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21 February 2018

The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system. In a letter dated 19 January 2018 the Chancellor Philip Hammond wrote to the OTS to request a review of inheritance tax (IHT) regime and asking to hear any proposals for simplification.

The Chancellor was particularly interested in focusing on the technical and administrative...

21 February 2018

A capital gains tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 2015. Only the amount of the overall gain relating to the period after 5 April 2015 is chargeable to tax.

In certain circumstances private residence relief may apply where a property is the owner’s only or main residence. For example, you don’t usually pay any tax for any...

21 February 2018

HMRC expects that taxpayers take ‘reasonable care’ over their tax affairs and do everything reasonably within their power to ensure that tax returns and other relevant documents are accurate.

There is no legal definition of reasonable care from a taxation standpoint and HMRC will take your individual circumstances into account when considering whether you’ve taken reasonable care. HMRC...

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...

21 February 2018

If a company has stopped trading and has no other income then HMRC should be informed for corporation tax purposes. HMRC can also send a notification if they think a company is dormant. This notice will state that a company or association is dormant and is not required to pay corporation tax or file company tax returns.

A company is usually dormant for corporation tax if it:

    ...
19 February 2018

From 6 April 2018, all payments in lieu of notice (PILONs) equivalent to the amount of basic pay will be taxable as earnings, i.e. subject to tax and NICs, regardless of whether there is a PILON clause in the employee’s employment contract. As such, employees will pay Income Tax and Class 1 NICs on the amount of basic pay they would have received if they had worked their notice in full, even...

19 February 2018

In its “Good Work” response to the 2017 Taylor Review of Modern Working Practices, the government stated that, as part of its commitment to raising awareness of employment rights, it was to instigate a campaign to encourage more working parents to take shared parental leave (SPL) in their baby’s first year. That campaign, called “Share the joy”, has now been launched. Its intention is to...

19 February 2018

1 March 2018 - Due date for corporation tax due for the year ended 31 May 2017.

2 March 2018 – Self assessment tax for 2016/17 paid after this date will incur a 5% surcharge.

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

19 March 2018 - Filing deadline for the CIS300 monthly...

14 February 2018

There are a number of different options open to taxpayers that disagree with a tax decision issued by HMRC. The first step is to make an appeal to HMRC against the tax decision. If taxpayers do not agree with HMRC’s appeals review, there are further options available which include making an appeal to a tax tribunal or using the Alternative Dispute Resolution (ADR) process.

The ADR seeks...

14 February 2018

The tax treatment of charities can be very complex. As a first step any charity hoping to benefit from any beneficial treatment needs to be recognised as a charity for UK tax purposes by HMRC as well as meeting other criteria.

A recognised charity may qualify for a number of tax exemptions and reliefs on income and gains, and on profits for some activities. For example, charities don’t...

14 February 2018

When your partner gives birth or when you adopt a child or have a baby by surrogate, you may be entitled to 1 or 2 weeks paternity leave and paternity pay. You are also entitled to take a small amount of unpaid time off work before the baby is born to accompany your partner (or the surrogate mother) to 2 antenatal (or adoption) appointments.

You can take up to two weeks of paternity...

14 February 2018

HMRC issues some helpful guidance that covers what you need to do if you stopped work. The guidance covers the main reasons that you might have stopped work such as being made redundant or leaving your job.

If you have been made redundant then you may have overpaid tax as a result of your redundancy payment. HMRC may in some cases refund you any overpaid tax before the end of the...

14 February 2018

One might expect that the answer to this question would be a definitive no. However, under certain circumstances a will can actually be changed after death. This is done by using what is known as a Deed of Variation. Any changes to the will must be done within two years from the date of death. However, beneficiaries who would be left worse off by the change must give their agreement before any...

14 February 2018

A special employment history request can be submitted by taxpayers for those needing to make a claim for compensation. The form is usually used for claims relating to industrial injuries, road traffic accidents, medical negligence and hardship.

HMRC will only accept requests that are made using the Employment history team: claimant’s evidence of employers form. The form is...

14 February 2018

The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 to the first tranche of working parents. The scheme was initially made available to working parents of children aged under 4 on 31 August 2017. On 15 January 2018, the scheme was extended to parents whose youngest child is under 9. The scheme was opened to all remaining eligible families with children under 12 on 14 February 2018...

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