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15 June 2017

The VAT Flat Rate Scheme (FRS) was introduced to ease the process of calculating and submitting VAT returns for smaller businesses - the FRS is only available to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000 (exc VAT). VAT due for each quarter is calculated as the VAT inclusive turnover multiplied by a relevant percentage rate.

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15 June 2017

The impact of Inheritance Tax has been reduced recently for families that own their own home. HMRC has introduced a new relief, the Inheritance Tax main residence nil-rate band (RNRB), which came into effect on 6 April 2017.

The RNRB is a transferable allowance, that is available to the estates of both parties in a marriage or civil partnership, when their main residence is passed down...

08 June 2017

For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of income over £100,000 irrespective of age. This creates an effective marginal rate of tax of around 60% for tax payers with annual income between £100,000 and £123,000 as the £11,500 tax-free personal allowance is gradually withdrawn.

Taxpayers whose income sits within this band should consider...

08 June 2017

The EU Fourth Money Laundering Directive which makes sweeping changes to combatting money laundering and terrorist financing across the EU were integrated into UK regulations on 26 June 2017.

As a result, Companies House has made changes to the current requirements about people with significant control (PSC) filings. Since the PSC rules were introduced in April 2016, the necessary...

08 June 2017

The new land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) in Wales will be launched on 1 April 2018. The LTT legislation received Royal Assent on 24 May and is the first Act of this Assembly term.

The LTT marks the first new Welsh tax in almost 800 years. The legislation is broadly based on the existing SDLT legislation, however the final announcements on...

08 June 2017

Company Tax returns have to be filed using the iXBRL data standard using either HMRC's own software or third-party commercial software. Businesses that use third-party commercial software should refer to the HMRC list of recognised commercial software.

Online Corporation Tax filing is compulsory for company tax returns. HMRC does not make any specific recommendation or endorsement for...

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:

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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...

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