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Tax Diary May/June 2018
19/04/2018 - More...
1 May 2018 - Due date for corporation tax due for the year ended 30 July 2017. 19 May 2018 - PAYE and NIC deductions due for month ended 5 May 2018. (If you pay your tax electronically the due date is 22 May 2018) 19 May 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2018. 19 May 2018 - CIS tax deducted

Renewing tax credit claims
18/04/2018 - More...
Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2018. Claimants who do not renew on-time may have their payments stopped. HMRC has started to send tax credits renewal packs to tax credit claimants and is encouraging recipients to renew their tax credits claim online. All

How much does Class 4 NIC cost?
18/04/2018 - More...
There are currently two types of national insurance contributions (NICs) payable by most self-employed people. These are known as: Class 2 NICs, and Class 4 NICs. Class 2 NICs are paid by all self-employed taxpayers unless they qualify for the small earnings exception or other exemptions which remove the necessity to pay NICs. Class 2

Claiming for job related expenses
18/04/2018 - More...
Employees who use their own money to buy things they need for their job, can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items used solely for work. There is no tax relief available if your employer refunds any costs in full. In addition, you cannot claim tax

Don’t forget to handout P60s
18/04/2018 - More...
The deadline for employers to provide employees with a copy of their P60 form is by 31 May 2018. A P60 must be given to all employees that were on the payroll on the last day of the tax year – 5 April 2018. The P60 is a statement issued to employees after the end of each tax year that shows a summary of their pay and deductions for the

What is a PET?
18/04/2018 - More...
Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt if the taxpayer survives for more than seven years after making the gift. If the taxpayer dies within 3

Non-resident landlord’s scheme
18/04/2018 - More...
The Non-resident landlord (NRL) scheme is a special scheme for the UK rental income of non-resident landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. HMRC classifies a person living abroad for 6 months or more per year, as a non-resident landlord. Interestingly, this is the case even if the

Let property disclosure campaign
18/04/2018 - More...
Landlords that receive letting income should notify HMRC by 5 October after the end of the tax year for which you start to receive that income. So, for the 2017-18 tax year that has just ended, HMRC needs to be notified by 5 October 2018 of any letting income. The Let property campaign, provides landlords who have undeclared income from

EMIs lose tax clearance under state aid
11/04/2018 - More...
HMRC's recently published, and usually routine, Employment related securities bulletin contains an important announcement on the future of EMI share options. It transpires that the EU state aid approval for the EMI share options scheme expired on 6 April 2018, and the government has yet to obtain a renewal agreement from the EU. HMRC’s

Reminder to submit details for Benefits in Kind
11/04/2018 - More...
Employers are reminded that the deadline for submitting the 2017-18 forms P11D, P11D(b) and P9D is 6 July 2018. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) unless the employer has registered to payroll benefits. This is known as

Treatment of termination payments
11/04/2018 - More...
With effect from 6 April 2018, employers will need to pay income tax and Class 1 national insurance contributions (NICs) on certain parts of termination payments made to employees whether or not these payments are contractual. The element that is liable to taxation is the amount of the termination payment that represents a payment in lieu

Court rules on online filing penalties
11/04/2018 - More...
The Construction Industry Scheme (CIS) is a set of special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors'. The scheme applies mainly to contractors and subcontractors involved in construction. A recent

Sugar tax takes the sweetness out of soft drinks
11/04/2018 - More...
The new Soft Drinks Industry Levy came into effect with the start of the new tax year on 6 April 2018. The Levy commonly known as the 'sugar tax', has been put into effect to help combat the excess use of sugar especially by children. Since the introduction of the sugar tax, many soft drink manufacturers have already reformulated their

Extra tax relief for married over 80s
11/04/2018 - More...
The Married Couple's Allowance (MCA) is available to elderly married couples or those in a civil partnership, where at least one member of the couple were born before 6 April 1935 (i.e. at least 83 years old). The allowance provides for tax relief by deducting 10% of the allowance from the amount of tax due on taxable income. The MCA can

What plant purchases qualify for a tax allowance?
11/04/2018 - More...
Most day to day business expenses can be deducted from business income when calculating your taxable profits. However, the rules are different for 'capital’ expenditure'. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain capital expenditure. There are different rules

Access to Work grants increase by £15,000
09/04/2018 - More...
Following new measures introduced in Parliament, from 1 April 2018 disabled workers can now benefit from a £15,000 rise in Access to Work grants to assist them at work. Such workers can now claim up to £57,200 annually to help pay for the additional support that they may need in the workplace, which is over £15,000 more than the previous

What is your Principal private residence?
04/04/2018 - More...
As a general rule, there should be no capital gains tax (CGT) to be paid on a property which has been used solely as the main family residence (referred to by HMRC as one’s principal private residence). Conversely, an investment property which has never been used as a private residence will not qualify for relief. However, there is a

The GDPR is coming
04/04/2018 - More...
There are now just 7 weeks to go until the new data protection regulations become law on 25 May 2018. The new provisions known as the General Data Protection Regulation (GDPR) represent a step change in data protection regulation, that will impose much stricter controls over the way that businesses collect, store and manage the personal

Changed circumstances, change your Will
04/04/2018 - More...
We have published articles before discussing the importance of making a will and ensuring that your assets are divided amongst your beneficiaries in the way best suited to your personal wishes. One of the most important reasons for doing so, is to ensure that you do not die intestate (without a will) where the intestacy rules will decide

Overseas online VAT abuse
04/04/2018 - More...
The new Fulfilment House Due Diligence Scheme (FHDDS) opened for online applications on 1 April 2018. The FHDDS is part of a package of measure to combat the abuse of VAT rules by online traders based outside the European Union. Fulfilment houses that store any goods imported from outside the EU on behalf of others, need to apply for

What is the settlement legislation?
04/04/2018 - More...
The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained an interest in property, in a settlement, that the income arising is treated as the settlor’s income for tax purposes. A settlor can be said to have retained an interest if the property or income may be applied

Online access to personal tax account
04/04/2018 - More...
HMRC has issued an update of what can be dealt with by accessing and using a personal tax account (PTA). The PTA works like an online bank account to allow taxpayers to review all their details in real time. HMRC has confirmed that the following services are currently available on the PTA: check your income tax estimate and tax

Presidential Guidance published on uprated Vento bands
03/04/2018 - More...
The President of the Employment Tribunals (England and Wales) and the President of the Employment Tribunals (Scotland), have issued updated joint presidential guidance in relation to the so-called “Vento bands” for compensation for injury to feelings, and psychiatric injury in discrimination claims brought under the Equality Act 2010.

Getting ready for Customs Declaration Service
28/03/2018 - More...
The Customs Handling of Import and Export Freight (CHIEF) is a computerised service that records the movement of goods by land, air and sea. The system allows importers, exporters and freight forwarders to complete customs information electronically, and automatically checks for entry errors. However, the CHIEF system is over 25 years

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Latest News

Tax Diary May/June 2018
19/04/2018 - More...
1 May 2018 - Due date for corporation tax due for the year ended 30 July

Renewing tax credit claims
18/04/2018 - More...
Families and individuals that receive tax credits should ensure that they renew

How much does Class 4 NIC cost?
18/04/2018 - More...
There are currently two types of national insurance contributions (NICs) payable

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