News

SDLT payment deadline to be reduced

Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and ...
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UK Living Wage rates rise

The Living Wage Foundation (an initiative of Citizens UK) recently announced Living Wage rates for London and the UK at ...
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Foreign currency considerations

There are special rules that must be considered when buying and selling assets in foreign currency. This is sometimes known ...
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Holiday let property and Business Property Relief

Business Property Relief (BPR) is an attractive tax relief for taxpayers with business interests, offering either 50% or 100% relief ...
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Employment status of football referees

A recent First-Tier Tribunal case examined the complex issue of whether a group of 60 football referees should be classified ...
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ISAs and Inheritance Tax

New rules were introduced by the Government in 2015 that allow for the spouse or civil partner of a deceased ...
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Directors’ loans – tax consequences for the director

An overdrawn director's loan account is created when a director (or other close family members) 'borrows' money from their company ...
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Directors’ loans – tax consequences for your company

There are tax consequences for both companies and directors relating to the issue of director’s loans. We will examine below ...
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Finance (No.3) Bill published

As expected, the government published Finance (No.3) Bill on Wednesday, 7 November 2018. The Bill is so named as it ...
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Security guidance on encryption and passwor

The Information Commissioner's Office (ICO) has published updated security guidance on encryption and on passwords in online services under the ...
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Using software to make Income Tax updates

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC ...
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Digital Services Tax

One of the more surprising announcements in the recent Budget was the introduction of a new 2% Digital Services Tax ...
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Entrepreneurs’ relief changes

In the Budget, the Chancellor, Philip Hammond announced two changes to the way Entrepreneurs’ Relief (ER) will operate. ER applies ...
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Business rates support for the High Street

The Chancellor announced a number of measures to help many failing high streets up and down the country, as they ...
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VAT reverse charge construction industry

A change to the VAT rules first announced at Budget 2018 will come into effect from 1 October 2019. This ...
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Child Benefit penalties under review

The High Income Child Benefit Charge (HICBC) came into force in January 2013. It applies to taxpayers whose income exceeds ...
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Tax Diary November/December 2018

1 November 2018 - Due date for Corporation Tax due for the year ended 31 January 2018.19 November 2018 - ...
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Self assessment deadline reminder

HMRC has published a news release to remind taxpayers that there is now less than 100 days to file their ...
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Autumn Budget 2018 – Alcohol and Tobacco Duty

As part of the Budget measures the Chancellor announced that the duty rates on beers, spirits and most ciders will ...
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Autumn Budget 2018 – Air Passenger Duty

Air Passenger Duty (APD) is a departure tax levied on most air travel. Each geographical band has two rates of ...
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Autumn Budget 2018 – VAT registration and deregistration thresholds

The Chancellor confirmed in his Budget speech that the taxable turnover threshold that determines whether businesses should be registered for ...
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Autumn Budget 2018 – Private Residence Relief

As a general rule, there is no Capital Gains Tax (CGT) on a property which has been used wholly as ...
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Autumn Budget 2018 – Annual Investment Allowance

The Chancellor’s announcement of a temporary five-fold increase in the Annual Investment Allowance (AIA) will be welcomed by many small ...
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Autumn Budget 2018 – Minimum wage increases

The Chancellor used his Budget speech to confirm that increased National Minimum Wage (NMW) and National Living Wage (NLW) rates ...
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Autumn Budget 2018 – Income Tax Rates & Allowances

The Chancellor has confirmed that from 2019-20 the personal allowance will increase to £12,500 (an increase from the current £11,850 ...
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Autumn Budget statement

Autumn Budget 2018The Prime Minister announced at the Conservative Party conference that the end of austerity was in sight. Recent ...
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Tax evasion and the Criminal Finances Act

The Criminal Finances Act provides law enforcement agencies with greater powers to recover the proceeds of crime, tackle money laundering, ...
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Seeking clearance from HMRC

Under certain circumstances, taxpayers can apply to HMRC for clearance or approval for a specific transaction. This can help give ...
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Enterprise Investment Scheme CGT exemption not available

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range ...
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Repayment of student loans

Students that have finished their studies and entered the workforce, must begin to make loan repayments from the April after ...
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Small Business rate relief

Business rates are charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories ...
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Help to Save scheme

The Help to Save scheme for people on low incomes was officially launched in September 2018 following an 8-month trial ...
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Government grants towards home electric charging points

Over the last number of years, the government has announced a raft of measures to encourage the use of cleaner ...
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Processing of criminal records data in recruitment

Unlock, a charity that assists people with criminal convictions, has published new guidance to help employers ensure that their policies ...
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MTD for VAT pilot extended

The introduction of Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, some 1 million businesses with ...
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Finance (No.3) Bill and the Budget

The Financial Secretary to the Treasury, Mel Stride has confirmed that the government will publish Finance (No.3) Bill on Wednesday, ...
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Tapering of residence nil rate band

The Inheritance Tax main residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB is a transferable ...
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Electing not to have Incorporation Relief

If a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to ...
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Son’s failed investment in father’s company

A recent Upper Tribunal case examined whether a sole trader operating a skip hire business was entitled to Income Tax ...
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Tax to pay if you exceed the annual pensions allowance

The annual allowance for tax relief on pensions has been fixed at the current level of £40,000 since 6 April ...
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New style £50 note to be introduced

In a joint statement issued by HM Treasury and the Bank of England it had been confirmed that the £50 ...
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Anti-money laundering rules

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to ...
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Data protection self-assessment checklist launched for small business owners

The Information Commissioner's Office (ICO) has launched a self-assessment checklist to help small business owners and sole traders to assess ...
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Genuine messages from HMRC

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts ...
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The Digital Disclosure Service

HMRC has used targeted campaigns to recover underpaid taxes and penalties from specific sectors and industries where significant underpayment of ...
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Companies and trading losses

Corporation Tax relief may be available when a company or organisation makes a trading loss. The loss may be used ...
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VAT – option to tax

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and ...
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Self-assessment filing deadline

The 2017-18 tax return deadline for taxpayers using a paper self-assessment return is 31 October 2018. Late submission of a ...
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