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23 February 2017

HMRC has issued an advisory note to let employers know that it is in the process of emailing an employer alert. These emails are headed Important information for employers and refer to Employer Bulletin 64. These emails are genuine and include valid links to pages on the GOV.UK website.

Taxpayers still need to be mindful of the many phishing emails that are purported to come from HMRC....

23 February 2017

HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities, whether due to misunderstanding the tax rules or because of deliberate tax evasion.

There are three main stages to taking part in the campaign, notifying HMRC...

23 February 2017

Automatic enrolment for workplace pensions is intended to encourage employees to start making provision for their retirement with employers, with government contributing to make a larger pension pot.

The timetable for employers to begin enrolling their staff started with the UK’s largest businesses in 2012, followed by medium, and then small and micro companies. It is expected that all...

16 February 2017

Taxpayers that have not yet filed their 2015-16 Self Assessment returns will have been charged an automatic £100 penalty for late submission. The penalty applied from 1 February 2017 even if no tax was due or the tax due was paid on time.
 
However, taxpayers who were meant to file online by 31 January 2017, and have still not filed their 2015-16 return, are reminded that they will...

16 February 2017

The new £1 coin enters circulation on 28 March 2017. The new £1 coin will be 12-sided and will replace the round shaped £1 coin that has been in use for 30 years. The new coin is being introduced to help combat the problem of counterfeit coins and will according to the Royal Mint be the most secure coin in the world.

It has been estimated that as much as £1.3 billion worth of coins are...

16 February 2017

The new Apprenticeship Levy comes into effect from April this year at a rate of 0.5% of the employer's 'pay bill'. To exclude smaller employers a £15,000 annual allowance can be claimed. The effect of this limit means that only employers with a pay bill in excess of £3 million will be required to contribute to the levy. The £3 million limit also applies to companies who are connected to other...

16 February 2017

Automatic enrolment into workplace pensions has been rolling out across the UK since 2012 beginning with the largest employers in the country. The first batch of small and micro employers started to enrol in the scheme in mid-2015. There are estimated to be 1.8 million small and micro employers in the UK.  It is expected that all employers will be part of the scheme by early 2018.

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16 February 2017

HMRC’s Credit Card Sales campaign targets individuals and businesses that accept credit and debit card payments and have not paid the right amount of tax due. The campaign offers the opportunity for anyone affected to bring their affairs up to date and in doing so take advantage of the best possible terms. Any individual or company that accepts credit and debit card payments should be...

16 February 2017

HMRC Spotlights identify specific tax avoidance schemes that HMRC have become aware and which they consider are not likely to have the legal effect desired by those thinking of using them. According to HMRC, the Spotlights series is designed to help taxpayers avoid unwittingly entering into arrangements that HMRC are likely to see as tax avoidance.

In the Spotlights series HMRC:

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08 February 2017

A recent tribunal case examined a VAT refund claim in respect of the VAT DIY Builders scheme. The scheme is a set of special VAT rules which allow the qualifying construction costs of new homes and certain conversion works to be zero-rated.

In this case, the homebuilders (Mr and Mrs Campbell) built a new home in 2012 on land adjacent to their current home. Mrs Campbell also owned and...

08 February 2017

Making Tax Digital (MTD) is likely to be the most wide ranging change to the UK tax system since the introduction of Self Assessment many years ago and will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The introduction of MTD over the coming years will see HMRC move towards a fully digital tax system by 2020. The introduction of MTD was first...

08 February 2017

A new Pensions Advice Allowance will come into force from April 2017. The allowance will allow those nearing retirement to take up to £1,500 out of their pension pots tax-free to put towards the cost of financial advice. The advice provided can relate directly to the pension as well as to other financial products that help build retirement income such as multiple pension pots and other assets...

08 February 2017

The P9X form is used to notify employers of what tax codes to use for employers. The form has been updated with tax codes to use from 6 April 2017. The basic personal allowance for the tax year starting 6 April 2017 is £11,500 and the tax code for emergency use is 1150L.

As a result of the increase in the basic personal allowance, there is a general uplift of tax codes with suffix 'L'...

08 February 2017

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. Individuals, partnerships, trustees and companies who let furnished holiday accommodation situated within the UK or elsewhere in the EEA can benefit from having a FHL.

The furnished holiday letting scheme occupancy conditions must be met for...

08 February 2017

The child tax credit has been designed to help lower income families with children. Credits are available to families with low to moderate income. Child tax credit is paid directly to the main carer in the family either weekly or monthly and is usually paid directly to a designated bank or building society account. The working tax credit assists taxpayers on low incomes by providing top-up...

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