset scheme is to be expanded to include to a wider set of financial assets including stocks, shares, pensions or bonds. The government has appointed ... read more

13-06-2018
VAT reverse charge may be coming to the construction sector

VAT reverse charge may be coming to the construction sector

HMRC has launched a new consultation inviting comments from interested parties regarding the introduction of new VAT reverse charge legislation for certain construction services. The new legislation ... read more

13-06-2018
The maternity allowance

The maternity allowance

The maternity allowance is a financial benefit for pregnant women who are self-employed, who are working but do not qualify for statutory maternity pay (SMP) or who have recently stopped working. The ... read more

13-06-2018
Claim back pre-registration VAT

Claim back pre-registration VAT

There are special rules that determine the recoverability of VAT incurred before a business registers for VAT. This type of VAT is known as pre-registration input VAT. There are different rules for ... read more

13-06-2018
When do charities pay or not pay tax?

When do charities pay or not pay tax?

The tax treatment of charities is complex. Many charities trade either as part of their charitable interests or to raise funds. As a first step, any charity hoping to claim from beneficial tax ... read more

13-06-2018
Companies and capital gains

Companies and capital gains

Capital Gains Tax (CGT) is not payable by limited companies or unincorporated associations when they sell an asset and make a gain. Instead, the gain (proceeds less any allowable costs and reliefs) is ... read more

13-06-2018
Don’t forget to renew your tax credit claims

Don’t forget to renew your 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

11-06-2018
World Cup 2018 – Acas guidance

World Cup 2018 – Acas guidance

The World Cup 2018 will take place in Russia between Thursday, 14 June and Sunday, 15 July 2018, with 32 national football teams taking part, including England. Football match times in the UK will ... read more

11-06-2018
Religion and belief discrimination

Religion and belief discrimination

Acas has published new guidance on religion and belief discrimination in the workplace. The 26-page guidance booklet, entitled “Religion or belief discrimination: key points for the workplace”, ... read more