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04 May 2017

The Worldwide Disclosure Facility (WDF) was launched in September 2016 and is open to anyone who wants to disclose a UK tax liability that relates wholly or partly to an offshore issue.

An offshore issue includes unpaid or omitted tax relating to:

  • income arising from a source in a territory outside the UK;
  • assets situated or held in a territory outside the UK;...
04 May 2017

The Finance Bill 2017 officially known as Finance (No. 2) Bill received Royal Assent on 27 April 2017 following agreement by both Houses on the text of the Bill. The Bill is now an Act of Parliament (law) known as Finance Act 2017.

The Finance Bill was one of 22 Bills fast-tracked through Parliament to receive Royal Assent before the 2016-17 Parliamentary session was brought to a close...

04 May 2017

The Criminal Finances Bill received Royal Assent on 27 April 2017 and is now known as The Criminal Finances Act 2017. The new Act gives law enforcement agencies greater powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and terrorist financing.

This includes:

  • A new provision for the issue of an ‘unexplained wealth order’ which can...
04 May 2017

Taxpayers that have not yet filed their 2015-16 Self Assessment returns will have already been charged an automatic £100 penalty for late submission. The penalty applied from 1 February 2017, even if no tax was due or the tax due was paid on time.
 
However, taxpayers who were meant to file online by 31 January 2017, and have still not filed their 2015-16 return, are reminded that...

04 May 2017

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.

If the National Insurance number still cannot be located a request can be submitted to HMRC using form CA5403 or by calling the National Insurance enquiries helpline. HMRC will not disclose the number over the telephone and...

27 April 2017

HMRC has announced via one of their blogs that readers will notice that communication will be much less than normal during the pre-election period which started at midnight on Friday 21 April and the general election on 8 June. These rules have been put in place to ensure the impartiality of the Civil Service.

A comprehensive document entitled General election 2017: guidance for civil...

27 April 2017

The new Tax-Free Childcare Scheme (TFCS) is now available to the first tranche of working parents. The scheme has initially been made available to working parents of children that will be aged under 4 on 31 August 2017. 

Qualifying parents can now apply through the new digital childcare service for TFCS and receive a government top-up of £2 for every £8 that they pay into their Tax-Free...

27 April 2017

Following the Prime Minister’s unexpected announcement that there will be a snap general election on 8 June 2017, Parliament will now be dissolved on 3 May 2017. After this date, no further legislation will be passed until Parliament opens again after the election.

Any Bills that have not received Royal Assent by the date of Parliament’s dissolution will lapse and the next government...

27 April 2017

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.

As a general rule basic rate tax (currently 20%) must be deducted from the rent payable to a Non-Resident Landlord either by the letting agent or where there is no letting agent by the tenants (...

27 April 2017

The government has announced that all of the £20.3 billion invested in Lloyds during the financial crisis has now been recovered. The sale of the latest tranche of shares in the Lloyds Banking Group brings the amount recovered through sales and dividends to £20.4 billion. The government’s remaining stake has now fallen to less than 2% which is expected to be sold off in the coming months...

21 April 2017

1 May 2017 - Due date for Corporation Tax due for the year ended 31 July 2016.

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

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

19 May 2017 - CIS tax deducted for the month ended 5 May 2017 is...

20 April 2017

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for specific tax purposes. Individuals, partnerships, trustees and companies who let furnished holiday accommodation situated within the UK or elsewhere in the EEA can benefit from having a FHL. HMRC’s guidance on the scheme has recently been updated.

...

20 April 2017

In a shock announcement following the Easter weekend the Prime Minister Theresa May declared plans to call a snap election on 8 June. The announcement marked a seismic shift from her earlier declarations that there would be no new elections until 2020.

Her dramatic speech on the steps of Downing Street made it clear that she felt she had little choice but to hold an election to build a...

20 April 2017

The P9X form is used to notify employers of the tax codes to use for employees. The form shows the tax codes to use from 6 April 2017. The basic personal allowance for the tax year starting 6 April 2017 is £11,500 and the tax code for emergency use is 1150L. The basic rate limit is £33,500 except for those defined as Scottish taxpayers who have a lower basic rate limit of £31,500.

As a...

20 April 2017

An annual employment allowance for businesses and charities, to offset against their employer's Class 1 NICs, was introduced in April 2014. The allowance can be claimed as part of the normal payroll process through RTI using an employer’s payroll software or HMRC’s Basic PAYE Tools.

The maximum amount available is currently £3,000 per year. For example, if an employer’s Class 1 NICs...

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