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08 June 2017

A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics:

  1. Pension advice allowance. HMRC has been asked by pension scheme administrators if their members can request the pension advice allowance from their scheme by email. HMRC has confirmed that the member can make this request by email, however, it’...
08 June 2017

Insurance Premium Tax (IPT) is a tax on general insurance premiums. There are two rates a standard rate of 12% and a higher rate of 20%. The higher rate applies where insurance is sold in relation to goods and services which are subject to VAT and to travel insurance. 

It was announced as part of the March 2017 Budget that the government would increase the standard rate of IPT by 2% (...

01 June 2017

A complex VAT case that examined the VAT liability of restaurant meals provided to the public, and charges for concerts and other performances organised by students as part of their further education courses at Brockenhurst College has almost reached a final conclusion. The events were offered as part of the students’ education and at a reduced price. The events were advertised to a limited...

01 June 2017

Automatic enrolment into workplace pensions has been rolling out across the UK since 2012. It is expected that all employers will be part of the scheme by early 2018.

Employers failing to comply with their auto-enrolment duties and missing their staging date can trigger statutory notices, fixed penalties and even court action. Staging dates are based on the size of an employer’s PAYE...

01 June 2017

HMRC publishes guidance on the subject of phishing and bogus emails. The document called Genuine HM Revenue and Customs contact and recognising phishing emails includes details of emails, letters, text messages, and bogus calls used by scammers and fraudsters to get your personal information.

Phishing emails are emails sent by fraudsters who try and trick recipients into thinking an...

01 June 2017

The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a timely reminder to anyone attending a wedding (or civil ceremony) this summer and planning to give a cash gift. The gift will be exempt from Inheritance Tax (IHT) once the gift is made on or shortly before the date of the wedding or civil partnership ceremony.

The amount of tax relief varies depending on...

01 June 2017

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and, provided all the qualifying conditions are met, can reclaim the basic rate tax allowing for an extra 25p of tax relief on every pound donated to charity.

Higher rate and additional rate taxpayers are eligible to claim tax relief on the...

01 June 2017

The latest advisory fuel rates became effective on 1 June 2017. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December. You can use the previous rates for up to 1 month from the date the new rates apply.

The rates are as follows:

...
25 May 2017

HMRC has updated their online guidance for individuals and companies who have a disclosure to make that isn’t covered by a  current HMRC campaign or the Worldwide Disclosure Facility. The guidance is relevant for disclosures relating to income tax, capital gains tax, national insurance contributions and corporation tax. Notifications can be made using HMRC’s Digital Disclosure Service and...

25 May 2017

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2017. Claimants who do not renew on-time may have their payments stopped.

HMRC has started sending tax credits renewal packs to tax credit claimants and is encouraging recipients to renew their tax credits claim online. All packs should be with recipients by 26 June 2017. A...

25 May 2017

The marriage allowance came into force on 6 April 2015 and allows lower earning couples to share part of their personal tax-free allowance. The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above the basic rate threshold for Income Tax.

The allowance allows the lower earning partner...

25 May 2017

The government has announced that all of the government’s shares in Lloyds acquired during the financial crisis have now been sold. The sale of the final tranche of shares in the Lloyds Banking Group brings the amount recovered through sales and dividends to £21.2 billion. This means that taxpayers have received back almost £900 million more than was used to prop up the bank during the...

25 May 2017

Under certain circumstances, an employee can be paid a tax-free allowance by their employers when using their own car, van, motorcycle or bike for work purposes. 

It is important to note that this tax-free allowance does not include journeys to and from work but is relevant to employees who use their own vehicles in the course of their work such as for making deliveries, visiting...

22 May 2017

1 June 2017 - Due date for Corporation Tax due for the year ended 31 August 2016.

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

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

...

18 May 2017

The 64-8 form is the most commonly used form to authorise an agent, accountant or tax adviser to deal with HMRC on someone’s behalf. There are separate forms to authorise an agent to use the PAYE for Agents online service and for some High Income Child Benefit Charge matters.

The 64-8 form covers authorisation for:

  • Individual, partnership and trust tax affairs
  • ...

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