Latest News

Keep up to date with our newsletter here

30 March 2017

It has been confirmed that the new Tax-Free Childcare Scheme (TFCS) will be launched on 28 April for parents of young children. All eligible parents will be able to join the scheme by the end of 2017.

The TFCS will support working families with their childcare costs. The new scheme will eventually replace the current salary sacrifice scheme and will be open to all qualifying parents...

30 March 2017

The new £1 coin entered circulation on 28 March 2017 and is now legal tender. The new £1 coin is 12-sided and will replace the round shaped £1 coin that has been in use for 30 years. The new coin has being introduced to help combat the use of counterfeit coins and will, according to the Royal Mint, be the most secure coin in the world.

The new coins are being produced by The Royal Mint...

30 March 2017

In July 2015, George Osborne announced measures to reduce the availability of non-domicile status to those living a substantial amount of time in the UK. These measures are effective from April 2017, and will affect any person who has been resident in the UK for more than 15 of the previous 20 years - they will be deemed to be domiciled in the UK for tax purposes.

In addition,...

30 March 2017

It was announced as part of the last autumn statement that a new National Savings and Investments (NS&I) product called the NS&I Investment Bond will be launched. It has now been confirmed that the product will be available for 12 months from April 2017 for a 3-year fixed term. The new Investment Bond offers a reasonable rate for savers who have been hard hit by low savings rates for a...

30 March 2017

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists.

Many businesses are monitored by the Financial Services Authority or certain professional bodies. However, businesses that HMRC is responsible for supervising should be aware of the...

30 March 2017

The second incomes campaign offers individuals the opportunity to inform HMRC that they have undeclared income from a supplementary income stream. The campaign targets individuals in employment who have an additional untaxed source of income.

The HMRC guidance lists the following possible examples:

  • fees from consultancy or other services such as public speaking or providing...
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.

...

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...

Pages

Providing the direction that leads to growth.

"Sam and her team have acted as trusted advisers since 1999 "
AM Data Specialists