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16 March 2017

There will be changes to the tax rules for salary sacrifice schemes from April 2017. These changes will see the removal of the tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement.

The following benefits will not be affected by these changes:

  • Employer provided pensions and pensions advice
  • Childcare vouchers
  • ...
16 March 2017

HMRC’s Card Transaction Programme is a new disclosure opportunity for businesses that accept card payments and have not paid the right amount of tax due. The campaign offers the opportunity for affected businesses to bring their affairs up to date and in doing so take advantage of the best possible terms.

HMRC cites examples of businesses who might take advantage of the scheme. For...

16 March 2017

There are a number of reasons why a taxpayer needs to complete a Self Assessment return. This includes if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property.

Taxpayers that need to complete a Self Assessment return for the first time should inform HMRC as soon as possible. The latest date that HMRC...

16 March 2017

In December 2016, the Department for Work and Pensions together with HM Treasury launched a consultation on a package of measures to tackle three different areas of pension scams. Pension scams commonly target those who have not yet reached the minimum pension age.

The three areas being considered are:

  • A cold calling ban. This measure would cut off a key source of pension...
16 March 2017

The MPAA applies to individuals who have flexibly accessed their pension benefits and were introduced to stop abuse of the pension system under certain circumstances. The annual allowance that applies in respect of money purchase pension contributions is to be reduced from £10,000 to £4,000 from 6 April 2017. This measure has been put in place to prevent inappropriate ‘double tax relief’ by...

16 March 2017

HMRC has launched a new software program to enable interested parties to check an individual’s employment status for tax. The new software will provide HMRC’s view as to whether IR35 legislation applies to a particular engagement and whether a worker should pay tax through PAYE.

Whilst the new software will be of most interest to the public sector in advance of the new rules coming into...

13 March 2017

HMRC has published a new “check employment status for tax” online tool which you can use to find out if you, or a worker on a specific engagement, should be classed as employed or self-employed for tax purposes.

The service will give you the view of HMRC on whether the intermediaries legislation (IR35) applies to an engagement and whether a worker should pay tax through PAYE for an...

09 March 2017

The independent Baroness McGregor-Smith review, commissioned by the government, has now published its report on race in the workplace, considering the issues affecting black and minority ethnic (BME) groups at work. The report makes a number of recommendations on how employers in the public and private sectors can improve BME diversity and inclusion within their organisations. Its key...

09 March 2017

The taxable turnover threshold, that determines whether businesses should be registered for VAT, will increase from £83,000 to £85,000 from 1 April 2017. The taxable turnover threshold that determines whether businesses can apply for deregistration will be increased from £81,000 to £83,000 on the same date.

Businesses are required to register for VAT if they meet either of the following...

09 March 2017

The new dividend tax allowance was introduced in April 2016. The new allowance replaced the dividend tax credit with an annual £5,000 dividend allowance with tax payable on dividends received in excess of this amount.

In his Budget speech, the Chancellor announced changes to this year old allowance. Mr Hammond told the House of Commons that this allowance was an overly generous perk and...

09 March 2017

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The introduction of MTD was first announced as part of the March 2015 Budget measures and is expected to see HMRC move towards a fully digital tax system by 2020.

There have been some concerns that the roll-out of MTD is moving too fast. HMRC had...

09 March 2017

The Chancellor’s first Budget was a reasonable quiet affair against the backdrop of the Brexit negotiations. The Chancellor also has the opportunity for a second Budget later in the year as we move to a new schedule with the annual Budget taking place in the autumn. This gave the Chancellor some time to wait and see how the economic conditions are faring before making any major announcements...

09 March 2017

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

09 March 2017

It is now less than one month until there are major changes to the way Vehicle Excise Duty (VED) is calculated. Under the current VED rules any cars emitting less than 100g/km CO2 are exempt from the charge. These rules were introduced in 2003 when average emissions were far higher than they are now and many popular car models sold in the UK are currently exempt from VED. This move towards...

09 March 2017

As part of the Budget measures the Chancellor announced that the duty rates on beers, ciders, spirits and wine and will be increased by RPI inflation from 13 March 2017. These measures will typically add 2p to the price of a pint of beer, 1p to the price of a pint of cider, 36p on a bottle of whisky and 10p on a bottle of wine.

HMRC is currently in the midst of a consultation looking at...

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