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Should you pay tax on money or goods you inherit?
24/04/2018 - More...
The surprising answer to this question is usually no. This is because inheritance tax (IHT) is usually levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. If you are the heir to all or part of the deceased estate, you should not be liable to pay tax on the inheritance.

How to claim or stop claiming the employment allowance
24/04/2018 - More...
The employment allowance of £3,000 per year is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process using either HMRC’s Basic PAYE Tools or using other commercial payroll software packages. Once you have claimed the employment

Which car benefits are exempt from tax?
24/04/2018 - More...
The tax benefits of driving a company car have been steadily reduced over many years. Most employers and employees are aware of the additional costs of providing company cars and the tax implications they create. However, for many employees the lure of having a company car means that this remains a very popular option. There are some

Late filing of self-assessment tax returns
24/04/2018 - More...
Taxpayers that have not yet filed their 2016-17 self-assessment returns, will have already been charged an automatic £100 penalty for late submission. The penalty applied from 1 February 2018 even if no tax was due or the tax due was paid on time. HMRC has estimated that almost 750,000 taxpayers missed the 31 January 2018 deadline for

Tax when your company gives to a charity
24/04/2018 - More...
There are special rules in place when a limited company gives to charity. This can include, corporation tax relief for qualifying donations made to registered charities or community amateur sports clubs (CASC) as well as capital allowances for giving away equipment that has been used by your company. However, the rules are different if

Simplified expenses for the self-employed
24/04/2018 - More...
There are some simplified arrangements available to the self employed, and to some partnerships for claiming a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited companies or business partnerships involving a limited company. Simplified

Work covered by the CIS scheme
24/04/2018 - More...
The Construction Industry Scheme (CIS) is a set of special rules for tax and national insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors'. Under the scheme, contractors deduct money from a subcontractor’s payments and pass it to HMRC.

Small amounts of property and trading income
24/04/2018 - More...
There are two separate £1,000 tax allowances for property and trading income that have been available to taxpayers since April 2017. The £1,000 exemptions from tax apply to: Taxpayers who make up to £1,000 income from self-employment, casual services or hiring personal equipment. This is known as the trading allowance. The first

Information Commissioner’s Office announces new lawful basis interactive guidance tool
23/04/2018 - More...
The Information Commissioner's Office (ICO) has announced that it has produced a lawful basis interactive guidance tool to assist businesses in determining, which lawful basis is appropriate for their data processing activities. The tool requires businesses to answer a set of questions and it then provides an indicative rating for each

Tax Diary May/June 2018
18/04/2018 - More...
1 May 2018 - Due date for corporation tax due for the year ended 30 July 2017. 19 May 2018 - PAYE and NIC deductions due for month ended 5 May 2018. (If you pay your tax electronically the due date is 22 May 2018) 19 May 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2018. 19 May 2018 - CIS tax deducted

Renewing tax credit claims
17/04/2018 - More...
Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2018. Claimants who do not renew on-time may have their payments stopped. HMRC has started to send tax credits renewal packs to tax credit claimants and is encouraging recipients to renew their tax credits claim online. All

How much does Class 4 NIC cost?
17/04/2018 - More...
There are currently two types of national insurance contributions (NICs) payable by most self-employed people. These are known as: Class 2 NICs, and Class 4 NICs. Class 2 NICs are paid by all self-employed taxpayers unless they qualify for the small earnings exception or other exemptions which remove the necessity to pay NICs. Class 2

Claiming for job related expenses
17/04/2018 - More...
Employees who use their own money to buy things they need for their job, can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items used solely for work. There is no tax relief available if your employer refunds any costs in full. In addition, you cannot claim tax

Don’t forget to handout P60s
17/04/2018 - More...
The deadline for employers to provide employees with a copy of their P60 form is by 31 May 2018. A P60 must be given to all employees that were on the payroll on the last day of the tax year – 5 April 2018. The P60 is a statement issued to employees after the end of each tax year that shows a summary of their pay and deductions for the

What is a PET?
17/04/2018 - 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'. These gifts or transfers achieve their potential of becoming exempt if the taxpayer survives for more than seven years after making the gift. If the taxpayer dies within 3

Non-resident landlord’s scheme
17/04/2018 - More...
The Non-resident landlord (NRL) scheme is a special scheme for the UK rental income of non-resident landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. HMRC classifies a person living abroad for 6 months or more per year, as a non-resident landlord. Interestingly, this is the case even if the

Let property disclosure campaign
17/04/2018 - More...
Landlords that receive letting income should notify HMRC by 5 October after the end of the tax year for which you start to receive that income. So, for the 2017-18 tax year that has just ended, HMRC needs to be notified by 5 October 2018 of any letting income. The Let property campaign, provides landlords who have undeclared income from

EMIs lose tax clearance under state aid
10/04/2018 - More...
HMRC's recently published, and usually routine, Employment related securities bulletin contains an important announcement on the future of EMI share options. It transpires that the EU state aid approval for the EMI share options scheme expired on 6 April 2018, and the government has yet to obtain a renewal agreement from the EU. HMRC’s

Reminder to submit details for Benefits in Kind
10/04/2018 - More...
Employers are reminded that the deadline for submitting the 2017-18 forms P11D, P11D(b) and P9D is 6 July 2018. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) unless the employer has registered to payroll benefits. This is known as

Treatment of termination payments
10/04/2018 - More...
With effect from 6 April 2018, employers will need to pay income tax and Class 1 national insurance contributions (NICs) on certain parts of termination payments made to employees whether or not these payments are contractual. The element that is liable to taxation is the amount of the termination payment that represents a payment in lieu

Court rules on online filing penalties
10/04/2018 - More...
The Construction Industry Scheme (CIS) is a set of special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors'. The scheme applies mainly to contractors and subcontractors involved in construction. A recent

Sugar tax takes the sweetness out of soft drinks
10/04/2018 - More...
The new Soft Drinks Industry Levy came into effect with the start of the new tax year on 6 April 2018. The Levy commonly known as the 'sugar tax', has been put into effect to help combat the excess use of sugar especially by children. Since the introduction of the sugar tax, many soft drink manufacturers have already reformulated their

Extra tax relief for married over 80s
10/04/2018 - More...
The Married Couple's Allowance (MCA) is available to elderly married couples or those in a civil partnership, where at least one member of the couple were born before 6 April 1935 (i.e. at least 83 years old). The allowance provides for tax relief by deducting 10% of the allowance from the amount of tax due on taxable income. The MCA can

What plant purchases qualify for a tax allowance?
10/04/2018 - More...
Most day to day business expenses can be deducted from business income when calculating your taxable profits. However, the rules are different for 'capital’ expenditure'. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain capital expenditure. There are different rules

 

Latest News

Should you pay tax on money or goods you inherit?
24/04/2018 - More...
The surprising answer to this question is usually no. This is because inheritance tax (IHT) is usually levied on a

How to claim or stop claiming the employment allowance
24/04/2018 - More...
The employment allowance of £3,000 per year is available to most businesses and charities to be offset against their

Which car benefits are exempt from tax?
24/04/2018 - More...
The tax benefits of driving a company car have been steadily reduced over many years. Most employers and employees are

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