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18 July 2018

Plans to introduce a new two tiered penalty system for individuals and businesses that do not pay their tax bills on time have been included in the draft Finance Bill 2018-19. The government has said that the new late payment penalty regime will help to ensure that those who pay their tax on time are not disadvantaged by those who do not and to incentivise payment on time where possible. There...

18 July 2018

New draft legislation has been published as part of the draft Finance Bill 2018-19 that aims to change the VAT treatment of vouchers. The legislation will focus on bringing the UK VAT treatment of vouchers in line with that published in the EU directive. Notwithstanding the Brexit negotiations, the UK continues to be a member of the EU for the time being and this legislation will help remedy a...

18 July 2018

The rules for the Corporation Tax treatment of carried forward losses changed from 1 April 2017. The changes increased flexibility to set off carried forward losses against total profits of the same company or another company in a group whilst at the same time introducing new restrictions as to the amount of profits against which carried forward losses can be set.

A number of further...

18 July 2018

The Requirement to Correct (RTC) legislation created a new statutory obligation for taxpayers with undeclared UK tax liabilities that involve offshore matters. The RTC applies to any person with undeclared UK Income Tax, Capital Gains Tax and/or Inheritance Tax liability concerning offshore matters or transfers relating to offshore tax non-compliance committed before 6 April 2017.

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18 July 2018

P9 tax code notices are used to notify employers of the tax codes to use when calculationg PAYE due from employees' wages and salaries. In a service availability update published on 17 July 2018, HMRC has confirmed that they are aware of an issue with employers failing to receive P9 files for the tax year 2018-19.

HMRC has now identified the employees affected by this issue and has...

16 July 2018

Public Health England (PHE) and Business in the Community have published a new toolkit to help employers support workers who are affected by domestic abuse.

One in four women and one in six men suffer from domestic abuse in their lifetime and domestic abuse apparently costs businesses £1.9 billion every year due to decreased productivity, time off work, lost wages and sick pay. The new...

11 July 2018

The publication of the draft Finance Bill 2018-19 includes legislation to change the way the rent-a-room relief scheme works. Following last year's Budget, a consultation was launched by HM Treasury to examine the design of the rent-a-room scheme.

When the relief was first launched it was intended to be used where one bedroom in a house was rented out to a lodger for medium to long-term...

11 July 2018

The draft Finance Bill includes a new measure that will help modernise the tax treatment of employer paid premiums for the provision of death in service life assurance products for their employees. 

Currently, these premiums are only tax-exempt if the named beneficiary is a member of the employee’s family, or a member of their household. This includes the employee's spouse or civil...

11 July 2018

The Finance Bill 2018-19 draft clauses include new measures that will address two anomalies in the Optional Remuneration Arrangements (OpRA) rules.

These measures will:

  • ensure that when a taxable car or van is provided through OpRA, the amount foregone, which is taken into account in working out the amount reportable for tax and National Insurance contributions purposes,...
11 July 2018

The Finance Bill 2018-19 draft legislation was published on 6 July 2018. The Bill which runs to 226 pages (with a further 143 pages of explanatory notes) contains the legislation for many of the tax measures that had previously been announced by the government as well as new initiatives.

The publication of the draft Finance Bill is in line with the approach to tax policy where the...

11 July 2018

A new measure to remove the requirement for employers to check receipts for expense claims made by employees using the HMRC benchmark scale rates or overseas scale rates is to be introduced.

The benchmark scale rates can be used by employers to reimburse staff for subsistence expenses when they are travelling on business away from their normal workplace. HMRC lists maximum rates but...

11 July 2018

The government is to move forward with plans to charge Corporation Tax to non-UK resident companies with property income. Currently, these companies are chargeable to Income Tax and not UK Corporation Tax.

This change is part of the government's aim to ensure that all companies are subject to the same tax treatment and to limit some of the reliefs claimed by foreign companies on UK...

11 July 2018

Entrepreneurs' Relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where Entrepreneurs' Relief is available CGT of 10% is payable in place of the standard rate. There are a number of qualifying conditions that must be met in order to qualify for the relief. One of these conditions is that an individual’s shareholding must...

09 July 2018

The government’s response to the Home Affairs Select Committee’s report on the delivery of Brexit, published in May 2018, committed to providing further details about the proposed EU Settlement Scheme in the next few weeks. The scheme is the new settled status scheme for EU nationals who are resident in the UK before 31 December 2020. The government has now published a Statement of Intent...

09 July 2018

The government has named and shamed another 239 employers for underpaying their workers the National Minimum Wage (NMW) or National Living Wage (NLW). The government’s latest “naming and shaming” list covers 22,400 workers who will now receive £1.44 million in back pay. The back pay identified by HMRC was for more workers than in any previous single naming and shaming list. The government has...

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