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12 April 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. HMRC’s guidance on making a disclosure has been updated for the 2017-18 tax year...

12 April 2017

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room. The limit increased to £7,500 from 6 April 2016 and remains at the same level for the current tax year 2017-18. HMRC’s rent-a-room scheme guidance has been updated for 2017-18.

The relief applies only to the letting of furnished accommodation and can be claimed when one bedroom is rented out in...

06 April 2017

A number of changes to personal taxation have come into effect with the start of the 2017-18 tax year. These changes include the following:

National Living Wage and the National Minimum Wage rates

The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2017. This is the first time that the NMW and NLW rates have been uprated in...

06 April 2017

A number of changes to business taxation have come into effect with the start of the 2017-18 tax year. These changes include the following:

Corporation Tax

The Corporation Tax rate from 1 April 2017 has been reduced to 19% and set at this rate for 2018 and 2019. From 1 April 2020, the Corporation Tax rate will be further reduced to 17%.This rate will be the lowest in the...

06 April 2017

The tax relief available to residential landlords has been reduced from the start of the 2017-18 tax year. The new rules mean that tax relief on mortgage costs will be gradually restricted to the basic rate of tax. Landlords of residential properties have benefited from full tax relief on finance charges, such as mortgage interest for many years. However, these changes will significantly...

06 April 2017

HMRC has introduced an additional test from 1 April 2017 that will help determine the VAT flat rate percentage used by VAT registered businesses that use the Flat Rate Scheme. It appears that HMRC considers the benefits obtained by certain businesses to be excessive.

Whilst in theory some businesses win and some lose when adopting this scheme, in practice, a business would only join...

06 April 2017

The latest statistics on the uptake of the government’s flagship Help to Buy schemes were published on 30 March 2017. The figures show that over 259,000 homes have been bought since the schemes were first launched in October 2013. The portfolio of Help to Buy schemes include: ISA, Shared Ownership, Mortgage Guarantee, Equity Loan and London Help to Buy. The average house price across the...

06 April 2017

Employers that take on a new employee need to work out which tax code and starter declaration to use in their payroll software. Incorrect tax codes can lead to the new employee paying more tax than is due.

The necessary information can be collected by asking the new employee to complete HMRC's new starter checklist and / or from the employee’s P45. This information must be held in the...

06 April 2017

Following the UK Prime Minister, Theresa May, giving notice under Article 50 of the Treaty of the European Union of the UK’s intention to leave the EU, the government has published a White Paper on “Legislating for the United Kingdom’s withdrawal from the European Union”. This confirms that a new Great Repeal Bill will:

  • repeal the European Communities Act 1972 and return power to...
30 March 2017

It has been confirmed that the new Tax-Free Childcare Scheme (TFCS) will be launched on 28 April for parents of young children. All eligible parents will be able to join the scheme by the end of 2017.

The TFCS will support working families with their childcare costs. The new scheme will eventually replace the current salary sacrifice scheme and will be open to all qualifying parents...

30 March 2017

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

The new coins are being produced by The Royal Mint...

30 March 2017

In July 2015, George Osborne announced measures to reduce the availability of non-domicile status to those living a substantial amount of time in the UK. These measures are effective from April 2017, and will affect any person who has been resident in the UK for more than 15 of the previous 20 years - they will be deemed to be domiciled in the UK for tax purposes.

In addition,...

30 March 2017

It was announced as part of the last autumn statement that a new National Savings and Investments (NS&I) product called the NS&I Investment Bond will be launched. It has now been confirmed that the product will be available for 12 months from April 2017 for a 3-year fixed term. The new Investment Bond offers a reasonable rate for savers who have been hard hit by low savings rates for a...

30 March 2017

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists.

Many businesses are monitored by the Financial Services Authority or certain professional bodies. However, businesses that HMRC is responsible for supervising should be aware of the...

30 March 2017

The second incomes campaign offers individuals the opportunity to inform HMRC that they have undeclared income from a supplementary income stream. The campaign targets individuals in employment who have an additional untaxed source of income.

The HMRC guidance lists the following possible examples:

  • fees from consultancy or other services such as public speaking or providing...

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