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05 January 2017

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

It has been estimated that as...

05 January 2017

A new infographic has been jointly published by HM Treasury and HM Revenue & Customs. The one page document lists information about various ways to save in 2017 including ISAs and other savings options.

The following are some of the most popular tax efficient savings options:

ISA accounts are free from Income Tax and Capital Gains Tax. Eligible holdings include cash, national...

05 January 2017

HMRC has published details of revised limits affected by the 2016 revalorisation which came into force from 1 January 2017.

The threshold for qualifying gifts to be free from customs duty and import VAT when arriving in the UK (from outside the EU) has been updated. The threshold which is only available to private individuals has increased to £39 (from £34) effective from 1 January 2017...

05 January 2017

A number of recent tweets from HMRC highlighted the fact that almost 2,000 taxpayers took the time to file their tax return online on Christmas Day and over 6,000 returns were filed on Christmas Eve. At the tail end of the holiday period over 16,000 taxpayers filed their tax returns on New Year’s Eve and 13,000 people spent part of the first day of 2017 completing their return.

...

05 January 2017

The VAT DIY Housebuilders Scheme is a special scheme that enables self-build homeowners to benefit from the special VAT rules that allow the qualifying construction costs of new homes and certain conversion works to be zero-rated. A recent tweet by HMRC reminds persons building a house in 2017 of the benefits of the scheme. The use of the scheme effectively puts homeowners in a similar...

05 January 2017

There are special customs requirements for commercial goods or samples which are imported or exported by passengers in their accompanied baggage (hand carried). This is known as Merchandise In Baggage or MIB.

MIB goods include the following:

  • goods acquired for company use
  • goods for sale
  • spare parts
  • trade samples

whether or not they...

03 January 2017

One of the measures included in the Finance Act 2016 concerns the introduction of new powers to help combat the growing problem of overseas traders selling goods in the UK using online marketplaces (such as Amazon and eBay). This measure was first announced by the government at Budget 2016.

HMRC has now published an update which has shown a ten-fold surge in VAT registration...

03 January 2017

A recent press release by HMRC revealed some of the oddest excuses for submitting a late tax return. The excuses ranged from the sublime to the ridiculous and included:

  1. 'My tax return was on my yacht…which caught fire'
  2. 'A wasp in my car caused me to have an accident and my tax return, which was inside, was destroyed'
  3. 'My wife helps me with my tax return, but she...
03 January 2017

Where employees are provided with fuel for their own private use by their employers, the car fuel benefit charge is applicable. The fuel benefit charge is determined by reference to the CO2rating of the car, applied to a fixed amount, currently £22,200. For example, a CO2rating of 150g/km would create a taxable benefit of £5,994. HMRC has confirmed that the car fuel...

03 January 2017

Air Passenger Duty (APD) is a departure tax levied on most air travel. Each geographical band has two rates of Air Passenger Duty, one for standard class and the second for 'other' higher classes of travel (usually business / first class). Since 1 April 2016, band A ranges from £13 for a standard class journey and £26 for an 'other' class of travel. Band B for journeys over 2,000 miles ranges...

03 January 2017

The new Inheritance Tax main residence nil-rate band (RNRB) comes in to effect from April this year. The initial allowance will be £100,000 from 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 couples and civil partners (per person) when their main residence is passed down to children after their...

03 January 2017

Intrastat declarations are used to collect information on the movement of goods from the UK to other EU countries and vice versa. Any business that exceeds the exemption threshold for either arrivals or dispatches of goods is obliged to submit monthly returns.

Businesses with annual EU trade above the delivery terms threshold are required to supply additional information relating to...

22 December 2016

The latest statistics on the uptake of the Government’s flagship Help to Buy schemes were published on 15 December 2016. The figures show that over 220,000 homes have been bought since the schemes were first launched in October 2013. The portfolio of Help to Buy schemes include: ISA, Shared Ownership, Mortgage Guarantee, Equity Loan and London Help to Buy. The average house price across the...

22 December 2016

The Scottish rate of income (SRIT) commenced on 6 April 2016 and is administered by HMRC on behalf of the Scottish government. The SRIT is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. For the 2016-17 the income tax rates and bands remained the same as in the rest of the UK.

The Scottish Government published a draft Budget on 15 December 2016...

22 December 2016

HMRC has released the latest issue of the 'Employer Bulletin' publication which includes summaries of recent changes and updates that have been announced which are relevant to employers and agents.

The topics covered in the latest edition include the following:

  • Autumn Statement. A summary of measures announced as part of the Autumn Statement that relate to employers. This...

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