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22 November 2018

HMRC has begun a letter writing campaign to remind businesses that the way they keep VAT records and submit their VAT returns is changing. The letters are being sent to businesses who will be within the scope of the new Making Tax Digital (MTD) for VAT,
which comes into effect from 1 April 2019.

A first wave of 20,000 letters was sent earlier this month with a further 180,000...

22 November 2018

The VAT DIY Housebuilders scheme is a special scheme,
enabling
homeowners building a home to benefit from the special VAT rules that allow the qualifying construction costs of new homes and certain conversion works to be zero-rated. The scheme has been designed to effectively put homeowners in a similar
position to a property developer....

15 November 2018

As expected, the government published 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 contains the legislation for many of the tax measures
announced by the Government at Autumn Budget 2017 some of which have since been the subject of further consultation. The Bill...

15 November 2018

There are tax consequences for both companies and directors relating to the issue of director’s loans. We will examine below some of the implications if a company facilitates loans to a director. A director’s loan comprises not just an actual loan, but can
also include other payments made by the company for the personal benefit of a director such as personal expenses paid for on a...

15 November 2018

An overdrawn director's loan account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay for personal expenses of directors using company funds. Where
these payments do not form part of a director’s remuneration, they are usually posted to the director’s loan account (DLA).

The...

15 November 2018

New rules were introduced by the Government in 2015 that allow for the spouse or civil partner of a deceased ISA saver to benefit from additional ISA benefits. Under the rules, if an ISA saver in a marriage or civil partnership dies, their spouse or civil
partner inherits their ISA tax advantages.

Surviving spouses are able to save an additional amount in an ISA or ISAs up to...

15 November 2018

A recent First-Tier Tribunal case examined the complex issue of whether a group of 60 football referees should be classified as employees or self-employed. HMRC argued that the Professional Game Match Officials Limited (PGMOL) was the employer of the group
of football referees in question. On this basis, HMRC raised assessments for a total of £583,874.07 relating to Income Tax and...

15 November 2018

Business Property Relief (BPR) is an attractive tax relief for taxpayers with business interests, offering either 50% or 100% relief from Inheritance Tax (IHT) on the value of their business assets if certain conditions are met. The relief can even be used
whilst the donor is still alive, and the estate can still get BPR on qualifying assets.

An interest in a business or a...

15 November 2018

There are special rules that must be considered when buying and selling assets in foreign currency. This is sometimes known as a barter transaction. As a general rule when a foreign currency transaction takes place at arm's length, the value of the consideration
is the sterling equivalent of the amount paid for the asset at the date of acquisition and / or disposal.

HMRC...

15 November 2018

The Living Wage Foundation (an initiative of Citizens UK) recently announced Living Wage rates for London and the UK at £10.55 an hour and £9 an hour respectively. These Living Wage rates are not statutorily binding but represent an increase of 25p in the
UK and 35p in London over the current rates. The new Living Wage rates were announced on the 5 November 2018 and all of the...

15 November 2018

Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and property in England and Northern Ireland. It is also payable in respect of certain lease premiums. Higher rates of SDLT were introduced on 1 April 2016
and apply to purchases of additional residential property such as buy to let and second homes.

The filing and payment deadline...

13 November 2018

The Information Commissioner's Office (ICO) has published updated security guidance on encryption and on passwords in online services under the GDPR.

The GDPR requires data controllers to implement appropriate technical and organisational measures to ensure they process personal data securely. Article 32 of the GDPR includes encryption as an example of an appropriate technical measure....

07 November 2018

The High Income Child Benefit Charge (HICBC) came into force in January 2013. It applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving child benefit either by reducing or removing the benefit entirely.

HMRC has confirmed that it is reviewing cases where a failure to notify...

07 November 2018

A change to the VAT rules first announced at Budget 2018 will come into effect from 1 October 2019. This change will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge will only apply to supplies of specified construction services to other businesses in the construction sector.

This move is part...

07 November 2018

The Chancellor announced a number of measures to help many failing high streets up and down the country, as they face a real threat to their existence as footfall continues to be impacted. The growing use of online shopping has caused many large retailers to close down or reduce the number of stores they run, especially in smaller towns and villages across the country.

One of the...

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