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07 August 2019

A new consultation launched jointly by the Department for Work and Pensions and the Department of Health and Social Care, is seeking views on different ways in which both the Government and employers can take action to reduce ill health-related job loss.

The consultation is examining a number of specific proposals including:

  • Reforming Statutory Sick Pay (SSP) so that it is...
07 August 2019

The Help to Buy ISA scheme will close to new savers after 30 November 2019. This leaves less than 4 months to open an account before the product is due to be withdrawn by the Government. Once opened, account holders can continue to save in their ISA account until 30 November 2029 when accounts will close to additional contributions. Bonuses can be claimed until 1 December 2030.

The...

07 August 2019

Domicile is a general legal concept which in basic terms is taken to mean the country where you permanently belong. However, determining domicile status can be complex. HMRC guidance states that domicile cannot be defined precisely, but the concept rests on various basic principles.

Although domicile can change, there is generally a presumption in favour of the continuation of an...

31 July 2019

The National Insurance Contributions (Termination Awards and Sporting Testimonials) Bill has received Royal Assent, to become the National Insurance Contributions (Termination Awards and Sporting Testimonials) Act 2019.

The Act aligns the employer NICs treatment of termination awards in excess of £30,000, received in connection with the termination of an individual’s employment, with...

30 July 2019

The due date for making your second payment on account for 2018-19, was the 31 July 2019. The amount that was due for payment is usually the same as that for your first payment on account made on or before 31 January 2019. If you are late making a payment on account, you will likely be required to pay interest and penalties.

Issues with HMRC’s handling of payments on account have been...

30 July 2019

With the new Prime Minister, Boris Johnson, appearing to take an increasingly hard line the chances of Britain leaving the EU without any working agreement, known as a 'no deal' Brexit, are looking increasing likely and certainly cannot be ignored.

If the UK leaves the EU on 31 October 2019, without a deal, there would be immediate changes to the procedures that apply to businesses...

30 July 2019

New rules that make changes to the issuing of credit notes under certain circumstances, will come into effect from 1 September 2019. The changes have been put in place to target certain businesses who seek to create a tax advantage, by making VAT adjustments for reductions in price without refunding their customers. The change will ensure that customers benefit from reductions in the price...

30 July 2019

Within hours of entering 10 Downing Street for the first time as Prime Minister, Boris Johnson had filled most of the senior cabinet roles by undertaking a major overhaul of cabinet members.

After three years in the job, the previous Chancellor of the Exchequer, Philip Hammond resigned his position to the outgoing Prime Minister, Theresa May, rather than face the sack. He has been...

30 July 2019

Currently, the due date for paying any Capital Gains Tax (CGT) owed to HMRC is the 31 January, following the end of the tax year in which a Capital Gain was made. This deadline will change for UK residents from April 2020. Clients should be advised that this change will mean that any CGT due on the sale of a residential property will need to be reported earlier than is current the case. In...

30 July 2019

Here is a reminder for our readers of their duty and tax free allowances if travelling abroad this summer.

Travelling to an EU country

Where tobacco or alcohol is brought in from another EU country, no duties or tax will be payable as long as you can demonstrate that the goods are for your own use, and that you paid the relevant taxes and duties on the purchase.

...

30 July 2019

If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income.

For tax purposes, the business records must be held for at least 5 years from the 31 January submission deadline for the relevant tax year. For example, for the 2017-18 tax year where online filing was due...

30 July 2019

The new Structures and Buildings Allowance (SBA), allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of building and renovating commercial structures.

The relief was introduced with effect from 29 October 2018 and applies where all contracts for the physical construction works are entered...

30 July 2019

HMRC’s annual reconciliation of PAYE for the tax year 2018-19 is well under way. HMRC use salary and pension information to calculate if you have paid the correct amount of tax. The calculation is usually generated automatically by HMRC’s computer systems on what is known as a P800 form. If you are due a tax refund for 2018-19, you should receive a P800 by the end of September. If you owe...

25 July 2019

Every three years, employers must put certain eligible workers who have left their automatic enrolment workplace pension scheme back into it. This is called re-enrolment. Employers must also complete and submit a re-declaration of compliance to tell The Pensions Regulator (TPR) how they have met their re-enrolment duties, even if they do not have any workers to re-enrol. This re-declaration...

25 July 2019

1 August 2019 - Due date for Corporation Tax due for the year ended 31 October 2018.

19 August 2019 - PAYE and NIC deductions due for month ended 5 August 2019. (If you pay your tax electronically the due date is 22 August 2019)

19 August 2019 - Filing deadline for the CIS300 monthly return for the month ended 5 August 2019. 

19 August 2019 - CIS tax deducted for the month...

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