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03 September 2018

HMRC has advised that it has changed its approach to charging financial penalties when enforcing the National Minimum Wage (NMW) where there has been a transfer of employees from one employer to another under the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE).

Since 2 July 2018, where there has been a TUPE transfer of employees, all NMW liabilities,...

29 August 2018

The Disclosure of Tax Avoidance Schemes (DOTAS) legislation, targets taxpayers who implement listed tax avoidance schemes as well as the promoters of tax avoidance schemes. New regulations came into force on 1 April 2018 that extended the scope of the IHT hallmark to make it more comprehensive.

HMRC has been careful to listen to concerned practitioners to ensure the new hallmark is...

29 August 2018

Employees who use their own car at work can under certain circumstances be paid a tax-free allowance by their employers when using their own car, van, motorcycle or bike for work purposes. This is known either as Mileage Allowance Relief or a Mileage Allowance Payment. It is important to note that this tax-free allowance, does not include journeys to and from work but is relevant to employees...

29 August 2018

Costs that can be deducted by individuals that have a property rental business, depend on the type of property that is being rented out. There are three main categories of property business that need to be considered.

Residential properties

This is by far the most common type of investment property held by individuals. Tax relief can be claimed on allowable expenses...

29 August 2018

When spouses or civil partners are living together they are both treated as separate individuals for Capital Gains Tax (CGT) purposes. However, assets can be transferred between them free of CGT. This means that when a couple are together there is no CGT payable on assets gifted or sold to their spouse or civil partner.

There are different CGT rules that apply to a married couple that...

29 August 2018

There are four tax-advantaged Venture Capital Schemes currently available:

  • The Seed Enterprise Investment Scheme (SEIS)
  • The Enterprise Investment Scheme (EIS)
  • Venture Capital Trusts (VCTs) and
  • The Social Investment Tax relief (SITR)

There are a significant number of qualifying conditions that must be met by companies looking to use any of...

29 August 2018

Paying for a funeral can be expensive, and research shows that the average funeral arranged using a funeral director costs over £4,000.

The Funeral Expenses Payment or Funeral Payment is a government scheme for people on low incomes, and receiving certain benefits to help them pay for a funeral.

If you receive a Funeral Expenses Payment to help pay funeral costs (usually for a...

29 August 2018

The register of People with Significant Control (PSC register) came into effect on 6 April 2016. The PSC register is used to identify and record the people who exert significant control over UK companies, often known as beneficial owners.

A PSC is anyone in a company or LLP who meets one or more of the conditions listed in the legislation. This is someone who:

  • Owns, directly...
29 August 2018

The employment allowance of £3,000 per year, is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process.

An employer can claim less than the maximum if this will cover their total Class 1 NIC bill. Eligible employers that have not yet done so can still claim for the current tax...

29 August 2018

There are late filing penalties in place for employers that don’t report payroll information on time. The size of the late filing penalties depends on the number of employees within the PAYE scheme.

Number of employees Monthly filing penalty per PAYE...
29 August 2018

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts that there is no taxable profit and no Class 1A National Insurance on reimbursed travel expenses where...

22 August 2018

Over 162,000 responses were received to a call for evidence launched by HM Treasury on how changes to the tax system could help curb plastic waste. This was the largest ever response to a call for evidence in the Treasury’s history, and included responses not just from members of the public but also from representatives of 222 diverse organisations.

Accordingly, the Chancellor, Philip...

22 August 2018

Donations made to charity over the course of a tax year can add up and taxpayers should ensure that they keep a proper record of all donations and note them on their tax return. The Gift Aid scheme is available to all UK taxpayers. The recipient charity can claim an extra 25p worth of tax relief on every pound donated provided all the qualifying conditions of the scheme are met.

If you...

22 August 2018

Entrepreneurs' Relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available, CGT of 10% is payable in place of the standard rate. There are a number of qualifying conditions that must be met in order to qualify for the relief.

When the relief was first introduced, there was a lifetime limit of...

22 August 2018

There are a limited range of circumstances when a company can request to be removed from the register (known as being struck off). For example, a voluntary strike off can be requested by a dormant or non-trading company.

A limited company can be closed down by getting it 'struck off' the Companies Register, but only if it:

  • hasn't traded or sold off any stock in the last 3...

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