01223 471 576

Mill House, Mill Court, Great Shelford
Cambridge, CB22 5LD


News

14/06/2017 More...

The trivial benefits in kind (BiK) regime came into effect in April 2016. This statutory exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given occasionally to employees or any other benefit in kind classed as 'trivial' that falls within the exemption. Although the benefit is defined as

14/06/2017 More...

The recent election result has certainly thrown the cat amongst the pigeons. There are already indications that the Queen’s speech and the start of Brexit negotiations may be delayed, this mainly due to extended negotiations to agree support for the Conservatives with minority groups, at present the DUP. Manifesto pledges that may be

14/06/2017 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. Employers making online

14/06/2017 More...

The VAT Flat Rate Scheme (FRS) was introduced to ease the process of calculating and submitting VAT returns for smaller businesses - the FRS is only available to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000 (exc VAT). VAT due for each quarter is calculated as the VAT inclusive

14/06/2017 More...

The impact of Inheritance Tax has been reduced recently for families that own their own home. HMRC has introduced a new relief, the Inheritance Tax main residence nil-rate band (RNRB), which came into effect on 6 April 2017. The RNRB is a transferable allowance, that is available to the estates of both parties in a marriage or civil

07/06/2017 More...

For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of income over £100,000 irrespective of age. This creates an effective marginal rate of tax of around 60% for tax payers with annual income between £100,000 and £123,000 as the £11,500 tax-free personal allowance is gradually withdrawn. Taxpayers

07/06/2017 More...

The EU Fourth Money Laundering Directive which makes sweeping changes to combatting money laundering and terrorist financing across the EU will be implemented into UK law on 26 June 2017. As a result, Companies House has made changes to the current requirements about people with significant control (PSC) filings. Since the PSC rules

07/06/2017 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 legislation received Royal Assent on 24 May and is the first Act of this Assembly term. The LTT marks the first new Welsh tax in almost 800 years. The legislation is broadly based on the existing

07/06/2017 More...

Company Tax returns have to be filed using the iXBRL data standard using either HMRC's own software or third-party commercial software. Businesses that use third-party commercial software should refer to the HMRC list of recognised commercial software. Online Corporation Tax filing is compulsory for company tax returns. HMRC does not

07/06/2017 More...

A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics: Pension advice allowance. HMRC has been asked by pension scheme administrators if their members can request the pension advice allowance from their scheme by email. HMRC has confirmed that the

07/06/2017 More...

Insurance Premium Tax (IPT) is a tax on general insurance premiums. There are two rates a standard rate of 12% and a higher rate of 20%. The higher rate applies where insurance is sold in relation to goods and services which are subject to VAT and to travel insurance. It was announced as part of the March 2017 Budget that the

31/05/2017 More...

A complex VAT case that examined the VAT liability of restaurant meals provided to the public, and charges for concerts and other performances organised by students as part of their further education courses at Brockenhurst College has almost reached a final conclusion. The events were offered as part of the students’ education and at a

31/05/2017 More...

Automatic enrolment into workplace pensions has been rolling out across the UK since 2012. It is expected that all employers will be part of the scheme by early 2018. Employers failing to comply with their auto-enrolment duties and missing their staging date can trigger statutory notices, fixed penalties and even court action. Staging

31/05/2017 More...

HMRC publishes guidance on the subject of phishing and bogus emails. The document called Genuine HM Revenue and Customs contact and recognising phishing emails includes details of emails, letters, text messages, and bogus calls used by scammers and fraudsters to get your personal information. Phishing emails are emails sent by

31/05/2017 More...

The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a timely reminder to anyone attending a wedding (or civil ceremony) this summer and planning to give a cash gift. The gift will be exempt from Inheritance Tax (IHT) once the gift is made on or shortly before the date of the wedding or civil partnership

31/05/2017 More...

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and, provided all the qualifying conditions are met, can reclaim the basic rate tax allowing for an extra 25p of tax relief on every pound donated to charity. Higher rate and additional rate

31/05/2017 More...

The latest advisory fuel rates became effective on 1 June 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 the new rates apply. The rates are as follows: Engine size Petrol – amount per mile

24/05/2017 More...

HMRC has updated their online guidance for individuals and companies who have a disclosure to make that isn’t covered by a current HMRC campaign or the Worldwide Disclosure Facility. The guidance is relevant for disclosures relating to income tax, capital gains tax, national insurance contributions and corporation tax. Notifications can

24/05/2017 More...

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2017. Claimants who do not renew on-time may have their payments stopped. HMRC has started sending tax credits renewal packs to tax credit claimants and is encouraging recipients to renew their tax credits claim online. All

24/05/2017 More...

The marriage allowance came into force on 6 April 2015 and allows lower earning couples to share part of their personal tax-free allowance. The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above the basic rate threshold for income

24/05/2017 More...

The government has announced that all of the government’s shares in Lloyds acquired during the financial crisis have now been sold. The sale of the final tranche of shares in the Lloyds Banking Group brings the amount recovered through sales and dividends to £21.2 billion. This means that taxpayers have received back almost £900 million

24/05/2017 More...

Under certain circumstances, an employee can be paid a tax-free allowance by their employers when using their own car, van, motorcycle or bike for work purposes. It is important to note that this tax-free allowance does not include journeys to and from work but is relevant to employees who use their own vehicles in the course of their

21/05/2017 More...

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

17/05/2017 More...

The G7 is a forum of seven of the largest economies in the world. Italy currently presides over the group which comprises the UK, US, Germany, France, Italy, Canada and Japan. China, Brazil and India are not included. The group has in the past been known as the G8 but Russia was ejected from the group in 2014 following the Russian

 

Latest News

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login

Copyright © 2013 - Nicholas Cliffe