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Tax News

Apr 17, 2018

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 started to send tax credits renewal packs to tax ...

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Apr 17, 2018

There are currently two types of national insurance contributions (NICs) payable by most self-employed people. These are known as: Class 2 NICs, and Class 4 NICs. Class 2 NICs are paid by all self-employed taxpayers unless they qualify for the sma...

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Apr 17, 2018

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 used solely for work. There is no tax relief av...

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Apr 17, 2018

The deadline for employers to provide employees with a copy of their P60 form is by 31 May 2018. A P60 must be given to all employees that were on the payroll on the last day of the tax year – 5 April 2018. The P60 is a statement issued to employ...

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Apr 17, 2018

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt if the tax...

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Apr 17, 2018

The Non-resident landlord (NRL) scheme is a special scheme for the UK rental income of non-resident landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. HMRC classifies a person living abroad for 6 months o...

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Apr 17, 2018

Landlords that receive letting income should notify HMRC by 5 October after the end of the tax year for which you start to receive that income. So, for the 2017-18 tax year that has just ended, HMRC needs to be notified by 5 October 2018 of any let...

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Apr 10, 2018

HMRC's recently published, and usually routine, Employment related securities bulletin contains an important announcement on the future of EMI share options. It transpires that the EU state aid approval for the EMI share options scheme expired on 6...

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Apr 10, 2018

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), including those under the Optional Remuneration Arran...

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Apr 10, 2018

With effect from 6 April 2018, employers will need to pay income tax and Class 1 national insurance contributions (NICs) on certain parts of termination payments made to employees whether or not these payments are contractual. The element that is l...

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Apr 10, 2018

The Construction Industry Scheme (CIS) is a set of special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors'. The scheme...

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Apr 10, 2018

The new Soft Drinks Industry Levy came into effect with the start of the new tax year on 6 April 2018. The Levy commonly known as the 'sugar tax', has been put into effect to help combat the excess use of sugar especially by children. Since the int...

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Apr 10, 2018

The Married Couple's Allowance (MCA) is available to elderly married couples or those in a civil partnership, where at least one member of the couple were born before 6 April 1935 (i.e. at least 83 years old). The allowance provides for tax relief ...

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Apr 10, 2018

Most day to day business expenses can be deducted from business income when calculating your taxable profits. However, the rules are different for 'capital’ expenditure'. Capital allowances is the term used to describe the allowances which allow ...

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Apr 08, 2018

Following new measures introduced in Parliament, from 1 April 2018 disabled workers can now benefit from a £15,000 rise in Access to Work grants to assist them at work. Such workers can now claim up to £57,200 annually to help pay for the additio...

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Apr 03, 2018

As a general rule, there should be no capital gains tax (CGT) to be paid on a property which has been used solely as the main family residence (referred to by HMRC as one’s principal private residence). Conversely, an investment property which ha...

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Apr 03, 2018

There are now just 7 weeks to go until the new data protection regulations become law on 25 May 2018. The new provisions known as the General Data Protection Regulation (GDPR) represent a step change in data protection regulation, that will impose ...

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Apr 03, 2018

We have published articles before discussing the importance of making a will and ensuring that your assets are divided amongst your beneficiaries in the way best suited to your personal wishes. One of the most important reasons for doing so, is to ...

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Apr 03, 2018

The new Fulfilment House Due Diligence Scheme (FHDDS) opened for online applications on 1 April 2018. The FHDDS is part of a package of measure to combat the abuse of VAT rules by online traders based outside the European Union. Fulfilment houses t...

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Apr 03, 2018

The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained an interest in property, in a settlement, that the income arising is treated as the settlor’s income for tax purposes...

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Apr 03, 2018

HMRC has issued an update of what can be dealt with by accessing and using a personal tax account (PTA). The PTA works like an online bank account to allow taxpayers to review all their details in real time. HMRC has confirmed that the following s...

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Apr 02, 2018

The President of the Employment Tribunals (England and Wales) and the President of the Employment Tribunals (Scotland), have issued updated joint presidential guidance in relation to the so-called “Vento bands” for compensation for injury to fe...

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Mar 27, 2018

The Customs Handling of Import and Export Freight (CHIEF) is a computerised service that records the movement of goods by land, air and sea. The system allows importers, exporters and freight forwarders to complete customs information electronicall...

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Mar 27, 2018

There are complex VAT rules that determine the amount of VAT that can be recovered when purchasing a new car. In most cases, when a business purchases a car they can’t reclaim the VAT incurred. The exception to this rule is if the new car is use...

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