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28 March 2017

The following key changes to employment law will come into force in April 2017:

  • From 6 April 2017, the Finance Act 2016 will require employers with an annual pay bill in excess of £3 million in a given year to pay a 0.5% apprenticeship levy on their pay bill to fund the costs of apprenticeship training and assessment. Employers will receive an annual allowance of £15,000 to offset...
24 March 2017

1 April 2017 - Due date for Corporation Tax due for the year ended 30 June 2016.

19 April 2017 - PAYE and NIC deductions due for month ended 5 April 2017. (If you pay your tax electronically the due date is 22 April 2017)

19 April 2017 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2017.

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23 March 2017

The Finance Bill 2017 was published on 20 March 2017 and runs to a mammoth 762 pages, comfortably taking the record for the longest bill from Finance Bill 2012 which ran to 686 pages. The Bill together with the explanatory notes contains 313,031 words. The Bill contains the legislation for many of the tax measures that have been announced by the government at Spring Budget 2017 and Autumn...

23 March 2017

HMRC continues to warn taxpayers about email scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are potentially dangerous and clicking on a link from within such an email can result in personal information being compromised and the possibility that computer viruses...

23 March 2017

The new Inheritance Tax main residence nil-rate band (RNRB) comes into effect from 6 April 2017. The new RNRB is in addition to the existing £325,000 Inheritance Tax Nil-Rate Band (NRB) threshold.

The initial RNRB will amount to £100,000 for 2017-18, increasing to £125,000 in 2018-19, £150,000 in 2019-20 and £175,000 in 2020-21. The RNRB is a new transferable allowance for married...

23 March 2017

HM Treasury has announced that a new watchdog is to be established to help tackle potential weaknesses in the supervisory system that criminals may be trying to exploit. The new office for professional body anti-money laundering supervision (OPBAS) is expected to be operational from the start of next year. The new watchdog will be tasked with improving the overall standards of anti-money...

23 March 2017

A new annual £500 tax-free allowance for any adult that receives advice for employer arranged pensions comes into effect from 6 April 2017. The advice provided can relate directly to the pension as well as to the general financial and tax issues relating to pensions. New draft guidance explaining these changes in more detail has recently been published by HMRC.

The new rules will...

23 March 2017

The new VAT road fuel scale charges have been published. The changes amend the VAT scale charges for taxing private use of road fuel to reflect changes in fuel prices.

The new fuel scale charges must be used by companies from the start of their next prescribed accounting period beginning on or after 1 May 2017. The fuel scale rates continue to encourage the use of cars with low CO2...

23 March 2017

The following key changes to employment law will come into force in April 2017:

  • The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 will require private and voluntary sector employers with 250 or more employees to report on their median and mean gender pay gap figures, their median and mean gender bonus gap figures, the number of men and women in each quartile of...
16 March 2017

There will be changes to the tax rules for salary sacrifice schemes from April 2017. These changes will see the removal of the tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement.

The following benefits will not be affected by these changes:

  • Employer provided pensions and pensions advice
  • Childcare vouchers
  • ...
16 March 2017

HMRC’s Card Transaction Programme is a new disclosure opportunity for businesses that accept card payments and have not paid the right amount of tax due. The campaign offers the opportunity for affected businesses to bring their affairs up to date and in doing so take advantage of the best possible terms.

HMRC cites examples of businesses who might take advantage of the scheme. For...

16 March 2017

There are a number of reasons why a taxpayer needs to complete a Self Assessment return. This includes if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property.

Taxpayers that need to complete a Self Assessment return for the first time should inform HMRC as soon as possible. The latest date that HMRC...

16 March 2017

In December 2016, the Department for Work and Pensions together with HM Treasury launched a consultation on a package of measures to tackle three different areas of pension scams. Pension scams commonly target those who have not yet reached the minimum pension age.

The three areas being considered are:

  • A cold calling ban. This measure would cut off a key source of pension...
16 March 2017

The MPAA applies to individuals who have flexibly accessed their pension benefits and were introduced to stop abuse of the pension system under certain circumstances. The annual allowance that applies in respect of money purchase pension contributions is to be reduced from £10,000 to £4,000 from 6 April 2017. This measure has been put in place to prevent inappropriate ‘double tax relief’ by...

16 March 2017

HMRC has launched a new software program to enable interested parties to check an individual’s employment status for tax. The new software will provide HMRC’s view as to whether IR35 legislation applies to a particular engagement and whether a worker should pay tax through PAYE.

Whilst the new software will be of most interest to the public sector in advance of the new rules coming into...

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