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Are we seeing the end of tax-free benefits?

22/06/2017 – There have been changes to the tax rules for certain Benefits in Kind which are provided as part of salary sacrifice schemes. These changes, which started coming into effect in April of this year, are beginning to have an impact on certain tax-free benefits provided to employees. The new rules effectively remove any Income Tax and NIC … More...

Gifts to a charity or your spouse

22/06/2017 – There is usually no Capital Gains Tax (CGT) to be paid on the gift of assets between married couples and civil partners. However, there is still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated … More...

How will your business be affected by Making Tax Digital?

22/06/2017 – The introduction of Making Tax Digital (MTD) will fundamentally change the way companies, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account. The new regime is due to start next April when the … More...

Using your own car for business purposes

22/06/2017 – Employees who use their own car at work for business purposes can, under certain circumstances, be paid a tax-free allowance by their employers. This includes the use of their own van, motorcycle or bike. It is important to note that this tax-free allowance does not include journeys to and from work but for other business related mileage. … More...

Should you be using the VAT Cash Accounting Scheme?

22/06/2017 – The VAT Cash Accounting Scheme (CAS) can offer important benefits to certain small businesses. Under the standard VAT accounting scheme, VAT is payable on sales whether or not the customer has paid and can lead to claims for Bad Debt Relief. With the CAS no VAT needs to be paid over to HMRC until the customer has paid for his goods / … More...

Are you claiming the NIC employment allowance?

22/06/2017 – For some time now, employers have been able to reduce their Class 1 NI contributions that relate to their employment of staff. The relevant relief, the employment allowance, is worth up to £3,000 per year and is available to most businesses and charities to be offset against their employer's Class 1 NIC bill. Claiming the allowance is … More...

DVLA car scam

22/06/2017 – The Driver & Vehicle Licensing Agency (DVLA) is warning the public of what appears to be a number of widespread scams targeting members of the public using emails, texts and telephone calls. These communications are supposedly sent from the DVLA and in some cases, include links to a lookalike DVLA online website. The BBC’s Watchdog … More...

Using the trivial benefits exemption

15/06/2017 – The trivial benefits in kind (BiK) regime came into effect in April 2016. This statutory exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given occasionally to employees or any other benefit in kind classed as 'trivial' that falls within the exemption. Although the benefit is defined as … More...

Post-election comment

15/06/2017 – The recent election result has certainly thrown the cat amongst the pigeons. Manifesto pledges that were removed from the Queen's speech include: cancelling plans to remove the triple lock on pensions the means testing of winter fuel payments the introduction of new grammar schools, and possibly a softening of the approach to … More...

Benefits filing deadline approaching

15/06/2017 – Employers are reminded that the deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax year: such as company cars, loans and private medical insurance. Employers making online … More...

VAT Flat Rate Scheme – limited cost traders

15/06/2017 – The VAT Flat Rate Scheme (FRS) was introduced to ease the process of calculating and submitting VAT returns for smaller businesses - the FRS is only available to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000 (exc VAT). VAT due for each quarter is calculated as the VAT inclusive … More...

Main Residence Nil Rate Band

15/06/2017 – The impact of Inheritance Tax has been reduced recently for families that own their own home. HMRC has introduced a new relief, the Inheritance Tax main residence nil-rate band (RNRB), which came into effect on 6 April 2017. The RNRB is a transferable allowance, that is available to the estates of both parties in a marriage or civil … More...

Marginal rate of Income Tax

08/06/2017 – For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of income over £100,000 irrespective of age. This creates an effective marginal rate of tax of around 60% for tax payers with annual income between £100,000 and £123,000 as the £11,500 tax-free personal allowance is gradually withdrawn. Taxpayers … More...

EU Fourth Money Laundering Directive

08/06/2017 – The EU Fourth Money Laundering Directive which makes sweeping changes to combatting money laundering and terrorist financing across the EU were integrated into UK regulations on 26 June 2017. As a result, Companies House has made changes to the current requirements about people with significant control (PSC) filings. Since the PSC rules … More...

Welsh land transaction tax

08/06/2017 – The new land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) in Wales will be launched on 1 April 2018. The LTT legislation received Royal Assent on 24 May and is the first Act of this Assembly term. The LTT marks the first new Welsh tax in almost 800 years. The legislation is broadly based on the existing … More...

Corporation Tax online filing

08/06/2017 – Company Tax returns have to be filed using the iXBRL data standard using either HMRC's own software or third-party commercial software. Businesses that use third-party commercial software should refer to the HMRC list of recognised commercial software. Online Corporation Tax filing is compulsory for company tax returns. HMRC does not … More...

Pension schemes newsletter

08/06/2017 – A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics: Pension advice allowance. HMRC has been asked by pension scheme administrators if their members can request the pension advice allowance from their scheme by email. HMRC has confirmed that the … More...

Insurance Premium Tax increase

08/06/2017 – Insurance Premium Tax (IPT) is a tax on general insurance premiums. There are two rates a standard rate of 12% and a higher rate of 20%. The higher rate applies where insurance is sold in relation to goods and services which are subject to VAT and to travel insurance. It was announced as part of the March 2017 Budget that the … More...

VAT education exemption case

01/06/2017 – A complex VAT case that examined the VAT liability of restaurant meals provided to the public, and charges for concerts and other performances organised by students as part of their further education courses at Brockenhurst College has almost reached a final conclusion. The events were offered as part of the students’ education and at a … More...

Pensions regulator new enforcement action

01/06/2017 – Automatic enrolment into workplace pensions has been rolling out across the UK since 2012. It is expected that all employers will be part of the scheme by early 2018. Employers failing to comply with their auto-enrolment duties and missing their staging date can trigger statutory notices, fixed penalties and even court action. Staging … More...

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