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24 April 2018

The Information Commissioner's Office (ICO) has announced that it has produced a lawful basis interactive guidance tool to assist businesses in determining, which lawful basis is appropriate for their data processing activities.

The tool requires businesses to answer a set of questions and it then provides an indicative rating for each lawful basis, i.e. whether each lawful basis is or...

19 April 2018

1 May 2018 - Due date for corporation tax due for the year ended 30 July 2017.

19 May 2018 - PAYE and NIC deductions due for month ended 5 May 2018. (If you pay your tax electronically the due date is 22 May 2018)

19 May 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2018.

19 May 2018 - CIS tax deducted for the month ended 5 May 2018 is...

18 April 2018

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2018. Claimants who do not renew on-time may have their payments stopped.

HMRC has started to send tax credits renewal packs to tax credit claimants and is encouraging recipients to renew their tax credits claim online. All packs should be with recipients by the end of June...

18 April 2018

There are currently two types of national insurance contributions (NICs) payable by most self-employed people. These are known as: Class 2 NICs, and Class 4 NICs.

Class 2 NICs are paid by all self-employed taxpayers unless they qualify for the small earnings exception or other exemptions which remove the necessity to pay NICs. Class 2 NICs are payable at a flat weekly rate of £2.95 for...

18 April 2018

Employees who use their own money to buy things they need for their job, can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items used solely for work.

There is no tax relief available if your employer refunds any costs in full. In addition, you cannot claim tax relief if your employer has provided you with a suitable...

18 April 2018

The deadline for employers to provide employees with a copy of their P60 form is by 31 May 2018. A P60 must be given to all employees that were on the payroll on the last day of the tax year – 5 April 2018.

The P60 is a statement issued to employees after the end of each tax year that shows a summary of their pay and deductions for the previous tax year. Employers can provide the P60...

18 April 2018

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'.  These gifts or transfers achieve their potential of becoming exempt if the taxpayer survives for more than seven years after making the gift. If the taxpayer dies within 3 years of making the gift, then the inheritance tax...

18 April 2018

The Non-resident landlord (NRL) scheme is a special scheme for the UK rental income of non-resident landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. HMRC classifies a person living abroad for 6 months or more per year, as a non-resident landlord. Interestingly, this is the case even if the person is a UK resident for tax purposes.

Generally...

18 April 2018

Landlords that receive letting income should notify HMRC by 5 October after the end of the tax year for which you start to receive that income. So, for the 2017-18 tax year that has just ended, HMRC needs to be notified by 5 October 2018 of any letting income.

The Let property campaign, provides landlords who have undeclared income from residential property lettings in the UK or abroad...

11 April 2018

HMRC's recently published, and usually routine, Employment related securities bulletincontains an important announcement on the future of EMI share options. It transpires that the EU state aid approval for the EMI share options scheme expired on 6 April 2018, and the government has yet to obtain a renewal agreement from the EU. HMRC’s bulletin was only published on 4 April 2018 and...

11 April 2018

Employers are reminded that the deadline for submitting the 2017-18 forms P11D, P11D(b) and P9D is 6 July 2018. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) unless the employer has registered to payroll benefits. This is known as payrolling and removes the requirement to complete a P11D...

11 April 2018

With effect from 6 April 2018, employers will need to pay income tax and Class 1 national insurance contributions (NICs) on certain parts of termination payments made to employees whether or not these payments are contractual. The element that is liable to taxation is the amount of the termination payment that represents a payment in lieu of notice, commonly referred to as 'PILON'. The measure...

11 April 2018

The Construction Industry Scheme (CIS) is a set of special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors'. The scheme applies mainly to contractors and subcontractors involved in construction.

A recent First-Tier Tribunal decision examined a case, where a...

11 April 2018

The new Soft Drinks Industry Levy came into effect with the start of the new tax year on 6 April 2018. The Levy commonly known as the 'sugar tax', has been put into effect to help combat the excess use of sugar especially by children.

Since the introduction of the sugar tax, many soft drink manufacturers have already reformulated their recipes to reduce the amount of sugar in soft...

11 April 2018

The Married Couple's Allowance (MCA) is available to elderly married couples or those in a civil partnership, where at least one member of the couple were born before 6 April 1935 (i.e. at least 83 years old). The allowance provides for tax relief by deducting 10% of the allowance from the amount of tax due on taxable income. The MCA can reduce a tax bill to zero but cannot result in a refund...

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