Latest News

Keep up to date with our newsletter here

30 May 2018

The annual allowance for tax relief on pensions is £40,000 for the current tax year. There is also a three year carry forward rule that allows taxpayers to carry forward unused annual allowance from the last three tax years if they have made pension savings in those years. Qualifying taxpayers can get tax relief on private pension contributions worth up to 100% of their annual earnings (...

30 May 2018

A thought-provoking question that has been asked by one of our readers is whether professional gambling is a trade or not. The answer to this question might surprise you. According to HMRC and reinforced by a number of court cases the answer is that gambling is not a taxable trade. This answer holds even for a professional gambler who spends a significant amount of time building up their...

30 May 2018

A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets such as land, money and shares which form part of the trust. The person who puts assets into a trust is known as a settlor and the trust is for the benefit of one or more 'beneficiaries'.

The trustees make decisions about how the assets in the trust are to be managed, transferred or held...

30 May 2018

All children in the UK have their own personal annual allowance. However, anti-avoidance laws prevent this allowance being utilised by parents of children aged under 18 with some minimal exceptions. If older children are employed by a parent, then they can receive income paid as wages subject to the usual rules.

There are special rules if a parent gifts significant amounts of money to...

30 May 2018

Almost all full-time workers in the UK are legally entitled to 5.6 weeks' (or 28 days) paid holiday per year. This is known as their statutory leave entitlement or annual leave. Legally, employers can include bank holidays in this total although not all employers do this. Employers are also free to provide additional non statutory holiday entitlement.

An employee's actual statutory...

30 May 2018

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

29 May 2018

The EU General Data Protection Regulation (GDPR) came into force on 25 May 2018, along with most of the provisions in a new Data Protection Act 2018 (including those provisions relevant to processing in the employment relationship). The previous Data Protection Act 1998 has now been repealed. The new data protection laws give people more control about how their personal data is used, shared...

23 May 2018

The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. The main benefits of the scheme include the requirement to file one VAT return per year. This can significantly reduce the amount of administration time and the associated cost of preparing and submitting quarterly VAT returns.

A recent First-Tier Tribunal case highlighted an unusual ...

23 May 2018

The settlement rules are intended to prevent an individual from gaining a tax advantage by making arrangements that divert his or her income to another person who may be liable at a lower rate of tax or is not liable to Income Tax.

Where a settlor has retained an interest in a property in a settlement the income arising is treated as the settlor’s income for all tax purposes. A settlor...

23 May 2018

There are a number of tax consequences to be aware when employees are provided with company vans and fuel. A company van can be defined as a van made available to an employee by reason of their employment. There is usually nothing to report to HMRC if the van is used solely for business journeys, as a pool van or for vans provided as part of a salary sacrifice arrangement. If the van is not...

23 May 2018

Special rules apply to assets when they are passed to a beneficiary after the death of the benefactor. In some cases Inheritance Tax may be due on the transfer. However, there can also be a hidden benefit known as a Capital Gains Tax (CGT) uplift on death (see details of the benefits below).

The CGT uplift mostly benefits a surviving spouse or civil partner. In this case, the transfer...

23 May 2018

Many taxpayers are aware that there is an annual Inheritance Tax exemption of £3,000 for gifts and this can be carried forward to the following tax year if not used to make a maximum gift of £6,000. You can also give as many gifts of up to £250 per person as you want during the tax year but only if you haven’t used another exemption on the same person. There are also special allowances for...

23 May 2018

HMRC understands that taxpayers will sometimes experience difficulties with paying their tax bill and stress that taxpayers should make contact with them as soon as they realise that there is a problem. This is good advice as burying your head in the sand will only make matters worse.

Taxpayers should contact the Business Payment Support Service (BPSS) for practical advice and guidance...

23 May 2018

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel.

HMRC accepts there is no taxable profit and no Class 1A National Insurance on reimbursed travel expenses...

21 May 2018

Following a joint report ("High heels and workplace dress codes") published by the House of Commons Women and Equalities Committee and Petitions Committee in January 2017, the Government Equalities Office has finally published promised new guidance on “Dress codes and sex discrimination – what you need to know”.

The new guidance is aimed at employers who set dress codes and employees...

Pages

Providing the direction that leads to growth.

"We have been clients of Sadler Talbot for over 20 years.  They understand my business and are very supportive providing a consistently excellent service. "
Gill FD Coatings Manufacturer