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26 September 2018

The First-Tier Tribunal (FTT) recently heard a taxpayers appeal against penalties imposed for the late filing of his self assessment return in respect of the 2014-15 tax year. The taxpayer had income from five separate employments during the tax year in question. The total income from all these employments meant that a small proportion of his income was chargeable at the higher rate tax band,...

26 September 2018

Employer contributions to any type of pension arrangement in a registered pension scheme are always paid gross. Tax relief is given by deducting the gross amount of the contributions from an employer’s taxable profits before Corporation Tax is calculated.

Employers’ contributions can normally be treated as a deduction for the accounting period in which the contribution is paid by the...

26 September 2018

Benefits provided to an employee by someone other than the employer (often known as 'third party benefits') are taxable on the employee if they are provided by reason of their employment. For example, if you work at a car dealership and receive an award from a ‘third party’ car manufacturer.

HMRC’s guidance cites case law on this issue. One of the cases quoted surmises that 'by reason...

26 September 2018

The Chancellor has announced that the Autumn Budget 2018 will be held on Monday, 29 October 2018. The announcement was made on the GOV.UK website. The Treasury said the Budget will set out the government’s plan to build a stronger, more prosperous economy, building on the recent Spring Statement and last year’s Budget.

Earlier this month the Chancellor had stated before the House of...

24 September 2018

The government has published the second tranche in its series of technical notices providing guidance for UK businesses, workers and citizens on how to prepare for a “no deal” Brexit. A "no deal" Brexit will occur if the UK and the EU fail to conclude a withdrawal agreement by the time of the UK’s exit from the EU at 11pm on 29 March 2019. This would mean there would be no transitional period...

20 September 2018

1 October 2018 - Due date for Corporation Tax due for the year ended 31 December 2017.

19 October 2018 - PAYE and NIC deductions due for month ended 5 October 2018. (If you pay your tax electronically the due date is 22 October 2018.)

19 October 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2018.

19 October 2018 - CIS tax deducted for...

18 September 2018

The Chancellor Philip Hammond, has stated before the House of Lords Economic Affairs Committee, that he is not yet in a position to announce a date for the Autumn Budget 2018 saying it was 'difficult to fix'. Last year, the Chancellor had used his annual meeting before the Economic Affairs Committee to announce the Budget date.

Now the Chancellor has said he is unable to fix a date at...

18 September 2018

A new workplace right to paid leave for bereaved parents has been officially enshrined in law after the Parental Leave and Pay Bill achieving Royal Assent. The new law, which is expected to come into force in 2020, was welcomed by charities helping bereaved parents to cope with the distress of losing a child.

The new Parental Bereavement Leave and Pay Act, gives qualifying employed...

18 September 2018

The new Help to Save scheme for people on low incomes was officially opened with effect from 12 September 2018 following an 8-month trial. The new 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...

18 September 2018

The annual Capital Gains Tax (CGT) exemption for individuals is £11,700 for 2018-19. A husband and wife each benefit from a separate exemption. Same-sex couples who acquire a legal status as civil partners are treated in the same way as married couples for CGT purposes.

CGT is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals....

18 September 2018

The Tax-Free Childcare Scheme (TFCS) helps support working families with their childcare costs. The scheme provides for a government top-up on parental contributions. For every 80p in the £1 contributed by parents, an additional 20p or 20% is funded by Government up to a maximum total of £10,000 per child per year. This gives parents an annual savings of up to £2,000 per child (and up to £4,...

18 September 2018

The First-Tier Tribunal (FTT) recently heard three joined appeals that concerned the availability of tax relief for employee expenses. In each of the cases the expense claims related to the costs incurred cleaning and sanitising working clothes together with the cost of toiletries for personal hygiene. The FTT collectively referred to these costs as cleaning expenses. All three taxpayers were...

18 September 2018

Stamp Duty Land Tax (SDLT) is payable whether you buy a freehold property, a new or existing leasehold property or a shared ownership property. SDLT has been replaced in Scotland by the Land and Buildings Transaction Tax and in Wales by the Land Transaction Tax.

The amount of SDLT you pay when you buy a leasehold property, depends on whether it’s an existing lease (an assigned lease)...

18 September 2018

There are special rules for the provision of living accommodation to employees under certain circumstances. In most cases, employees will pay tax on any living accommodation provided by an employer unless they qualify for an exception. However, where an employee qualifies for an exception, there is no tax to pay on the provision of living accommodation. The definition of living accommodation...

18 September 2018

The 2017-18 tax return deadline for taxpayers who continue to submit paper Self-Assessment returns, 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.

We would recommend that anyone still submitting paper tax...

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