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25 October 2017

The Communities Secretary Sajid Javid has announced plans to make the process for buying a home'cheaper, faster and less stressful'. This includes looking at new measures to tackle gazumping where a seller accepts a higher offer from a new buyer after already accepting an offer for less money.

The government will also examine ways of increasing confidence in the housing chain...

25 October 2017

A recent investigation by the Insolvency Service has seen two directors of a company selling fine wines disqualified for a total of 20 years. Crimson Fine Wines Limited cold-called customers and offered them the opportunity to take part in fine wine investment scheme offering high returns over periods varying from 12 months to five years.

However, the investment scheme was no more than...

25 October 2017

Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). In certain circumstances they can also claim FYA’s on the purchase of low CO2 and electric vehicles. The generous Annual Investment Allowance (AIA) does not apply to cars.

There are FYAs available for purchasing a new electric car, or a new, unused car within the...

25 October 2017

The term capital allowances is used to describe the allowances available to businesses to secure tax relief for certain capital expenditure. The rules that govern the purchase of capital equipment such as computer equipment, vehicles and machinery by businesses are different to those for day to day business expenses claims.

A Writing Down Allowance (WDA) is available for plant and...

25 October 2017

The marriage allowance (MA) allows couples, where one partner does not fully utilise their personal tax allowance, to share a limited amount of the unutilised portion with their spouse. The MA is only available to married couples and those in a civil partnership.

The MA allows the lower earning partner to transfer up to £1,150 (2016-17: £1,100) of their unutilised personal tax-free...

25 October 2017

There are different categories of property rental business such as UK property businesses, overseas property businesses, UK furnished holiday businesses and EEA furnished holiday lettings businesses.

As a general rule, landlords renting out more than one property will automatically receive any relief for losses as they are set against profits made on other properties in the same...

24 October 2017

The government has launched the first phase of its refund scheme for employment tribunal fees, following the Supreme Court's judgment in July 2017 inR (on the application of Unison) v Lord Chancellor 2017 that the fees regime was unlawful. The first phase will last for about four weeks, thereafter full details of the scheme, including details of how it can be accessed, will be...

23 October 2017

1 November 2017 - Due date for corporation tax due for the year ended 31 January 2017.

19 November 2017 - PAYE and NIC deductions due for month ended 5 November 2017. (If you pay your tax electronically the due date is 22 November 2017.)

19 November 2017 - Filing deadline for the CIS300 monthly return for the month ended 5...

19 October 2017

The Parental Bereavement (Leave and Pay) Bill has been published by the government. Although the Bill is a Private Members’ Bill, it has the full support of the government and therefore the Bill and its explanatory notes have been prepared by the government with the consent of the relevant MP. It is due to have its second reading in the House of Commons on 20 October 2017.

The Bill...

18 October 2017

Acas has launched new guidance to help employers manage staff who are experiencing mental health issues. The new guidance aims to help managers develop the right skills to support employees as well as to create a culture of well-being in the workplace. It includes advice on:

  • spotting the signs of mental ill health
  • talking to a team member that may be experiencing mental...
18 October 2017

The First-Tier Tribunal recently heard three appeals that examined whether vehicles supplied to employees were vans or cars. The main appellant in this case was Coca-Cola European Partners GB Ltd (Coca-Cola) who supplied vehicles to a number of their employees.

Until 1997, Coca-Cola’s technicians had used estate cars but the amount of equipment that the employees needed would no longer...

18 October 2017

A capital gains tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 2015.

A UK non-resident that sells UK residential property needs to deliver a non-resident capital gains tax (NRCGT) return within 30 days of selling a relevant property. When such a sale is made a NRCGT return must be submitted to HMRC within 30 days of the conveyance of...

18 October 2017

An overdrawn director's loan account is created when a director (or other close family members) ‘borrows’ money from their company. Many companies, particularly 'close' private companies, pay for personal expenses of directors using company funds. Where these payments do not form part of a director’s remuneration they are usually posted to the director’s loan account (DLA).

The DLA can...

18 October 2017

HMRC has confirmed that they will no longer accept payments with a personal credit card from 13 January 2018. This includes payments for income tax, PAYE, VAT and many other taxes. This is due to the implementation of the EU second Payment Services Directive (PSDII). This legislation makes a number of reforms to the way payments by debit and credit cards, direct debit, credit transfers,...

18 October 2017

There are a number of scenarios where HMRC would consider a company or organisation to be inactive for Corporation Tax (CT) purposes. This is a different categorisation to a 'dormant' company and usually happens when a company has not commenced trading.

A company, whilst not yet active for CT purposes, can still carry out activities (known as ‘pre-trading activities’) or incur costs (...

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