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Tax News

Sep 12, 2017

The Chancellor has announced that the Autumn Budget 2017 will be held on Wednesday, 22 November 2017. The announcement was made on the GOV.UK website and included a video message from the Chancellor, Philip Hammond. In the video, the Chancellor sai...

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Sep 12, 2017

Now that the second Finance Bill of 2017 has been published, we finally have confirmation that a number of measures announced earlier this year are to be included on the statute books. These measures were cut from the first Finance Bill of 2017 due...

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Sep 12, 2017

The new timetable for the introduction of Making Tax Digital (MTD) has been confirmed with the publication of the second Finance Bill. The MTD regime was originally due to start from April 2018. However, there were significant concerns that the rol...

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Sep 12, 2017

HMRC’s Card Transaction Programme is a disclosure opportunity for businesses that accept card payments and have not paid the right amount of tax due. The disclosure opportunity has been widened to also allow businesses that accept cash payments t...

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Sep 12, 2017

The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. The main benefits of the scheme include the requirement to file only one VAT return per year. This can significantly reduce the amount of admini...

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Sep 12, 2017

There are a myriad of rules that new businesses must follow when they start employing staff for the first time. A full examination of the rules is beyond the scope of this article however we wanted to point out some important issues to be aware of ...

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Sep 12, 2017

The Wear and Tear allowance that allowed landlords to reduce the tax they paid on furnished property lets was withdrawn at the end of the 2015-16 tax year. The 10% deduction was available to landlords regardless of whether furnishings in their prop...

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Sep 05, 2017

Before the summer recess, the government confirmed that a new Finance Bill would be introduced as soon as possible after the summer recess. The House of Commons returned to Westminster on 5 September 2017. The new Finance Bill is expected to legis...

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Sep 05, 2017

Taxpayers in receipt of child benefit and child tax credits payments should be aware that HMRC can stop making payments on the 31 August following a child’s 16th Birthday. HMRC has issued a press release reminding parents to inform them if any o...

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Sep 05, 2017

HMRC recently announced a deadline for accepting amended claims for Research and Development (R&D) tax credits. This specific opportunity relates to claims to include eligible reimbursed employee expenses as part of qualifying staff costs. Only...

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Sep 05, 2017

Automatic enrolment for workplace pensions was instigated to encourage employees to start making provision for their retirement with employers also contributing to make a larger pension pot. The timetable for employers to begin enrolling their sta...

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Sep 05, 2017

Class 2 National Insurance Contributions (NICs) are currently paid by self-employed taxpayers and members of partnerships if their annual profits exceed £6,025. Class 2 NICs are payable at a flat weekly rate currently, £2.85. Class 2 NICs count t...

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Sep 05, 2017

There are distinct rules that VAT registered businesses must follow regarding retention of VAT records. Records include: a record of sales and purchases, and a separate VAT account. Generally, a business must keep VAT business records for at lea...

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Sep 05, 2017

Goodwill is usually defined as the ‘extra’ value attributable to a business over and above its tangible assets. In the vast majority of cases, when a business is sold a significant proportion of the sale price will be for this type of intangib...

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Sep 04, 2017

A new corporate offence of failing to prevent the facilitation of tax evasion will come into force on 30 September 2017 under the Criminal Finances Act 2017. Under the legislation, a relevant body, (B), which can be either a company or a partnershi...

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Sep 04, 2017

The government has issued its response to its consultation which started in November 2016 on corporate governance reform. Its response document sets out proposals for a “world-leading package” of corporate governance reforms which it now intend...

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Aug 29, 2017

A default surcharge is a penalty levied on businesses that submit late VAT returns. VAT registered businesses are required by law to submit their returns and make sure that payment of the VAT due has cleared to HMRC’s bank account by the due date...

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Aug 29, 2017

Do you use your own car for business purposes? If so, you may be able to claim a tax-free allowance from your employer known as a Mileage Allowance Payment or MAP. The allowance is paid when employers use their own car, van, motorcycle or bike for ...

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Aug 29, 2017

The register of people with significant control (PSC register) lists individuals who exert significant control over UK companies and came into effect 6 April 2016. A PSC is anyone in a company or LLP who meets one or more of the conditions listed ...

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Aug 29, 2017

The Additional State Pension is only available to those who reached the state pension age before 6 April 2016 and are receiving the Old State Pension. The Additional State Pension is an extra amount of money paid on top of the basic Old State Pensi...

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Aug 29, 2017

HMRC has announced the launch of a new compensation scheme for users affected by system issues when trying to register to the new Tax-Free Childcare Scheme (TFCS). The TFCS was launched in April 2017 to the first tranche of working parents. The sch...

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Aug 29, 2017

The latest advisory fuel rates became effective on 1 September 2017. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December. You can use the previous rates for up to 1 month from the date...

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Aug 23, 2017

1 September 2017 - Due date for Corporation Tax due for the year ended 30 November 2016. 19 September 2017 - PAYE and NIC deductions due for month ended 5 September 2017. (If you pay your tax electronically the due date is 22 September 2017) 19 Sep...

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Aug 22, 2017

As a general rule, the fall-back position for couples who live together with their spouse or civil partners is that property income held in joint names is divided 50:50. This is regardless of the actual ownership structure. However, where there is ...

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