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20/04/2017 More...

1 May 2017 - Due date for Corporation Tax due for the year ended 31 July 2016. 19 May 2017 - PAYE and NIC deductions due for month ended 5 May 2017. (If you pay your tax electronically the due date is 22 May 2017) 19 May 2017 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2017. 19 May 2017 - CIS tax deducted

19/04/2017 More...

In March 2016, John Cridland CBE, the former Director General of the Confederation of British Industry (CBI) was appointed by the government to lead an independent review of the State Pension age. The State Pension age for both men and women is set to increase to 67 by April 2028. The review was tasked with looking beyond the existing

19/04/2017 More...

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for 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 guidance

19/04/2017 More...

In a shock announcement following the Easter weekend the Prime Minister Theresa May declared plans to call a snap election on 8 June. The announcement marked a seismic shift from her earlier declarations that there would be no new elections until 2020. Her dramatic speech on the steps of Downing Street made it clear that she felt she

19/04/2017 More...

The P9X form is used to notify employers of the tax codes to use for employees. The form shows the tax codes to use from 6 April 2017. The basic personal allowance for the tax year starting 6 April 2017 is £11,500 and the tax code for emergency use is 1150L. The basic rate limit is £33,500 except for those defined as Scottish taxpayers

19/04/2017 More...

An annual employment allowance for businesses and charities, to offset against their employer's Class 1 NICs, was introduced in April 2014. The allowance can be claimed as part of the normal payroll process through RTI using an employer’s payroll software or HMRC’s Basic PAYE Tools. The maximum amount available is currently £3,000 per

19/04/2017 More...

The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount refundable depends on the other country's rules for claiming input tax. It is important to note that VAT incurred in foreign countries can never by reclaimed on a domestic UK VAT return.

11/04/2017 More...

Student loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is directly

11/04/2017 More...

Employers are reminded that the deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax year such as company cars, loans and private medical insurance. Since 6 April 2016,

11/04/2017 More...

The new land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) in Wales will be launched on 1 April 2018. The LTT marks the first new Welsh tax in almost 800 years and has moved a step closer following the passing of the Bill by the National Assembly for Wales. The Bill is expected to receive Royal Assent (when

11/04/2017 More...

The Working Tax Credit (WTC) assists taxpayers on low incomes by providing top-up payments including to those who do not have children. There are extra amounts available for qualifying childcare expenses and working households in which someone has a disability. The basic amount of WTC for 2017-18 remains unchanged at £1,960 a year. In

11/04/2017 More...

HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities, whether due to misunderstanding the tax rules or because of deliberate tax evasion. HMRC’s guidance on making a

11/04/2017 More...

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room. The limit increased to £7,500 from 6 April 2016 and remains at the same level for the current tax year 2017-18. HMRC’s rent-a-room scheme guidance has been updated for 2017-18. The relief applies only to the letting of furnished accommodation

05/04/2017 More...

A number of changes to personal taxation have come into effect with the start of the 2017-18 tax year. These changes include the following: National Living Wage and the National Minimum Wage rates The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2017. This is the first time that the

05/04/2017 More...

A number of changes to business taxation have come into effect with the start of the 2017-18 tax year. These changes include the following: Corporation Tax The Corporation Tax rate from 1 April 2017 has been reduced to 19% and set at this rate for 2018 and 2019. From 1 April 2020, the Corporation Tax rate will be further reduced to

05/04/2017 More...

The tax relief available to residential landlords has been reduced from the start of the 2017-18 tax year. The new rules mean that tax relief on mortgage costs will be gradually restricted to the basic rate of tax. Landlords of residential properties have benefited from full tax relief on finance charges, such as mortgage interest for

05/04/2017 More...

HMRC has introduced an additional test from 1 April 2017 that will help determine the VAT flat rate percentage used by VAT registered businesses that use the Flat Rate Scheme. It appears that HMRC considers the benefits obtained by certain businesses to be excessive. Whilst in theory some businesses win and some lose when adopting this

05/04/2017 More...

The latest statistics on the uptake of the government’s flagship Help to Buy schemes were published on 30 March 2017. The figures show that over 259,000 homes have been bought since the schemes were first launched in October 2013. The portfolio of Help to Buy schemes include: ISA, Shared Ownership, Mortgage Guarantee, Equity Loan and

05/04/2017 More...

Employers that take on a new employee need to work out which tax code and starter declaration to use in their payroll software. Incorrect tax codes can lead to the new employee paying more tax than is due. The necessary information can be collected by asking the new employee to complete HMRC's new starter checklist and / or from the

05/04/2017 More...

Following the UK Prime Minister, Theresa May, giving notice under Article 50 of the Treaty of the European Union of the UK’s intention to leave the EU, the government has published a White Paper on “Legislating for the United Kingdom’s withdrawal from the European Union”. This confirms that a new Great Repeal Bill will: repeal the

29/03/2017 More...

It has been confirmed that the new Tax-Free Childcare Scheme (TFCS) will be launched on 28 April for parents of young children. All eligible parents will be able to join the scheme by the end of 2017. The TFCS will support working families with their childcare costs. The new scheme will eventually replace the current salary sacrifice

29/03/2017 More...

The new £1 coin entered circulation on 28 March 2017 and is now legal tender. The new £1 coin is 12-sided and will replace the round shaped £1 coin that has been in use for 30 years. The new coin has being introduced to help combat the use of counterfeit coins and will, according to the Royal Mint, be the most secure coin in the world.

29/03/2017 More...

In July 2015, George Osborne announced measures to reduce the availability of non-domicile status to those living a substantial amount of time in the UK. These measures are effective from April 2017, and will affect any person who has been resident in the UK for more than 15 of the previous 20 years - they will be deemed to be domiciled

29/03/2017 More...

It was announced as part of the last autumn statement that a new National Savings and Investments (NS&I) product called the NS&I Investment Bond will be launched. It has now been confirmed that the product will be available for 12 months from April 2017 for a 3-year fixed term. The new Investment Bond offers a reasonable rate for

 

Latest News

  • Tax Diary May/June 2017

    20/04/2017 - More...

    1 May 2017 - Due date for Corporation Tax due for the year ended 31 July 2016. 19 May 2017 - PAYE and NIC deductions

  • State Pension age review

    19/04/2017 - More...

    In March 2016, John Cridland CBE, the former Director General of the Confederation of British Industry (CBI) was

  • Furnished holiday lettings

    19/04/2017 - More...

    The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as

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