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22 October 2018

Unlock, a charity that assists people with criminal convictions, has published new guidance to help employers ensure that their policies and practices on collecting criminal records data during recruitment are compliant with the GDPR and the Data Protection Act 2018. The guidance includes contributions from the Information Commissioner’s Office.

The guidance emphasises that collecting...

18 October 2018

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists.

Many businesses are monitored by the Financial Conduct Authority (FCA) or certain professional bodies. However, businesses that HMRC is responsible for supervising should be aware of...

18 October 2018

In a joint statement issued by HM Treasury and the Bank of England it had been confirmed that the £50 note is to continue to be part of the UK currency. The new £50 note will be designed and printed on polymer, a thin flexible plastic that includes a number of important new security features. Polymer notes are cleaner, safer and stronger than existing paper notes.

We have already...

18 October 2018

The annual allowance for tax relief on pensions has been fixed at the current level of £40,000 since 6 April 2014. The previous allowance was £50,000 and prior to 6 April 2011, the annual allowance was as high as £255,000.

The annual allowance is further reduced for high earners. Those with income in excess of £150,000 will usually have their allowance tapered. For every complete £2...

18 October 2018

A recent Upper Tribunal case examined whether a sole trader operating a skip hire business was entitled to Income Tax relief on irrecoverable loans made to a company. The company was owned by the sole trader’s father. HMRC had rejected the claim for Income Tax relief on the basis that the loans were capital investments and were not wholly and exclusively laid out for the purposes of trade....

18 October 2018

If a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business assets including goodwill. This may give rise to a chargeable gain based broadly on the difference between the market value of the assets and their original cost.

A number of options exist in...

18 October 2018

The Inheritance Tax main residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent, such as children or grandchildren, after their death. The RNRB is on top of the existing £325,000 Inheritance Tax nil-rate band (NRB) threshold.

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18 October 2018

The Financial Secretary to the Treasury, Mel Stride has confirmed that the government will publish Finance (No.3) Bill on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance Bill in the current special two-year session of Parliament. The Bill will contain the legislation for many of the tax measures announced by the government. The Bill is colloquially known as Finance...

18 October 2018

The introduction of Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will have to keep their records digitally (for VAT purposes only) and provide their VAT return information to HMRC through MTD compatible software.

An initial private beta pilot of MTD for VAT was launched in...

15 October 2018

The Information Commissioner's Office (ICO) has launched a self-assessment checklist to help small business owners and sole traders to assess their compliance with the GDPR and the Data Protection Act 2018.

The ICO’s interactive online checklist asks users to answer a series of eight questions by giving either a “yes”, “no” or “in part” answer. At each stage, the user can first click to...

11 October 2018

A director of a company that manufactured security systems has been found guilty of two counts of fraudulent trading and one count of fraudulently removing property in anticipation of winding up. He was sentenced to two years in prison after defrauding his creditors to the tune of £600,000. The man has also been banned from directly or indirectly becoming involved, without the permission of...

11 October 2018

The government has been trying to combat the widespread issue of large businesses abusing their position by making late payments to small businesses. This initiative has included the launch of the voluntary Prompt Payment Code (PPC) in April 2017 where over 2,000 signatories have committed to the fair and equal treatment of payments to suppliers including to smaller businesses. The PPC and...

11 October 2018

There are special rules for businesses that import goods from non-EU countries. Whilst most smaller businesses importing goods will use a courier or freight forwarder it is still important to be aware of the duties and VAT implications. Businesses importing goods must be able to distinguish between importing goods from outside the EU or within the EU. Intra-EU movements of goods that are...

11 October 2018

The 2017-18 tax return deadline for taxpayers using a paper self-assessment return is 31 October 2018. Late submission of a self-assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due is paid in full by 31 January 2019.

There are many advantages to filing online that include an extra three months (...

11 October 2018

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate.

The ability to convert the treatment of VAT exempt land and buildings to taxable can have many benefits...

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