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13 September 2018

In a surprise move, the government has announced that, following a lengthy consultation, the planned abolition of Class 2 National Insurance Contributions (NIC) will not take place in the current parliament. The announcement was made in a written statement by Robert Jenrick MP, the Exchequer Secretary to the Treasury on 6 September 2018. The withdrawal of Class 2 NICs was originally due to...

13 September 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 change will be included in the Finance Bill 2018-19.

The benchmark scale rates can be used by employers to reimburse staff for subsistence expenses when they are travelling on business away from...

13 September 2018

HMRC continues to warn taxpayers to be aware of email phishing scams. Phishing emails are used by fraudsters to access recipients' valuable personal details, such as usernames and passwords. Fake email messages can appear to be genuine but clicking on a link from within the email can result in personal information being compromised and the possibility of computer viruses affecting your...

13 September 2018

Capital Gains Tax (CGT) Rollover Relief is a valuable relief that allows for a delay in the payment of CGT on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost of the new asset and any CGT liability is...

13 September 2018

The First-tier Tribunal (FTT) recently heard an appeal against late filing penalties imposed on both partnership and individual self-assessment returns for 2010-11 and 2011-12. There were also appeals made in respect of the years 2005-6 to 2009-10 but the FTT noted these were made outside the statutory time limits and accordingly, the Appellants applied for leave to appeal out of time.

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13 September 2018

A taxpayer, Miss Akan, appealed to the First Tier Tribunal (FTT) against assessments in relation to Income Tax, Capital Gains Tax and penalties relating to income arising from, and from her disposal of, 15 Binnie House, London SE1. The underlying facts in this case are complex. Miss Akan grew up at 15 Binnie House, a third floor flat where her mother was a tenant of the local council. When her...

13 September 2018

ACAS has published new guidance on employment references aimed at both employers and employees based on the questions it receives on its helpline. The guidance makes clear that there is usually no legal obligation on employers to provide a reference, but employers who do give them must make them true, fair and accurate.

The guidance covers:

  • What is an employment reference...
05 September 2018

The UK is set to leave the EU on 29 March 2019 and as things currently stand, it would seem that we are no closer to reaching a negotiated withdrawal agreement. The chances of Britain leaving the EU without any working agreement, known as a 'no deal' Brexit is in some ways looking increasing likely, and certainly cannot be ignored.

The government remains confident that a deal will be...

05 September 2018

We have already examined matters that must be addressed by those importing goods to the UK if there is a 'no deal' Brexit (See previous articles). In this article we will look at the impact this would have on UK businesses exporting goods to the EU, currently known as intra-EU dispatches.

A no-deal Brexit would see tariffs imposed on goods that the UK sends to the EU.

It is also...

05 September 2018

There are special intestacy rules that govern how assets are divided if you die without making a will. If this happens your assets are passed on to family members in accordance with a set legal formula. This can result in a distribution of assets that would not be in keeping with your final wishes, and can be especially problematic for cohabitees (a couple who live together but are not married...

05 September 2018

The Court of Appeal recently heard a taxpayer's appeal against a decision of the Upper Tribunal to recover an amount of overpaid VAT. The claim related to historic VAT claims colloquially known as Fleming claims. Until March 2009, there existed an important opportunity to make claims dating back as far as the introduction of VAT in 1973 without being capped. The last major deadline concerned '...

05 September 2018

The government’s Bank Referral Scheme was launched in November 2016. The scheme, created by the Small Business, Enterprise and Employment Act 2015, is designed to help improve SME access to finance and competition in the SME lending market.

The bank referral scheme imposes a statutory duty on nine of the UK’s biggest banks to pass on the details of small businesses, who have been...

05 September 2018

Student Loans are part of the government's financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is directly responsible for collecting the loans of borrowers outside the...

05 September 2018

We would like to remind any students that had a summer, job that they may be entitled to claim back any tax overpaid. Students (and other temporary workers) are not required to pay any income tax if their earnings are below the tax-free personal allowance.

When preparing payroll calculations, employers are required to calculate the amount of tax you need to pay on the basis that you...

05 September 2018

Taxpayers who have lost or forgotten their national insurance number should first try and locate the number on paperwork such as their tax return, payslip or P60. Taxpayers with access to their personal tax account can also login to view or print a letter with their national insurance number.

If the national insurance number cannot be located, a request can be submitted in writing to...

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