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Tax News

Oct 18, 2017

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...

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Oct 17, 2017

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 workpl...

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Oct 17, 2017

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 the...

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Oct 17, 2017

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 ...

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Oct 17, 2017

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 fun...

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Oct 17, 2017

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...

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Oct 17, 2017

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 tra...

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Oct 17, 2017

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...

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Oct 10, 2017

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 t...

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Oct 10, 2017

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...

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Oct 10, 2017

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 the...

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Oct 10, 2017

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...

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Oct 10, 2017

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 rul...

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Oct 10, 2017

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 fo...

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Oct 03, 2017

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 e...

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Oct 03, 2017

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 inve...

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Oct 03, 2017

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 f...

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Oct 03, 2017

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 y...

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Oct 03, 2017

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 limit...

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Oct 03, 2017

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. Howe...

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Sep 27, 2017

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 yea...

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Sep 27, 2017

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 ...

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Sep 27, 2017

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 les...

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Sep 27, 2017

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...

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