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09 July 2015

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current limit of £4,250 has been frozen for 18 years and the Chancellor announced that the limit is to be increased to £7,500 from 6 April 2016.

The relief applies to the letting of furnished accommodation and is available when one bedroom is rented out in a furnished house....

09 July 2015

The main Corporation Tax rate dropped to 20% from 1 April 2015. The reduction to 20% resulted in the unification of the main CT rate and the small profits rate from April 2015.

Most observers would have expected there to be no further changes to the rate as the previous coalition government had cut the main rate of Corporation Tax from 28% to 20% over the last Parliament.

However...

09 July 2015

New rules introduced in April 2015 require employment intermediaries, which supply two or more workers to a client to send HMRC details of workers where they don’t operate PAYE on the workers’ payments. HMRC have introduced these new rules to help combat issues of false self-employment and the abuse of offshore working by some intermediaries. There is no requirement to send HMRC reports for UK...

09 July 2015

In the Summer Budget, the Chancellor announced that from April 2016 the basic personal allowance will increase to £11,000 (an increase from the previously announced figure of £10,800). At the same time the basic rate limit will be increased to £32,000. The Chancellor also announced that from 2017-18 the personal allowance will increase to £11,200 and the basic rate limit to £32,400. The...

08 July 2015

Summary of the Budget will be added here on 8th July pm.

02 July 2015

HMRC taskforces are comprised of multiple teams from across HMRC including special investigations, local compliance and criminal investigation units for targeting specific sectors and locations where there is a high risk of tax evasion. The taskforces use local knowledge and risk profiling to help create a list of individuals and businesses to target.

The latest taskforce to be launched...

02 July 2015

The Asian Infrastructure Investment Bank (AIIB) is a new international financial institution. The purpose of the new development bank is to drive infrastructure projects in transportation, energy, telecommunications and other infrastructure across Asia. The AIIB will do this using a variety of support measures - including loans, equity investments, and guarantees. The UK was the first major...

02 July 2015

HMRC has announced that they are piloting new services for deaf taxpayers in conjunction with the Royal Association for Deaf People (RAD).

Deaf people who are able to handle their own affairs but cannot speak to HMRC directly can now use video relay with a British Sign Language (BSL) interpreter via a webcam. The BSL interpreter will be able to talk directly to an HMRC adviser on the...

02 July 2015

The implementation date of the Tax-Free Childcare Scheme (TFCS) has been pushed back until early 2017 following a Supreme Court decision. The scheme was expected to be launched later this year but was delayed as a direct result of a legal challenge to the introduction of the scheme. The legal action was instigated by a small group of childcare voucher providers who won an injunction preventing...

02 July 2015

HMRC is warning of new fraudulent emails being sent to taxpayers. The emails take advantage of the upcoming 31 July 2015 deadline for submitting tax credits renewal information. Some of these fraudulent emails inform recipients that they are due a tax rebate, and provide a click-through link to a replica of the HMRC website.

These are not genuine HMRC messages and should be disregarded...

24 June 2015

James Reber, 51, a furniture importer has been given an 18-month prison sentence, suspended for two years for allowing hollow statues of the religious icon Buddha to be used to smuggle more than 100,000 illicit cigarettes into the UK. He was also ordered to carry out 150 hours of unpaid work.

Mr Reber initially denied any knowledge of the Buddhas or the cigarettes but changed his plea...

24 June 2015

Almost all employers are now reporting their PAYE information in real time. Following the introduction of RTI in April 2013, it was decided to stagger the start of the in-year late filing and payment penalties to give employers more time to adapt to reporting in real time.

The late filing penalty regime started on 6 October 2014 for employers with more than 50 employees. There was an...

24 June 2015

Since 6 April 2015 over half a million people in the UK aged 55 and over have been able to take advantage of the new rules for accessing pension savings. The new rules allow people new ways to access their pension pots by taking lump sum payments. The first 25% is tax-free and the remainder is taxed at the individual's marginal rate.

New figures published by HM Treasury have revealed...

24 June 2015

The Skills Minister, Nick Boles has announced new plans that will see the creation of 3 million new apprenticeships by 2020. This will be aided by new moves that will see the term 'apprenticeship' enshrined by law through the Enterprise Bill. The Enterprise Bill is expected to be introduced to Parliament in the Autumn and will see an increase in the number of apprenticeships offered in both...

24 June 2015

Over the last few years, HMRC has been moving away from the use of 0845 numbers to 03 numbers. 03 numbers are non-geographic but are usually charged at the same rates as 01 and 02 numbers and are free with some telephone packages.

All HMRC helplines now have 03 numbers and the majority of calls are made using those numbers. Since December 2014 taxpayers using 0845 numbers to call HMRC...

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