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18/10/2017 More...

The Parental Bereavement (Leave and Pay) Bill has been published by the government. Although the Bill is a Private Members’ Bill, it has the full support of the government and therefore the Bill and its explanatory notes have been prepared by the government with the consent of the relevant MP. It is due to have its second reading in the...

17/10/2017 More...

Acas has launched new guidance to help employers manage staff who are experiencing mental health issues. The new guidance aims to help managers develop the right skills to support employees as well as to create a culture of well-being in the workplace. It includes advice on: spotting the signs of mental ill health talking to a team...

17/10/2017 More...

The First-Tier Tribunal recently heard three appeals that examined whether vehicles supplied to employees were vans or cars. The main appellant in this case was Coca-Cola European Partners GB Ltd (Coca-Cola) who supplied vehicles to a number of their employees. Until 1997, Coca-Cola’s technicians had used estate cars but the amount of...

17/10/2017 More...

A capital gains tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 2015. A UK non-resident that sells UK residential property needs to deliver a non-resident capital gains tax (NRCGT) return within 30 days of selling a relevant property. When such a sale is made a NRCGT return must be...

17/10/2017 More...

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 personal expenses of directors using company funds. Where these payments do not form part of a director’s remuneration they are usually posted...

17/10/2017 More...

HMRC has confirmed that they will no longer accept payments with a personal credit card from 13 January 2018. This includes payments for income tax, PAYE, VAT and many other taxes. This is due to the implementation of the EU second Payment Services Directive (PSDII). This legislation makes a number of reforms to the way payments by debit...

17/10/2017 More...

There are a number of scenarios where HMRC would consider a company or organisation to be inactive for Corporation Tax (CT) purposes. This is a different categorisation to a 'dormant' company and usually happens when a company has not commenced trading. A company, whilst not yet active for CT purposes, can still carry out activities...

17/10/2017 More...

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, or when an employee's circumstances change, and help employers work out how much tax to deduct from an employee’s pay packet. The basic personal allowance for the tax year starting 6...

10/10/2017 More...

As a general rule, inheritance tax (IHT) is collected from a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to be paid if the value of the estate is below the IHT nil rate threshold of £325,000. There is also a new IHT main residence nil-rate band...

10/10/2017 More...

When a couple is separating or divorced it is unlikely that they are thinking about the tax implications. However, as the dust begins to settle it is important that the tax consequences of the break-up are given proper consideration. Whilst income tax does not automatically cause an issue for separating couples, as it is an individually...

10/10/2017 More...

HM Land Registry's property alert service is a free (for up to 10 registered properties) service to help protect property from fraud. The counter-fraud security measure was introduced by the Land Registry to monitor registered properties, where there is a concern that it might be subject to a fraudulent sale or mortgage. The property...

10/10/2017 More...

HMRC offers an online service to check your National Insurance record online. In order to use the service, you will need to have a Government Gateway account. If you don’t have an account, you can apply to set one up online. By signing in to the 'Check your National Insurance record' service you will also activate your personal tax...

10/10/2017 More...

When you employ someone to work in your home, it is your responsibility to meet their employee's rights and deduct the correct amount of tax from their salary. This can include domestic staff such as a nanny, housekeeper, gardener or carer. The rules are different if the person is self-employed or paid through an agency. If you employ...

10/10/2017 More...

Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce the amount of their taxable profits. Most ‘capital’ items, such as equipment, vehicles, machinery etc, last for a reasonably long time and the tax rules do not allow you to automatically deduct the full...

03/10/2017 More...

In a recent newsletter we looked at the tax implications of giving Christmas gifts to your staff and the complications that can arise. In this newsletter, we will take a look at the tax breaks available for staff Christmas party or similar annual events. In general, the cost of a staff party or other annual entertainment is allowed as a...

03/10/2017 More...

The government’s move to restrict the tax relief landlords receive on finance charges started to take effect from April this year. This is the first year that finance charges are being restricted. The tax relief on mortgage costs used to buy investment properties is gradually being restricted to the basic rate of tax. Landlords of...

03/10/2017 More...

As existing Self-Assessment tax filers will be aware, the deadline for online submission of your 2016-17 Self-Assessment tax return is 31 January 2018. This is also the date that the payment is due for the balance of any Self-Assessment liability for 2016-17, and the due date for any payment on account due for the current 2017-18 tax...

03/10/2017 More...

The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT, and in so doing, reduces the administration costs of complying with the VAT legislation. Using the FRS, you simply pay VAT as a fixed percentage of your VAT inclusive turnover. The actual percentage you use depends on your type of business....

03/10/2017 More...

There are simplified arrangements in place for the self-employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited companies or business partnerships involving a limited company. The simplified expenses...

03/10/2017 More...

Income Tax is generally payable on taxable income received by individuals in the UK, including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust income. However, if you are resident in the UK you will also need to pay UK Income Tax on your foreign...

27/09/2017 More...

There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of partnership losses. For the 2016-17 tax year, trade losses can be relieved in a number of ways. These include: By using the loss to...

27/09/2017 More...

One of the less well-known ways of paying your self-assessment tax bill is to do so through your tax code. This can only be done where all the following apply: you owe a self-assessment balancing payment of less than £3,000; you are an employee or receive a company pension; you have for the 2016-17 tax year submitted a paper tax...

27/09/2017 More...

It is established practice that Christmas presents paid in cash to employees are almost invariably taxable as earnings. This view has been upheld by the courts on many occasions and can mean that a gift from a well-intentioned employer is worth less than the giver or the recipient expected. An alternative to a cash gift may be to give...

27/09/2017 More...

There are special rules for correcting errors on VAT returns. The relevant rules depend on whether you need to: Amend your VAT records if you discover they contain errors; Correct errors on VAT returns you’ve already sent to HMRC; Claim a refund if you’ve overpaid VAT, or not claimed enough credit on a return. When you find you have...

 

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