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06/11/2018 More...

The High Income Child Benefit Charge (HICBC) came into force in January 2013. It applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving child benefit either by reducing or removing the benefit entirely. HMRC has confirmed that it

06/11/2018 More...

A change to the VAT rules first announced at Budget 2018 will come into effect from 1 October 2019. This change will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge will only apply to supplies of specified construction services to other

06/11/2018 More...

The Chancellor announced a number of measures to help many failing high streets up and down the country, as they face a real threat to their existence as footfall continues to be impacted. The growing use of online shopping has caused many large retailers to close down or reduce the number of stores they run, especially in smaller towns

06/11/2018 More...

In the Budget, the Chancellor, Philip Hammond announced two changes to the way Entrepreneurs’ Relief (ER) will operate. ER applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax (CGT) of 10% is payable in place of the standard

06/11/2018 More...

One of the more surprising announcements in the recent Budget was the introduction of a new 2% Digital Services Tax (DST) from April 2020. This tax is intended to ensure that the major social media, search engine and online retailers are subject to a 2% tax on revenues generated from the participation of UK users in the use of their

06/11/2018 More...

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account. The new regime is due to start in April 2019 for VAT

04/11/2018 More...

1 November 2018 - Due date for Corporation Tax due for the year ended 31 January 2018. 19 November 2018 - PAYE and NIC deductions due for month ended 5 November 2018. (If you pay your tax electronically the due date is 22 November 2018.) 19 November 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 November

30/10/2018 More...

The Chancellor has confirmed that from 2019-20 the personal allowance will increase to £12,500 (an increase from the current £11,850 allowance) and the basic rate limit to £37,500. As a result, the higher rate threshold will increase to £50,000 from April 2019. These increases deliver on the government’s manifesto commitment to increase

30/10/2018 More...

The Chancellor used his Budget speech to confirm that increased National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1 April 2019. The NLW first came into effect on 1 April 2016, and is the minimum hourly rate that must be paid to those aged 25 or over. From 1 April 2019 the National Living

30/10/2018 More...

The Chancellor’s announcement of a temporary five-fold increase in the Annual Investment Allowance (AIA) will be welcomed by many small and medium sized businesses looking to incur significant capital expenditure on plant and machinery. The Annual Investment Allowance (AIA) was permanently set at £200,000 for all qualifying expenditure

30/10/2018 More...

As a general rule, there is no Capital Gains Tax (CGT) on a property which has been used wholly as a main family residence. This relief from CGT is commonly known as Private Residence Relief. Conversely, an investment property that has never been used as a main residence will not qualify. Two changes to the way Private Residence Relief

30/10/2018 More...

The Chancellor confirmed in his Budget speech that the taxable turnover threshold that determines whether businesses should be registered for VAT, will be frozen at £85,000 for a further 2 years from 1 April 2020 until 31 March 2022. The taxable turnover threshold that determines whether businesses can apply for deregistration will also

30/10/2018 More...

Air Passenger Duty (APD) is a departure tax levied on most air travel. Each geographical band has two rates of Air Passenger Duty, one for standard class and the second for 'other' higher classes of travel (usually premium economy / business / first class). Currently, band A (short-haul) ranges from £13 for a standard class journey and

30/10/2018 More...

As part of the Budget measures the Chancellor announced that the duty rates on beers, spirits and most ciders will be frozen at the current rates. These measures mean that a bottle of whisky will be £1.54 less and a pint of beer 14p less than if the rates had increased as expected based on the duty escalator. However, the Chancellor did

30/10/2018 More...

HMRC has published a news release to remind taxpayers that there is now less than 100 days to file their 2017-18 tax return. Last year over 11 million taxpayers completed a 2016-17 self assessment tax return, with 10.7 million of these taxpayers doing so on time. The deadline for submitting 2017-18 self assessment tax returns online is

28/10/2018 More...

Autumn Budget 2018 The Prime Minister announced at the Conservative Party conference that the end of austerity was in sight. Recent tax revenues have exceeded expectations, and although there was an expectation that these declarations and indicators would herald a relaxation of fiscal policy, the Chancellor is mindful of the potential

24/10/2018 More...

Over the last number of years, the government has announced a raft of measures to encourage the use of cleaner vehicles and drive the growth of the electric car sector. Some of these measures specifically look at making more electric vehicle charging points available at workplaces and homes across the UK. The Electric Vehicle Homecharge

24/10/2018 More...

The Help to Save scheme for people on low incomes was officially launched in September 2018 following an 8-month trial. The scheme allows those in work entitled to Working Tax Credit and in receipt of Working Tax Credits or Child Tax Credits, to save up to £50 a month for two years and receive a 50% government bonus. The scheme is also

24/10/2018 More...

Business rates are charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. Some properties are eligible for discounts from the local council on their business rates. This is called business rates relief. There are a number of reliefs available, including small

24/10/2018 More...

Students that have finished their studies and entered the workforce, must begin to make loan repayments from the April after they have finished their studies or when their income begins to exceed the annual threshold. The annual threshold amounts for 2019-20 have been confirmed by the Department of Education. The thresholds will

24/10/2018 More...

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs, including Income Tax and Capital Gains Tax (CGT) relief to investors who purchase new shares in those companies. In a recent Upper Tribunal case, a taxpayer appealed against HMRC’s

24/10/2018 More...

Under certain circumstances, taxpayers can apply to HMRC for clearance or approval for a specific transaction. This can help give certainty about how a proposed transaction will be treated. Of course, there are numerous caveats to seeking clearance and the taxpayer must have provided all relevant facts regarding the intended transaction.

24/10/2018 More...

The Criminal Finances Act provides law enforcement agencies with greater powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and terrorist financing. The Act, which came into force on 30 September 2017, introduced two new criminal offences for corporations: one applying to the evasion of UK taxes

17/10/2018 More...

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists. Many businesses are monitored by the Financial Conduct Authority (FCA) or certain professional bodies. However, businesses that HMRC

 

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