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21 March 2018

The recent death of the comedian, Sir Ken Dodd, aged 90, would not usually be the topic of one of our weekly articles. However, the comedian managed to have one last laugh by marrying his partner of 40 years just days before his death. By doing this it is estimated his estate has avoided a tax bill of almost £2 million.

This last-minute marriage serves as a useful reminder that marital...

21 March 2018

One important aspect of a self-catering or holiday let business that should not be overlooked, is whether or not the owner of a holiday let is liable to pay business rates. Business rates are charged on non-domestic properties and help councils and local authorities to fund local services. The business rates are charged in place of council tax and may be less than the council tax bill....

21 March 2018

Under new rules that came into force on 15 March 2018, HMRC has enhanced powers to make online marketplaces accountable for VAT fraud committed by online sellers on their platforms. These measures are correctly referred to as joint and several liability (JSL) for marketplaces. The rules previously applied to overseas retailers that supplied goods already in the UK at the point of sale, to UK...

21 March 2018

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate.

The ability to convert the treatment of VAT exempt land and buildings to taxable can have many benefits...

21 March 2018

From 1 April 2018, the National Living Wage (NLW) will increase by 33p to £7.83. This represents an increase of 4.4%. The NLW is the minimum hourly rate that must be paid to those aged 25 or over. For the 21 to 24 year old’s, the hourly rate of the National Minimum Wage will increase to £7.38 (a rise of 33p).

An interesting question to consider is whether or not company directors need...

21 March 2018

The marriage allowance is available to married couples and those in a civil partnership, where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above the basic rate threshold for income tax.

The lower earning partner can transfer up to £1,150 (increasing to £1,190 in 2018-19) of their personal tax-free allowance to a spouse or civil partner. The marriage allowance can only...

21 March 2018

The Finance Bill 2017-18 officially known as Finance (No.2) Bill 2017-19, received Royal Assent on 15 March 2018 following agreement by both Houses. The Bill is now an Act of Parliament to be called the Finance Act 2018. The Act contains the legislation for many of the tax measures that were announced by the Government at Autumn Budget 2017.

Finance Act 2018, introduces a number of...

20 March 2018

1 April 2018 - Due date for corporation tax due for the year ended 30 June 2017.

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

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

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

18 March 2018

The government has announced that the employer-operated childcare voucher scheme will remain open to new entrants for a further six months, i.e. until October 2018. The childcare voucher scheme, also called employer-supported childcare (ESC), was due to close from 6 April 2018 and be replaced by the government-backed childcare payments scheme, also called tax-free childcare (TFC). The...

14 March 2018

A tax avoidance scheme used by businesses that sought to avoid paying tax and National Insurance on company directors’ bonuses was the subject of a recent Upper Tribunal hearing. HMRC challenged the validity of tax claims by two companies firstly at the First-Tier Tribunal and then at the Upper Tribunal.

The two cases were heard together as the underlying appeals raised similar issues...

14 March 2018

New legislation that comes into effect from 1 October 2018 will see higher penalties for anyone with undeclared offshore assets. HMRC has published a news release urging taxpayers with undeclared offshore assets to become compliant and warning taxpayers that they will prosecute the most serious cases of tax evasion. These new penalties are part of HMRC’s plans to target overseas tax avoidance...

14 March 2018

New rules were introduced in April 2015 that allow for the spouse or civil partner of a deceased ISA saver to benefit from additional ISA benefits. Under the rules, if an ISA saver in a marriage or civil partnership dies, their spouse or civil partner inherits their ISA tax advantages.

Surviving spouses are able to save an additional amount in an ISA or ISAs up to the value of their...

14 March 2018

The government has confirmed that a new tax allowance for electric taxis will come into effect from April 2018, a year earlier than had been expected. The new exemption will be worth £1,550 for anyone purchasing a new zero emission black cab. In addition, zero emission taxis worth over £40,000 will no longer have to pay the Vehicle Excise Duty charge from this April.

It is hoped that...

14 March 2018

As part of the Autumn Budget measures, the Chancellor announced that the indexation allowance for corporate chargeable gains would cease on 31 December 2017. The indexation allowance allowed companies to compensate for the effects of inflation and claim tax relief when calculating any chargeable gains.

The monthly indexation allowance was frozen from 1 January 2018. This means that the...

14 March 2018

The self-employed are often concerned as to whether an expense is allowable for tax purposes. As a general rule, the self-employed can deduct running costs of the business when working out their taxable profit as long as the expenses are classed as 'allowable expenses'. In this article, we briefly look at the rules for claiming expenses relating to claiming legal and financial costs.

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