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32.5% Corporation Tax on overdrawn directors’ loans
06/08/2018 - More...
HMRC defines a director's loan as money taken from your company (by you or other close family members) that isn’t: a salary, dividend or expense repayment and money you’ve previously paid into or loaned the company An overdrawn director's loan account is created when a director effectively 'borrows' company money. A record of these

Tax free health benefits
06/08/2018 - More...
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ medical or dental treatment or insurance if they are a part of a salary sacrifice arrangement. In addition, the following health benefits

Gifting share in home
06/08/2018 - More...
Most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. The gifts or transfers achieve their potential of becoming exempt from Inheritance Tax if the taxpayer survives for more than seven years after making the gift. There is a

What is overpayment relief?
06/08/2018 - More...
Overpayment relief was introduced from 1 April 2010 and replaced error or mistake relief for Income Tax, Capital Gains Tax (CGT) and Corporation Tax. Overpayment relief allows taxpayers to recover overpaid Income Tax, CGT, Class 4 NIC, Corporation Tax, overpaid bank payroll tax or to reduce an excessive assessment. According to the

VAT – goods on sale or return
06/08/2018 - More...
There are special VAT rules that must be followed when you sell goods on a sale or return basis. Goods sold on a sale or return basis (sometimes known as 'on approval') are goods that are effectively supplied to a customer free of charge and the supplier is only paid when the product has been sold. If the product remains unsold then it

Fixtures and fitting on transfer of ownership
06/08/2018 - More...
The tax treatment of the sale of fixtures and fittings included in the sale or purchase of a commercial building changed from April 2014. From that date, the buyer of a building that contains fixtures can only claim plant and machinery allowances (PMA) if the expenditure on the fixtures is pooled before the sale. The seller and buyer

Childcare voucher scheme issues
06/08/2018 - More...
The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 and opened to all remaining eligible families with children under 12 on 14 February 2018. The new scheme allows working parents to receive a government top-up on their contributions. For every 80p in the £1 contributed by parents an additional 20p or 20% will be funded by

Emails and letters from HMRC
06/08/2018 - More...
HMRC continues to warn taxpayers about email phishing scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are very dangerous and clicking on a link from within the email can result in personal information being

Football agent scores £1.2m own goal
31/07/2018 - More...
A former football agent, Jerome Anderson, who looked after over 200 players during his career including Thierry Henry and Dennis Bergkamp, has lost his £1.2m tax avoidance case with HMRC. The football agent's tax appeal was recently heard at the Upper Tribunal who upheld the decision of the First Tier Tribunal and disallowed the relief

Correcting errors on your VAT return
31/07/2018 - More...
Where an error on a past VAT return is uncovered taxpayers have a duty to correct the error as soon as possible. HMRC can also charge penalties and interest if an error is due to careless or dishonest behaviour. As a general rule, you can use a current VAT return to make any necessary adjustment. However, in order to do so, there are

Selling your UK home if you live abroad
31/07/2018 - More...
There are special reporting requirements and the possibility of a tax bill when you sell your home in the UK and you live abroad. A Capital Gains Tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 2015. Only the amount of the overall gain relating to the period after 5 April 2015 is

Capital Gains Tax: company takeovers
31/07/2018 - More...
When a company takes over another company it may issue its own shares and/or securities in payment or part payment for the shares it’s buying. This is sometimes described as a share reorganisation. Where certain conditions are met, when the old shares are exchanged for new shares, no capital gain will occur until the new shares are

What to do if you disagree with HMRC
31/07/2018 - More...
There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. As a first step it is usually possible to make an appeal against a tax decision. There is normally a 30-day deadline for making an appeal so time is of the essence. HMRC will then carry out a review, usually by using HMRC officers that were

What are the maximum weekly working hours?
31/07/2018 - More...
There are working time limits that state the legal maximum weekly working hours that a person has to work should not exceed 48 hours a week on average. The maximum hours for under 18’s is fixed at no more than 8 hours a day or 40 hours a week. The average working hours are calculated over a 17-week period and includes overtime. This

A round up of some non-taxable payments and benefits
24/07/2018 - More...
Although the government is continually clamping down on non-taxable payment and benefits for employees, there remains an eclectic list of expenses that are tax exempt. Some of the non-taxable benefits include the following: Annual parties. An annual Christmas party or other annual event offered to staff generally is not taxable on

Will I pay tax when coming to the UK?
24/07/2018 - More...
The statutory resident test (SRT) is used to determine if someone is resident in the UK for tax purposes when coming to the UK. Historically, residence in the UK was determined by being in the UK in excess of 182 days in any tax year (6 April to 5 April) or by being resident in the UK for an average of 91 days in any tax year, taking the

How to challenge your Council Tax listing
24/07/2018 - More...
The Valuation Office Agency (VOA) is a government body in England and Wales and an executive agency of HMRC. The Agency values properties for the purpose of Council Tax and for non-domestic rates in England and Wales. The council tax bands were set on 1 April 1991 for England, and on 1 April 2003 for Wales and range from Band A - F. If

New guidance on disguised remuneration scheme
24/07/2018 - More...
The government's plan to tackle disguised remuneration tax avoidance schemes was first announced as part of the Autumn Statement 2016. These types of schemes (including contractor loans), are used by employers and individuals and seek to avoid paying Income Tax and National Insurance Contributions (NICs). This is usually done by utilising

VAT – motor dealer deposit contributions
24/07/2018 - More...
A new Revenue and Customs Brief 7/18 has been published by HMRC concerning their policy on the VAT accounting treatment of promotions, where payments are said to be made by motor dealers to finance companies on behalf of the end customer. These are usually known as dealer deposit contributions (DDC) in the motor retail trade and have been

Updated list of software suppliers that support MTD for VAT
24/07/2018 - More...
The deadline for businesses with a turnover above the VAT threshold to keep digital records for VAT purposes when Making Tax Digital (MTD) returns, is fast approaching. From April 2019, businesses with a turnover above the VAT threshold (currently £85,000) will have to: keep their records digitally (for VAT purposes only),

The Lifetime ISA
24/07/2018 - More...
The Lifetime ISA has been designed to help those aged between 18 and 40 to save for a new home or for their retirement. Under the scheme, the government provides a 25% bonus on yearly savings of up to £4,000, and once you start saving before you are 40, you can continue using the scheme until you turn 50. In total, this could see young

Tax Diary August/September 2018
22/07/2018 - More...
1 August 2018 - Due date for Corporation Tax due for the year ended 31 October 2017. 19 August 2018 - PAYE and NIC deductions due for month ended 5 August 2018. (If you pay your tax electronically the due date is 22 August 2018) 19 August 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 August 2018. 19 August

Low emission lorries to pay lower levies
17/07/2018 - More...
The government has confirmed plans to introduce a lower rate of the HGV road user levy for lorries that meet the latest Euro VI emissions standards. This measure is intended to incentivize vehicle operators to move towards newer, cleaner vehicles and to reduce emissions from HGVs and improve air quality. Lorries which meet the Euro VI

New points-based late filing penalties
17/07/2018 - More...
The Finance Bill 2018-19 draft legislation includes a new measure to introduce a points-based penalty system for certain regular (e.g. monthly, quarterly and annual) returns that are filed late. The introduction of a points system was first announced at Autumn Budget 2017 and will operate in conjunction with HMRC's Making Tax Digital

 

Latest News

32.5% Corporation Tax on overdrawn directors’ loans
06/08/2018 - More...
HMRC defines a director's loan as money taken from your company (by you or other close family members) that isn’t: a

Tax free health benefits
06/08/2018 - More...
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax

Gifting share in home
06/08/2018 - More...
Most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are

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