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New Finance Bill to be published
19/07/2017 - More...
The government has confirmed that a new Finance Bill will be introduced as soon as possible after the summer recess. The House of Commons returns to Westminster on 5 September 2017. In a joint press release from HMRC and HM Treasury we are told that the new Finance Bill will legislate for all policies that were included in the

Making Tax Digital – common sense prevails
19/07/2017 - More...
A new timetable for the introduction of Making Tax Digital (MTD) has been announced. The new regime was due to start from April 2018, but was delayed by the snap general election earlier this year. The government now appears to have listened to concerns that the roll-out of the MTD was moving too fast. The original proposals would have

Class 1 NICs zero rate band
19/07/2017 - More...
Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance Contributions (NICs), and in some case income tax. The planning strategy is to pay a salary at a level that qualifies the director for State benefits, including the State Pension, but does not involve

Employed or self-employed?
19/07/2017 - More...
Working out whether you are an employee or self-employed can be a tricky business and HMRC’s view can sometimes be at odds with status defined under employment law. Clearly, although not always, there are tax and NIC advantages for you and the business that contracts for your services if you are treated as self-employed as opposed to

Changes to deemed domicile rules
19/07/2017 - More...
In July 2015, the then Chancellor George Osborne announced a series of reforms to the non-domicile rules. The new rules were due to come into effect from April 2017, but were removed from the cut-back Finance Bill that was rushed through parliament before the general election. It has now been announced that the necessary legislation to

Gift Aid donations only available to taxpayers
19/07/2017 - More...
The Gift Aid scheme is available to all UK taxpayers, but in order to sign up to the Gift Aid scheme when you make a donation, you must be paying UK income tax. There are clear advantages for charities if you make your donation in this way. The charity or Community Amateur Sports Clubs (CASC) concerned can take your donation and,

Rangers EBT kicked into touch
12/07/2017 - More...
The Supreme Court has ruled in favour of HMRC over a long running tax avoidance case against a former incarnation of Rangers football club (now in liquidation). The case concerned a tax avoidance scheme under which the club paid remuneration to their employees through a complex employee benefit trusts and sub-trusts structure in the hope

Future changes to Corporation Tax?
12/07/2017 - More...
The Office of Tax Simplification (OTS) provides independent advice to the government on simplifying the UK tax system, with the objective of reducing compliance burdens on both businesses and individual taxpayers. The OTS operates on a permanent, statutory footing and seeks to draw together expertise from across the tax and legal

Online filing exclusions for 2016-17
12/07/2017 - More...
HMRC’s list of exclusions from online filing for 2016-17 continues to multiply. The list of exclusions has been updated with the publication of version 4.0 of the document. There are now a total of 32 live exclusions on the list including 5 new additions to the list. Many of these issues exist as HMRC has been unable to update its

VAT relief on building a new home
12/07/2017 - More...
The VAT DIY Housebuilders scheme is a special scheme that enables homeowners building a home to benefit from the special VAT rules that allow the qualifying construction costs of new homes and certain conversion works to be zero-rated. In this way, any VAT paid on certain qualifying costs can be recovered. The scheme has been designed to

Furnished holiday lettings
12/07/2017 - More...
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. Individuals, partnerships, trustees and companies who let furnished holiday accommodation situated within the UK or elsewhere in the EEA can benefit from having a FHL. HMRC’s

Rent-a-room scheme
12/07/2017 - More...
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The limit increased to a generous £7,500 from 6 April 2016, after remaining stagnant for many years and has remained at the same level for the current tax year. The relief applies only to the letting of furnished accommodation and

No benefits but still need to file a form?
05/07/2017 - More...
As many of our readers will be aware, new payroll legislation on the treatment of certain business expenses and benefits came into effect from 6 April 2016. One of the main changes was the removal of the requirement for employers to report certain expenses paid to employees (whether deductible or not) on form P11D at the end of the tax

Directors may not have to file a tax return
05/07/2017 - More...
A recent First Tier Tribunal case examined whether a company director had an obligation to submit a Self Assessment tax return without receiving a notice to file. The taxpayer in question appealed against penalties totalling £1,300 relating to his 2014-15 Self Assessment return on the basis that he had a reasonable excuse for his appeal.

Taxman and the shed
05/07/2017 - More...
One of the most often used and valuable of the Capital Gains Tax (CGT) exemptions covers the sale of the family home. In general, there is no CGT payable on the sale of a property which has been used as the main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as

Bricklayer turned accountant is jailed
05/07/2017 - More...
An Essex based financial adviser has admitted tax fraud and has been jailed for five years. He set himself up as tax adviser despite having no financial qualifications. He had previously worked as a bricklayer and his clients were mainly made up of crane drivers, builders and other construction industry workers. The "financial adviser"

NMW and LW penalties for non-compliance
05/07/2017 - More...
There are penalties for employers who don’t pay staff what they are legally entitled to under the National Minimum Wage (NMW) and National Living Wage (NLW) rates. Employers who have paid a worker below the correct minimum wage must pay any arrears immediately. If not, there are penalties for non-payment of up to 200% of the amount

Tax-free loans to employees
05/07/2017 - More...
Employees can obtain a tax-free benefit when provided with an employment-related cheap or interest-free loan. The most common is where the combined outstanding loan value to an employee is less than £10,000 throughout a tax year. The benefit is calculated as the difference between the interest the employee pays, if any, and the

What is the best way to extract funds from your company?
27/06/2017 - More...
Director shareholders are wont to ensure that they pay the lowest amount of tax and NIC consistent with their obligations under the relevant legislation. For many years, director shareholders have followed a high dividend, low salary extraction strategy. This tended to reduce Income Tax and NIC contributions. The dividend changes that

Implementing a Cycle to Work Scheme
27/06/2017 - More...
The Cycle to Work scheme was introduced in 1999 to help promote a healthy commute to work. The scheme allows employers to provide (technically loan) bicycles and cyclists’ safety equipment to employees as a tax-free benefit. Where the scheme conditions are satisfied, employees can benefit from a tax and National Insurance Contributions

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Latest News

New Finance Bill to be published
19/07/2017 - More...
The government has confirmed that a new Finance Bill will be introduced as soon as possible after

Making Tax Digital – common sense prevails
19/07/2017 - More...
A new timetable for the introduction of Making Tax Digital (MTD) has been announced. The new regime

Class 1 NICs zero rate band
19/07/2017 - More...
Many director shareholders take a minimum salary and any balance of remuneration as dividends. This

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