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Tax News

Aug 13, 2018

The Office of Tax Simplification (OTS) has updated its papers on the possibility of launching a Sole Enterprise Protected Assets (SEPA) business model for sole traders. SEPA status would allow sole traders to retain the simplicity of sole trader s...

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Aug 13, 2018

HMRC has published a press release to remind taxpayers that the 30 September 2018 deadline to come forward and declare any foreign income or profits on offshore assets is fast approaching. This is the date set out in the Requirement to Correct (RTC...

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Aug 13, 2018

The transfer of a business as a going concern (TOGC) rules consider the VAT liability on the sale of a business. Normally, the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Wher...

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Aug 13, 2018

Here is a reminder for travellers of their duty and tax free allowances whilst travelling this summer. Travelling to an EU country Where tobacco or alcohol is brought in from another EU country, no duties or tax will be payable as long as you can d...

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Aug 13, 2018

A new Government Counter Fraud Profession (GCFP) is to be launched on 9th October to help fight fraud in the public sector. The size of the challenge is immense with fraud in the public sector estimated to be between £31 billion and £49 billion. ...

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Aug 13, 2018

The Intellectual Property Office (IPO) is warning taxpayers of a new intellectual property (IP) scam, where taxpayers receive unsolicited invitations from companies offering services to help them protect their IP in return for a fee. These usually ...

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Aug 13, 2018

There are special rules involving bicycles usually referred to as 'Cycle to Work' arrangements. The Cycle to Work scheme was introduced in 1999 to help promote the use of healthy ways to commute to work. The scheme allows employers to provide (tec...

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Aug 13, 2018

Following the recent increase in the Bank of England base rate to 0.75%, HMRC has announced changes to the rates of interest they charge. The new rates of interest charged on underpaid quarterly instalment payments of 1.75% (was 1.50%), took effe...

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Aug 13, 2018

The Office of Tax Simplification (OTS) provides independent advice to the government on simplifying the UK tax system, with the object of reducing compliance burdens on both businesses and individual taxpayers. The OTS operates on a permanent, stat...

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Aug 12, 2018

Under new gender pay gap regulations that came into force in April 2017, all employers with over 250 employees are required to report their gender pay gap data. The Government Equalities Office (GEO) has now announced that 100% of UK employers iden...

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Aug 06, 2018

HMRC defines a director's loan as money taken from your company (by you or other close family members) that isn’t: a salary, dividend or expense repayment and money you’ve previously paid into or loaned the company An overdrawn director's lo...

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Aug 06, 2018

There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ medical or dental treatment or insurance if the...

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Aug 06, 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'. The gifts or transfers achieve their potential of becoming exempt from Inheritanc...

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Aug 06, 2018

Overpayment relief was introduced from 1 April 2010 and replaced error or mistake relief for Income Tax, Capital Gains Tax (CGT) and Corporation Tax. Overpayment relief allows taxpayers to recover overpaid Income Tax, CGT, Class 4 NIC, Corporation ...

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Aug 06, 2018

There are special VAT rules that must be followed when you sell goods on a sale or return basis. Goods sold on a sale or return basis (sometimes known as 'on approval') are goods that are effectively supplied to a customer free of charge and the su...

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Aug 06, 2018

The tax treatment of the sale of fixtures and fittings included in the sale or purchase of a commercial building changed from April 2014. From that date, the buyer of a building that contains fixtures can only claim plant and machinery allowances (...

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Aug 06, 2018

The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 and opened to all remaining eligible families with children under 12 on 14 February 2018. The new scheme allows working parents to receive a government top-up on their contributions. F...

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Aug 06, 2018

HMRC continues to warn taxpayers about email phishing scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are very dan...

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Jul 31, 2018

A former football agent, Jerome Anderson, who looked after over 200 players during his career including Thierry Henry and Dennis Bergkamp, has lost his £1.2m tax avoidance case with HMRC. The football agent's tax appeal was recently heard at the ...

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Jul 31, 2018

Where an error on a past VAT return is uncovered taxpayers have a duty to correct the error as soon as possible. HMRC can also charge penalties and interest if an error is due to careless or dishonest behaviour. As a general rule, you can use a cur...

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Jul 31, 2018

There are special reporting requirements and the possibility of a tax bill when you sell your home in the UK and you live abroad. A Capital Gains Tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 20...

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Jul 31, 2018

When a company takes over another company it may issue its own shares and/or securities in payment or part payment for the shares it’s buying. This is sometimes described as a share reorganisation. Where certain conditions are met, when the old ...

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Jul 31, 2018

There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. As a first step it is usually possible to make an appeal against a tax decision. There is normally a 30-day deadline for making an appeal so time is of...

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Jul 31, 2018

There are working time limits that state the legal maximum weekly working hours that a person has to work should not exceed 48 hours a week on average. The maximum hours for under 18’s is fixed at no more than 8 hours a day or 40 hours a week. Th...

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