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31 October 2018

The Chancellor used his Budget speech to confirm that increased National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1 April 2019.

The NLW first came into effect on 1 April 2016, and is the minimum hourly rate that must be paid to those aged 25 or over. From 1 April 2019 the National Living Wage will increase by 38p to £8.21. This represents an...

31 October 2018

The Chancellor’s announcement of a temporary five-fold increase in the Annual Investment Allowance (AIA) will be welcomed by many small and medium sized businesses looking to incur significant capital expenditure on plant and machinery.

The Annual Investment Allowance (AIA) was permanently set at £200,000 for all qualifying expenditure on or after 1 January 2016. The announcement by the...

31 October 2018

As a general rule, there is no Capital Gains Tax (CGT) on a property which has been used wholly as a main family residence. This relief from CGT is commonly known as Private Residence Relief. Conversely, an investment property that has never been used as a main residence will not qualify.

Two changes to the way Private Residence Relief works were announced as part of the Budget...

31 October 2018

The Chancellor confirmed in his Budget speech that the taxable turnover threshold that determines whether businesses should be registered for VAT, will be frozen at £85,000 for a further 2 years from 1 April 2020 until 31 March 2022. The taxable turnover threshold that determines whether businesses can apply for deregistration will also be frozen at the current rate of £83,000 for the same...

31 October 2018

Air Passenger Duty (APD) is a departure tax levied on most air travel. Each geographical band has two rates of Air Passenger Duty, one for standard class and the second for 'other' higher classes of travel (usually premium economy / business / first class). Currently, band A (short-haul) ranges from £13 for a standard class journey and £26 for an 'other' class of travel. The Band B (long-haul...

31 October 2018

As part of the Budget measures the Chancellor announced that the duty rates on beers, spirits and most ciders will be frozen at the current rates. These measures mean that a bottle of whisky will be £1.54 less and a pint of beer 14p less than if the rates had increased as expected based on the duty escalator.

However, the Chancellor did announce an RPI inflationary increase in the duty...

31 October 2018

HMRC has published a news release to remind taxpayers that there is now less than 100 days to file their 2017-18 tax return. Last year over 11 million taxpayers completed a 2016-17 self assessment tax return, with 10.7 million of these taxpayers doing so on time.

The deadline for submitting 2017-18 self assessment tax returns online is 31 January 2019. Taxpayers should also be aware...

29 October 2018

Autumn Budget 2018

 

The Prime Minister announced at the Conservative Party conference that the end of austerity was in sight. Recent tax revenues have exceeded...

25 October 2018

Over the last number of years, the government has announced a raft of measures to encourage the use of cleaner vehicles and drive the growth of the electric car sector. Some of these measures specifically look at making more electric vehicle charging points available at workplaces and homes across the UK.

The Electric Vehicle Homecharge Scheme (EVHS) is provided by the Office for Low...

25 October 2018

The Help to Save scheme for people on low incomes was officially launched in September 2018 following an 8-month trial. The scheme allows those in work entitled to Working Tax Credit and in receipt of Working Tax Credits or Child Tax Credits, to save up to £50 a month for two years and receive a 50% government bonus.

The scheme is also open to UK residents who are claiming Universal...

25 October 2018

Business rates are charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. Some properties are eligible for discounts from the local council on their business rates. This is called business rates relief. There are a number of reliefs available, including small business rate relief, rural rate relief and charitable rate...

25 October 2018

Students that have finished their studies and entered the workforce, must begin to make loan repayments from the April after they have finished their studies or when their income begins to exceed the annual threshold.

The annual threshold amounts for 2019-20 have been confirmed by the Department of Education. The thresholds will increase to £18,935 (2018-19: £18,330) for plan 1 and to £...

25 October 2018

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs, including Income Tax and Capital Gains Tax (CGT) relief to investors who purchase new shares in those companies.

In a recent Upper Tribunal case, a taxpayer appealed against HMRC’s assertion that he was not entitled to a CGT exemption in...

25 October 2018

Under certain circumstances, taxpayers can apply to HMRC for clearance or approval for a specific transaction. This can help give certainty about how a proposed transaction will be treated. Of course, there are numerous caveats to seeking clearance and the taxpayer must have provided all relevant facts regarding the intended transaction. If any relevant information was not provided, then HMRC’...

25 October 2018

The Criminal Finances Act provides law enforcement agencies with greater powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and terrorist financing. The Act, which came into force on 30 September 2017, introduced two new criminal offences for corporations: one applying to the evasion of UK taxes and one applying to the evasion of foreign taxes.

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