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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

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

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,

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

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

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

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

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

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

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

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.

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

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"

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

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

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

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

27/06/2017 More...

Do you have an employee suggestion scheme in place? There are still commercial and tax advantages to setting up such a arrangement. HMRC offers two tax-free award schemes that can be made available to employees: Encouragement awards - for good suggestions, or to reward your employees for special effort. Encouragement awards are exempt

27/06/2017 More...

Employers and employees may have noticed that HMRC has clamped down on the tax and NIC benefits of some aspects of salary sacrifice schemes. The changes are being rolled out gradually from April 2017, and will affect a number of employees who have sacrificed part of their salary for benefits and are currently paying less tax and NIC as a

27/06/2017 More...

As our readers are most likely aware, there are special rules which allow individuals who set up private pension scheme(s) to benefit from significant tax reliefs when saving for their retirement. There is no overall limit to the amount of employer or employee contributions and no upper limit to the total amount of pension saving that can

26/06/2017 More...

With the General Election having returned a minority government and with the government’s priority being to legislate for Brexit, a rather more modest agenda for employment law reform was outlined in the Queen’s Speech 2017 than originally may have been envisaged. Parliament will also sit for two years instead of the ordinary one year, to

26/06/2017 More...

1 July 2017 - Due date for Corporation Tax due for the year ended 30 September 2016. 6 July 2017 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2017 - Pay Class 1A NICs (by the 22 July 2017 if paid electronically). 19 July 2017 - PAYE and NIC deductions due for month ended

21/06/2017 More...

There have been changes to the tax rules for certain Benefits in Kind which are provided as part of salary sacrifice schemes. These changes, which started coming into effect in April of this year, are beginning to have an impact on certain tax-free benefits provided to employees. The new rules effectively remove any Income Tax and NIC

21/06/2017 More...

There is usually no Capital Gains Tax (CGT) to be paid on the gift of assets between married couples and civil partners. However, there is still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated

 

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