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Making a disclosure to HMRC
25/05/2017 - More...
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

Renewing tax credit claims
25/05/2017 - More...
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

Reminder to claim the marriage allowance
25/05/2017 - More...
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

Lloyds bailout completed
25/05/2017 - More...
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

Using your own car for work
25/05/2017 - More...
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

Tax Diary June/July 2017
22/05/2017 - More...
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. 19 June 2017 - CIS

Employer deadline for providing P60s
18/05/2017 - More...
The deadline for employers to provide employees with a copy of their P60 form is 31 May 2017. A P60 must be given to all employees that were on the payroll on the last day of the 2016-17 tax year (5 April 2017). The P60 is a statement issued to employees after the end of each tax year that shows the amount of tax they have paid on their

G7 Finance Ministers meeting
18/05/2017 - More...
The G7 is a forum of seven of the largest economies in the world. Italy currently presides over the group which comprises the UK, US, Germany, France, Italy, Canada and Japan. China, Brazil and India are not included. The group has in the past been known as the G8 but Russia was ejected from the group in 2014 following the Russian

Advance Assurance for R&D
18/05/2017 - More...
Advance Assurance for Research and Development (R&D) tax relief claims is available to small companies making their first R&D claim. To be eligible, the companies must also have an annual turnover of less than £2million and less than 50 employees. There is no requirement to apply for Advance Assurance but by doing so applicants

Agent authorisation form
18/05/2017 - More...
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,

Diverted Profits Tax
18/05/2017 - More...
The Diverted Profits Tax (DPT) came into force on 1 April 2015. The DPT is an anti-avoidance measure that targets large multinational businesses that the government deem to be using contrived and artificial arrangements to divert profits overseas thereby paying less or no tax in the UK. The DPT has been coined as the 'google tax' but

IR35 and the public sector
17/05/2017 - More...
The rules for individuals providing services to the public sector via an intermediary such as a personal service company (PSC) changed from April 2017. The new rules shift the responsibility for deciding whether the intermediaries’ legislation applies, known as IR35, from the intermediary itself to the public sector receiving the service.

Credit Card Sales Campaign
11/05/2017 - More...
HMRC’s Credit Card Sales campaign continues to be available for individuals and businesses that accept credit and debit card payments and have not paid the right amount of tax due. The campaign offers the opportunity for anyone affected to bring their affairs up to date and in doing so take advantage of the best possible terms. Any

Default surcharge appeal
11/05/2017 - More...
A recent First-tier Tribunal case examined an appeal by a taxpayer against a penalty for late submission of a VAT return for the quarter ending 30 June 2016 known as a default surcharge. A VAT default surcharge is a penalty levied on businesses that submit late VAT returns. The default surcharge penalty was levied at the second highest

Employee expenses consultation
11/05/2017 - More...
The government announced a review of the taxation of employee expenses at Autumn Statement 2016. A consultation was launched earlier this year examining the use of Income Tax relief for employees’ business expenses, including those that are not reimbursed by their employer. The tax relief on expenses which employers do not reimburse and

VAT grouping rules
11/05/2017 - More...
There are special VAT rules that allow two or more corporate bodies to be treated as a single taxable person for VAT purposes known as a VAT group. The representative member accounts for any tax due on supplies made by the group to third parties outside the group. As the group is treated as a single taxable person, you do not normally

Inheritance Tax main residence nil-rate band
11/05/2017 - More...
The new Inheritance Tax main residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB is a new transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. The RNRB is on top of the existing

Replacement Domestic Item relief
11/05/2017 - More...
The wear and tear allowance that allowed landlords to reduce the tax they paid on furnished property lets was withdrawn at the end of the 2015-16 tax year. The 10% deduction was available to landlords regardless of whether furnishings in their property were replaced or not. The wear and tear allowance was replaced by a new relief known

Companies House - anti-money laundering changes
04/05/2017 - More...
Companies House have announced that from 26 June 2017, changes will be made to UK anti-money laundering measures to help prevent money laundering and terrorist financing. The changes will increase the transparency of who owns and controls companies in the UK and will make changes to current requirements about people with significant

Worldwide Disclosure Facility
04/05/2017 - More...
The Worldwide Disclosure Facility (WDF) was launched in September 2016 and is open to anyone who wants to disclose a UK tax liability that relates wholly or partly to an offshore issue. An offshore issue includes unpaid or omitted tax relating to: income arising from a source in a territory outside the UK; assets situated or held in

Finance Bill receives Royal Assent
04/05/2017 - More...
The Finance Bill 2017 officially known as Finance (No. 2) Bill received Royal Assent on 27 April 2017 following agreement by both Houses on the text of the Bill. The Bill is now an Act of Parliament (law) known as Finance Act 2017. The Finance Bill was one of 22 Bills fast-tracked through Parliament to receive Royal Assent before the

Criminal Finances Act
04/05/2017 - More...
The Criminal Finances Bill received Royal Assent on 27 April 2017 and is now known as The Criminal Finances Act 2017. The new Act gives law enforcement agencies greater powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and terrorist financing. This includes: A new provision for the issue of

Late filing of Self Assessment tax returns
04/05/2017 - More...
Taxpayers that have not yet filed their 2015-16 Self Assessment returns will have already been charged an automatic £100 penalty for late submission. The penalty applied from 1 February 2017, even if no tax was due or the tax due was paid on time. However, taxpayers who were meant to file online by 31 January 2017, and have still not

Lost your National Insurance number?
04/05/2017 - More...
Taxpayers who have lost or forgotten their National Insurance number should first try and locate the number on paperwork such as their tax return, payslip or P60. If the National Insurance number still cannot be located a request can be submitted to HMRC using form CA5403 or by calling the National Insurance enquiries helpline. HMRC

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Latest News

Making a disclosure to HMRC
25/05/2017 - More...
HMRC has updated their online guidance for individuals and companies who have a

Renewing tax credit claims
25/05/2017 - More...
Families and individuals that receive tax credits should ensure that they renew

Reminder to claim the marriage allowance
25/05/2017 - More...
The marriage allowance came into force on 6 April 2015 and allows lower earning

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