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Finance Bill 2016 receives Royal Assent
27th September 2016
The Finance Bill 2016 finally received Royal Assent on 15 September, enacting proposals announced in the 2016 Budget, Autumn Statement 2015 and Summer Budget 2015.
Termination Payments Consultation
27th September 2016
Following a recent consultation, the Office for Tax Simplification (OTS) is currently consulting on proposed changes to the tax and National Insurance Contributions (NICs) treatment of termination payments.
HMRC launch online disclosure service for agents
27th September 2016
Where a client has failed to report all their income and gains, tax advisers and agents are now able to make a disclosure to HMRC using a new online service.
Lifetime ISA guidance updated
27th September 2016
HM Treasury has updated its factsheet on the new Lifetime Individual Savings Account (ISA), which are expected to launch in April 2017.
October Questions and Answers
27th September 2016
Q. I have recently started a new job and, for the first time in my career, I have been provided with a company car. I have to pay for fuel for private use but my employer says I can claim mileage for business journeys. Will I have to pay tax on fuel payments?
Dividend Allowance
30th August 2016
Legislation included in Finance Bill 2016 implements the new 0% rate for dividend income, as well as changing the rates of tax for dividend income.
CIOT examines new corporate offence proposals
30th August 2016
The CIOT has recently expressed its concerns that the new corporate offence of failure to prevent the criminal facilitation of tax evasion may lead to a string of prosecutions.
FB 2016 amendment on OTS appointments proposed
30th August 2016
The chairman of the Treasury Select Committee recently wrote to the Chancellor of the Exchequer to inform him that the Committee disagrees with his predecessor’s decision
EU consultation on ending VAT on eBooks
30th August 2016
The future of the chargeable rate of VAT on digital publications and eBooks is under review as the European Commission (EC) has launched a two-month consultation with a view to abolishing the current full rate VAT.
September Questions and Answers
30th August 2016
Q. I have recently changed jobs and need to use my car to make business journeys. Will I have to pay tax on the mileage expenses my employer reimburses me for these trips?
HMRC Annual Report Published
3rd August 2016
The National Audit Office has published a report on the 2015-16 accounts of HMRC
Spotlight on Tax Avoidance Schemes
3rd August 2016
HMRC have published Spotlight 31: change of date for withdrawal of transitional relief on investment growth
HMRC Focus on Contractor Loan Schemes
3rd August 2016
HMRC have recently published new guidance on 'contractor loan schemes'
Casual Employees
3rd August 2016
Some employers will be considering taking on extra staff on a 'casual' basis to cover the summer period
August Questions and Answers
3rd August 2016
Take a look at the Questions and Answers for August
July 2016 Questions and Answers
1st July 2016
July 2016 Questions and Answers
HMRC guidance on senior accounting officers
1st July 2016
HMRC have published Brief 12(2016), which contains information on changes to their senior accounting officer guidance (SAOG).
Finance Bill 2016 - The Highs
6th May 2016
The 2016 finance bill was one of the more interesting bills in recent times, in this post we look at the highs of it
2016 Finance Bill - The Lows
6th May 2016
The 2016 finance bill was one of the most interesting bills in recent times, in this post we look at the lows of it
OTS recommends simplifications for small companies
31st March 2016
The Office of Tax Simplification (OTS) has unveiled a package of recommendations aimed at making the tax system simpler and easier
Close alignment of income tax and NICS
31st March 2016
The Office of Tax Simplification (OTS) has published its recommendations on closer alignment of income tax and national insurance contributions.
National minimum wage increases announced
31st March 2016
Following recommendations made by the Low Pay commission, the government has announced increases in the national minimum wage (NMW), which will take effect from October 2016.
Guidance on SDLT Budget reforms
31st March 2016
Following announcements made in the 2016 Budget on 16 March, HMRC have published further guidance on the changes that are being made to stamp duty land tax (SDLT)
Employee Bonus Schemes In the Spotlight
29th February 2016
HMRC have recently published the latest addition to their tax avoidance guidance series, entitled Employee Bonus Scheme
Self Assessment Tax Returns - Ways to pay
7th January 2016
Looking for advice on ways to pay your self assessment tax returns? For more information read this article
Dividend Allowance - Autumn Statement
16th December 2015
Further details have been provided of the new rates of income tax on dividends and the new dividend allowance which will apply to dividends received on or after 6 April 2016.
Personal Savings Allowance - Autumn Statement
16th December 2015
We now have details of how the PSA will work and its interaction, if any, with the 0% starting rate.
Employment Taxes - Autumn Statement
16th December 2015
HMRC had gone quiet on whether an exemption would be introduced to remove trivial benefits in kind from taxation and NIC.
Replacement of wear and tear allowance - Autumn Statement
16th December 2015
This measure will give relief for the cost of replacing furnishings to a wider range of property businesses
December Questions & Answers
4th December 2015
Can I claim for the time I spend repairing my rental property? I own three rental properties and spend a considerable amount of time each year undertaking various necessary repairs. Can I pay myself say, an hourly rate, for the time I spend on the properties and claim a corresponding deduction in my accounts?
HMRC Win 'Rangers' Tax Case
4th December 2015
This case concerned a scheme involving payments to various trusts set up in respect of executives and footballers employed by the former Rangers Football Club.
Dividend Allowance
4th December 2015
The government announced at the summer 2015 Budget, that a new dividend allowance of £5,000 will be introduced from 6 April 2016.
Company Cars - April 2016 Increases
4th December 2015
The financial benefits of driving a company car have continued to erode over recent years, but this benefit remains one of the most popular and potent perks of a job
HMRC Continue With Modernisation Plans
4th December 2015
The recent formal announcement that HMRC will be replacing local offices with thirteen large regional centres.
Follower Notices and Accelerated Payment Notices
3rd November 2015
When a court or the tribunal issue a ruling that potentially resolves a large number of cases, many 'followers' (i.e. taxpayers with similar circumstances) agree to settle their affairs with HMRC, but some do not.
Update on Intermediaries Review
3rd November 2015
The government estimates that around £420m a year is lost in tax and NICs by taxpayers ignoring or manipulating the intermediaries' legislation (IR35).
HMRC business records checks scrapped
3rd November 2015
HMRC have announced that they have scrapped their compliance procedure known as 'business record checks' (BRCs) with immediate effect.
Flat rate homeworking expenses
3rd November 2015
Many small businesses can choose to be taxed on the basis of the cash that passes through their books, rather than being asked to spend their time doing calculations designed for big businesses.
November Questions & Answers
3rd November 2015
I have recently registered for VAT. I understand that I can use a flat rate for working out the VAT payable to HMRC, but I am not sure how the scheme works and how to register for it.
Changes to NICs for the Self-employed
6th October 2015
From 2015-16 onwards, the collection of Class 2 contributions will be through the self-assessment system.
Spotlight on Contractor Loan Schemes
6th October 2015
According to recent guidance published by HMRC, contractors and freelancers have been bombarded by promoters who make claims that they can help individuals take home up to 90% of their income using a contractor loan schemehttp://www.westwaters.co.uk/contact-us.html
Tax Credit Changes Approved
6th October 2015
The government has recently confirmed that the draft Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2015,
IHT on Main Residence Nil-rate Band and Downsizing Proposals
6th October 2015
HMRC have published a technical note covering the proposals, announced in the Summer Budget 2015, to phase in a new residence nil-rate band (RNRB) from 6 April 2017 when a residence is passed on death to a direct descendant.
October Questions and Answers
6th October 2015
Q. I am a VAT-registered sole trader, owning a cycle shop in my local town. I am thinking of opening a second shop in another town and am wondering how I will deal with this for self-assessment and VAT.
Private Residence Relief
8th September 2015
If a client sells off part of their home’s garden for development, is any gain exempt from capital gains tax?
Annual Investment Allowance Set To Increase
20th July 2015
The Chancellor announced in the Summer Budget 2015 that the annual investment allowance (AIA) will be increased from £25,000 to £200,000 from January 2016 onwards.
Director shareholders hit hard in Summer Budget
9th July 2015
Announcements in the Summer Budget impact heavily on director shareholders particularly in one-man companies. What are these painful changes?
May Question and Answer's
1st May 2015
May Question and Answer's
First tax summaries hit the doorstep
1st December 2014
24 million people will receive tax summaries over the next few weeks. They are not demands but a simple statement of your income, tax and NI for 2013/14. You can find out more about them on the GOV.UK website.
Maximise capital allowances on fitting costs
25th November 2014
Tax rules allow businesses to claim capital allowances on the cost of equipment. You can also claim tax deductions for installation costs, but how far can you stretch this rule?
Improved RTI Reporting
18th November 2014
HMRC has made changes to its RTI employer payment summaries (EPSs). When and how might these affect your company’s PAYE reports?
How will auto-enrolment affect your business?
18th November 2014
Pensions auto-enrolment has been a fact of life for large companies for over a year. It’s now starting to affect smaller businesses. Before your company gets involved are there any tax issues you should consider?
Scary Letters
1st July 2014
Have you received a scary letter from HMRC lately? Perhaps all HMRC letters are scary, but this latest nudge-letter really takes the biscuit.
Warning over child benefit tax
12th November 2013
HMRC is threatening all those liable to the high income child benefit charge (HICBC) with a fine unless they’ve registered for self-assessment. What’s the full story?
Capital allowances - timing is everything!
9th July 2013
When your business buys equipment it can claim a tax deduction for the cost. But is claiming this straightaway always the best option?
HMRC starts tax calculations process
14th June 2013
Around 5.5 million people will receive tax calculations, P800s, between now and October. Will you be sent a letter and what should you do if you receive one?
No RTI Reports Made?
3rd June 2013
Employers were told that they had to use real time information (RTI) to report PAYE deductions from the first pay day on or after 6 April 2013. But what if there has been no pay day since 6 April, because no one has been paid?
Inheritance Tax Loan Change
3rd June 2013
A change in the way loans are treated for inheritance tax (IHT) purposes could increase the taxable value of your estate on death, and the amount of IHT payable.
You can’t hide from the taxman
20th March 2013
Over the past two years, there has been a staggering increase in the number of investigations being conducted by HM Revenue & Customs (HMRC).
Reclaiming overcharged HMRC interest
12th March 2013
Computers might be pretty smart, but HMRC's seems to have a problem matching tax payments with amounts due. This often leads to incorrect demands for interest and surcharges. How can you go about reclaiming these?
HMRC's trap for employers
26th February 2013
If HMRC picks up a mistake in the benefits and expenses returns - Forms P11D - you submit for your staff, it will usually ask you to pay the tax shortfall, plus interest and maybe penalties on top. But do you really have to agree to this?
Reclaiming overcharged HMRC interest
10th February 2013
Computers might be pretty smart, but HMRC's seems to have a problem matching tax payments with amounts due. This often leads to incorrect demands for interest and surcharges. How can you go about reclaiming these?
Can you cancel a tax return to avoid a penalty?
5th February 2013
From April HMRC will be allowed to cancel a tax return that's been issued and any late filing penalties that go with it. But where do you stand if you've just missed the January 31 deadline?
Tax Schemes & Swiss Bank Accounts
31st January 2013
Have you received a letter from the Taxman recently, inviting you to pay tax avoided by using a tax scheme or Swiss bank account?
Letting Relief Explained
31st January 2013
If you have let a property which was once your main home, or was treated as your main home as you lived in job related accommodation, letting relief can help reduce the tax you pay on the eventual sale. This tax relief cannot apply to a buy-to-let property that has never been occupied by the owner.
SEIS - The Opportunity
31st January 2013
The Seed Enterprise Investment Scheme (SEIS) will have a limited life - only five years to 5 April 2017. It allows investors to receive 50% income tax relief on the amount invested and up to 28% capital gains tax relief for a limited period. Also if you make a loss on the SEIS shares you can get further income tax relief for that loss.
Green Car Scam
31st January 2013
Please don't be taken in by a scheme which claims to reduce the taxable benefit of your company cars. The taxman has specifically warned taxpayers about this scheme on the spotlights page of his website.
February 2013 Q&A
31st January 2013
February 2013 Newsletter Question and Answer Section
Delaying Capital Gains Tax
22nd January 2013
If you've already used your 2012/13 annual exemption for Capital Gains Tax but want to sell some more assets, what are your options to stop, or at least delay, HMRC from getting its hands on your cash?
Christmas at the office – tax breaks
20th November 2012
Chrismas is just around the corner and hopefully the Christmas party spirit will be in full flow. We want to help you and your business through this money consuming time, helping you save as much money in tax as possible! We've compiled a short summary on the tax breaks you could be taking advantage of this Christmas.
Deferring tax on investment income
17th August 2012
If the Taxman has his way he'll reduce your PAYE code number as far as possible so that he collects more tax from your salary. He's allowed to do this, but the regulations limit the deductions he can make. However he'll often chance his arm and go for more. When and how can you put a stop to this?
Making sure you're covered for investigation costs
10th August 2012
Insurance terms and conditions can be tricky; one false move and you might not be covered, and policies to meet the cost of extra accountancy fees resulting from a tax investigation are no different. However, if you take the right precautions when filling in your tax return, you shouldn't have any trouble.
Giving the right answers to the Taxman
23rd July 2012
The Taxman is suspicious by nature and if he's asking a question about your tax return you'll need to carefully consider your reply. You must tell the truth, but how you tell it can make the difference between him giving you the all clear and starting a full investigation. What's the right thing to say?
Green car tax deductions
29th May 2012
We all know about the government's policy on making company cars greener by offering lower tax charges to drivers of low CO2 emission vehicles. But there are also incentives for the businesses providing the cars.
The tax cost of getting a good name for your business
15th May 2012
If you're thinking of buying an existing brand from another business in order to boost your company's profile, the good news is that there's a tax-efficient way to do it.
Budget 2012: What it means for you and your company
16th April 2012
The Chancellor had warned that this Budget would not include any tax giveaways and he stuck to his word. But this doesn’t mean to say there weren’t significant changes to bother the business and personal tax regimes.
New era for tax investigations?
24th January 2012
The Taxman says that he's now taking a much harsher line in suspected cases of fraud. Surely that couldn't include you?
Tax-free property investment
4th January 2012
When your young ones finish school and go off to college or university not only might you have to find money to meet their tuition fees, but you'll also have to pay for somewhere for them to live. A property investment may be the answer.
Tax-free Perks Blog
6th October 2011
One of your suppliers has tickets to next year's Olympics, and has offered a few to you free of charge. Can the directors and employees of your company use these without getting hit with a tax bill?
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