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16 March 2017

The MPAA applies to individuals who have flexibly accessed their pension benefits and were introduced to stop abuse of the pension system under certain circumstances. The annual allowance that applies in respect of money purchase pension contributions is to be reduced from £10,000 to £4,000 from 6 April 2017. This measure has been put in place to prevent inappropriate ‘double tax relief’ by...

16 March 2017

HMRC has launched a new software program to enable interested parties to check an individual’s employment status for tax. The new software will provide HMRC’s view as to whether IR35 legislation applies to a particular engagement and whether a worker should pay tax through PAYE.

Whilst the new software will be of most interest to the public sector in advance of the new rules coming into...

13 March 2017

HMRC has published a new “check employment status for tax” online tool which you can use to find out if you, or a worker on a specific engagement, should be classed as employed or self-employed for tax purposes.

The service will give you the view of HMRC on whether the intermediaries legislation (IR35) applies to an engagement and whether a worker should pay tax through PAYE for an...

09 March 2017

The independent Baroness McGregor-Smith review, commissioned by the government, has now published its report on race in the workplace, considering the issues affecting black and minority ethnic (BME) groups at work. The report makes a number of recommendations on how employers in the public and private sectors can improve BME diversity and inclusion within their organisations. Its key...

09 March 2017

The taxable turnover threshold, that determines whether businesses should be registered for VAT, will increase from £83,000 to £85,000 from 1 April 2017. The taxable turnover threshold that determines whether businesses can apply for deregistration will be increased from £81,000 to £83,000 on the same date.

Businesses are required to register for VAT if they meet either of the following...

09 March 2017

The new dividend tax allowance was introduced in April 2016. The new allowance replaced the dividend tax credit with an annual £5,000 dividend allowance with tax payable on dividends received in excess of this amount.

In his Budget speech, the Chancellor announced changes to this year old allowance. Mr Hammond told the House of Commons that this allowance was an overly generous perk and...

09 March 2017

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The introduction of MTD was first announced as part of the March 2015 Budget measures and is expected to see HMRC move towards a fully digital tax system by 2020.

There have been some concerns that the roll-out of MTD is moving too fast. HMRC had...

09 March 2017

The Chancellor’s first Budget was a reasonable quiet affair against the backdrop of the Brexit negotiations. The Chancellor also has the opportunity for a second Budget later in the year as we move to a new schedule with the annual Budget taking place in the autumn. This gave the Chancellor some time to wait and see how the economic conditions are faring before making any major announcements...

09 March 2017

From April 2017, the rules for individuals providing services to the public sector via an intermediary such as a personal service company (PSC) will change.The new rules will shift the responsibility, for deciding whether the intermediaries’ legislation known as IR35 applies, from the intermediary itself to the public sector receiving...

09 March 2017

It is now less than one month until there are major changes to the way Vehicle Excise Duty (VED) is calculated. Under the current VED rules any cars emitting less than 100g/km CO2 are exempt from the charge. These rules were introduced in 2003 when average emissions were far higher than they are now and many popular car models sold in the UK are currently exempt from VED. This move towards...

09 March 2017

As part of the Budget measures the Chancellor announced that the duty rates on beers, ciders, spirits and wine and will be increased by RPI inflation from 13 March 2017. These measures will typically add 2p to the price of a pint of beer, 1p to the price of a pint of cider, 36p on a bottle of whisky and 10p on a bottle of wine.

HMRC is currently in the midst of a consultation looking at...

08 March 2017

Budget Statement 8 March 2017

Pundits are mixed in their interpretation of the prospects for the UK economy as we approach the formal Brexit disengagement. They are keen to see encouragement for industry to invest and export rather than more of the same debt fuelled consumer expenditure. Has Philip Hammond succeeded in meeting these demands, and will he be able to bank...

02 March 2017

It is not long until the end of the current 2016-17 tax year and employers have to complete their final PAYE submission for the tax year. It is also very important that employers remember to provide employees with a copy of their P60 form by 31 May 2016. A P60 must be given to all employees that are on the payroll on the last day of the tax year – 5 April 2017.

The P60 is a statement...

02 March 2017

The SA302 tax calculation and tax year overview documents are commonly used as evidence of income for loan or mortgage purposes for the self-employed. The forms have become more widely used since the mortgage rules have required proper evidence of income for the self-employed.

The tax calculation (SA302) shows the breakdown of the income returned on the taxpayer's tax return, including...

02 March 2017

The government has announced that over £19 billion of the £20.3 billion invested in Lloyds during the financial crisis has been recovered. The publication of these figures follows the sale of the latest tranche of shares in the Lloyds Banking Group through the latest trading plan launched in October 2016.

The sale has resulted in a significant milestone as the government is no longer...

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