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14 March 2018

The Information Commissioner's Office (ICO) has published a 77-page introduction to the Data Protection Bill, to help businesses navigate their way around the Bill and focus on the areas that are most relevant to them. Assuming it receives Royal Assent and becomes the Data Protection Act 2018, the Bill is expected to come into force on 25 May 2018, i.e. on the same date as the EU General Data...

13 March 2018

As you would expect, the Spring Statement delivered by the Chancellor Philip Hammond, to Parliament on 13 March 2018, was peppered with party political jibes no doubt intended to lift the spirits of his own party and dismay the opposition parties.

There was very little “promised” in terms of new tax or other strategic items that we are used to in a Budget speech; we will need to wait...

07 March 2018

We have often warned our readers of the importance of submitting and paying VAT returns in a timely manner. In a recent article we wrote that it is imperative that VAT returns are submitted and paid on time as a delay of even one day can have significant consequences in the future. Unfortunately, there is a company that does not appear to have taken heed of our warning.

A recent First-...

07 March 2018

Under new rules that came into effect from April 2017 the tax relief on mortgage costs for residential landlords is being gradually restricted to the basic rate of tax. Many landlords of residential properties that used to benefit from full tax relief on finance charges, such as mortgage interest now face higher tax bills. These changes will start to hit even harder when the amount of higher...

07 March 2018

The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement changed from 6 April 2017. When the changes were introduced it was confirmed that all arrangements in place before April 2017 will be protected for up to a year. This means that current contracts that remained under the pre-2017 rules will now fall under the new rules from April 2018.

The...

07 March 2018

The Welsh tax devolution will begin next month when Wales, the Welsh Government and the National Assembly for Wales, become responsible for some of the taxes paid in Wales for the first time in over 800 years. From April 2018, Wales will introduce the new Welsh Land Transaction Tax (LTT) which will replace the UK Stamp Duty Land Tax (SDLT) as well as the new Landfill Disposals Tax (LDT) which...

07 March 2018

There is no tax to pay on trivial benefits in kind (BiK) provided to employees where all of the following apply:

  • the benefit is not cash or a cash-voucher; and
  • costs £50 or less; and
  • is not provided as part of a salary sacrifice or other contractual arrangement; and
  • is not provided in recognition of services performed by the employee as part of their...
07 March 2018

The rules for individuals providing services to the public sector via an intermediary such as a personal service company (PSC) changed from April 2017. The rules, known as off-payroll working rules shift the responsibility for deciding whether the intermediaries’ legislation applies, known as IR35, from the intermediary itself to the public sector receiving the service. The public sector will...

27 February 2018

The government has announced the introduction of new laws to help tackle the problem of identity fraud and personal harm for company directors. The new laws which were introduced into parliament on 22 February 2018, will allow company directors to remove their personal addresses from the UK’s official company register on Companies House. The new laws are expected to come into force by the end...

27 February 2018

A recent First-Tier Tribunal case examined whether a father's payment of wages to his son was an allowable expense. We learn that the appellant in this case made a number of payments to his son whilst he was studying at university. HMRC questioned the validity of the appellants tax return and argued that any amounts paid by the appellant to his son must have been incurred wholly and...

27 February 2018

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel.

HMRC accepts there is no taxable profit and no Class 1A National Insurance on reimbursed travel expenses...

27 February 2018

Now that the infamous 31 January deadline has passed it is time to start thinking about the current tax year and maximise any available tax reliefs by 5 April 2018. The ISA limit currently allows for taxpayers to invest up to £20,000 per year.

Whilst the amount invested in an ISA does not benefit from tax relief the income and gains are free from most taxes including Income Tax and...

27 February 2018

The annual exemption for Capital Gains Tax (CGT) in the current tax year is £11,300. This exemption allows taxpayers who dispose of chargeable assets such as property, stocks and shares of up to this amount, to make a tax-free gains during 2017-18.

A husband and wife both benefit from their own exempt amount. Same-sex couples who acquire a legal status as civil partners are treated in...

27 February 2018

Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax relief. In most cases you can claim tax relief on the full cost of this type of equipment as it would be eligible for a type of capital allowance called an annual investment allowance. Any tax relief would be reduced if the employer provides a contribution towards buying the item.

...
21 February 2018

Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce the amount of taxable profits. Most ‘capital’ items, such as equipment, vehicles, machinery etc last for a reasonably long time and the tax rules do not allow you to automatically deduct the full cost of such items. There are different rules that apply to...

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