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Ken Dodd has the last laugh
20/03/2018 - More...
The recent death of the comedian, Sir Ken Dodd, aged 90, would not usually be the topic of one of our weekly articles. However, the comedian managed to have one last laugh by marrying his partner of 40 years just days before his death. By doing this it is estimated his estate has avoided a tax bill of almost £2 million. This last-minute

Self-catering and holiday let business rates
20/03/2018 - More...
One important aspect of a self-catering or holiday let business that should not be overlooked, is whether or not the owner of a holiday let is liable to pay business rates. Business rates are charged on non-domestic properties and help councils and local authorities to fund local services. The business rates are charged in place of

HMRC tackling online VAT fraud
20/03/2018 - More...
Under new rules that came into force on 15 March 2018, HMRC has enhanced powers to make online marketplaces accountable for VAT fraud committed by online sellers on their platforms. These measures are correctly referred to as joint and several liability (JSL) for marketplaces. The rules previously applied to overseas retailers that

VAT option to tax land and buildings
20/03/2018 - More...
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate. The ability to convert the treatment of VAT exempt

Directors beware National Living Wage complications
20/03/2018 - More...
From 1 April 2018, the National Living Wage (NLW) will increase by 33p to £7.83. This represents an increase of 4.4%. The NLW is the minimum hourly rate that must be paid to those aged 25 or over. For the 21 to 24 year old’s, the hourly rate of the National Minimum Wage will increase to £7.38 (a rise of 33p). An interesting question to

Marriage allowance still time to apply
20/03/2018 - More...
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 lower earning partner can transfer up to £1,150 (increasing to £1,190 in 2018-19) of their personal tax-free allowance to a spouse

Finance Bill receives Royal Assent
20/03/2018 - More...
The Finance Bill 2017-18 officially known as Finance (No.2) Bill 2017-19, received Royal Assent on 15 March 2018 following agreement by both Houses. The Bill is now an Act of Parliament to be called the Finance Act 2018. The Act contains the legislation for many of the tax measures that were announced by the Government at Autumn Budget

Childcare voucher scheme deadline extended
17/03/2018 - More...
The government has announced that the employer-operated childcare voucher scheme will remain open to new entrants for a further six months, i.e. until October 2018. The childcare voucher scheme, also called employer-supported childcare (ESC), was due to close from 6 April 2018 and be replaced by the government-backed childcare payments

Tax avoidance scheme scuppered by HMRC
13/03/2018 - More...
A tax avoidance scheme used by businesses that sought to avoid paying tax and National Insurance on company directors’ bonuses was the subject of a recent Upper Tribunal hearing. HMRC challenged the validity of tax claims by two companies firstly at the First-Tier Tribunal and then at the Upper Tribunal. The two cases were heard

New offshore tax penalties
13/03/2018 - More...
New legislation that comes into effect from 1 October 2018 will see higher penalties for anyone with undeclared offshore assets. HMRC has published a news release urging taxpayers with undeclared offshore assets to become compliant and warning taxpayers that they will prosecute the most serious cases of tax evasion. These new penalties

ISAs transfer of benefits upon death
13/03/2018 - More...
New rules were introduced in April 2015 that allow for the spouse or civil partner of a deceased ISA saver to benefit from additional ISA benefits. Under the rules, if an ISA saver in a marriage or civil partnership dies, their spouse or civil partner inherits their ISA tax advantages. Surviving spouses are able to save an additional

Tax break to help black cabs turn green
13/03/2018 - More...
The government has confirmed that a new tax allowance for electric taxis will come into effect from April 2018, a year earlier than had been expected. The new exemption will be worth £1,550 for anyone purchasing a new zero emission black cab. In addition, zero emission taxis worth over £40,000 will no longer have to pay the Vehicle Excise

Inflation proofing corporate gains ceased December 2017
13/03/2018 - More...
As part of the Autumn Budget measures, the Chancellor announced that the indexation allowance for corporate chargeable gains would cease on 31 December 2017. The indexation allowance allowed companies to compensate for the effects of inflation and claim tax relief when calculating any chargeable gains. The monthly indexation allowance

Claiming legal and financial costs
13/03/2018 - More...
The self-employed are often concerned as to whether an expense is allowable for tax purposes. As a general rule, the self-employed can deduct running costs of the business when working out their taxable profit as long as the expenses are classed as 'allowable expenses'. In this article, we briefly look at the rules for claiming expenses

Information Commissioner’s Office publishes introduction to the Data Protection Bill
13/03/2018 - More...
The Information Commissioner's Office (ICO) has published a 77-page introduction to the Data Protection Bill, to help businesses navigate their way around the Bill and focus on the areas that are most relevant to them. Assuming it receives Royal Assent and becomes the Data Protection Act 2018, the Bill is expected to come into force on 25

Spring Statement 2018
12/03/2018 - More...
As you would expect, the Spring Statement delivered by the Chancellor Philip Hammond, to Parliament on 13 March 2018, was peppered with party political jibes no doubt intended to lift the spirits of his own party and dismay the opposition parties. There was very little “promised” in terms of new tax or other strategic items that we are

Company fined £297,845 for paying VAT one day late
06/03/2018 - More...
We have often warned our readers of the importance of submitting and paying VAT returns in a timely manner. In a recent article we wrote that it is imperative that VAT returns are submitted and paid on time as a delay of even one day can have significant consequences in the future. Unfortunately, a company by the name of Global Switch Ltd

Property owners lose 50% of higher rate tax relief on finance costs
06/03/2018 - More...
Under new rules that came into effect from April 2017 the tax relief on mortgage costs for residential landlords is being gradually restricted to the basic rate of tax. Many landlords of residential properties that used to benefit from full tax relief on finance charges, such as mortgage interest now face higher tax bills. These changes

Benefits that lose tax-free status from April 2018
06/03/2018 - More...
The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement changed from 6 April 2017. When the changes were introduced it was confirmed that all arrangements in place before April 2017 will be protected for up to a year. This means that current contracts that remained under the pre-2017 rules will

Wales takes over taxes starting from April 2018
06/03/2018 - More...
The Welsh tax devolution will begin next month when Wales, the Welsh Government and the National Assembly for Wales, become responsible for some of the taxes paid in Wales for the first time in over 800 years. From April 2018, Wales will introduce the new Welsh Land Transaction Tax (LTT) which will replace the UK Stamp Duty Land Tax

Tax-free trivial benefits
06/03/2018 - More...
There is no tax to pay on trivial benefits in kind (BiK) provided to employees where all of the following apply: the benefit is not cash or a cash-voucher; and costs £50 or less; and is not provided as part of a salary sacrifice or other contractual arrangement; and is not provided in recognition of services performed by the

What are off-payroll working rules?
06/03/2018 - 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 rules, known as off-payroll working rules shift the responsibility for deciding whether the intermediaries’ legislation applies, known as IR35, from the intermediary itself to the

New protection for company directors
26/02/2018 - More...
The government has announced the introduction of new laws to help tackle the problem of identity fraud and personal harm for company directors. The new laws which were introduced into parliament on 22 February 2018, will allow company directors to remove their personal addresses from the UK’s official company register on Companies House.

Payments made to son not a wage
26/02/2018 - More...
A recent First-Tier Tribunal case examined whether a father's payment of wages to his son was an allowable expense. We learn that the appellant in this case made a number of payments to his son whilst he was studying at university. HMRC questioned the validity of the appellants tax return and argued that any amounts paid by the appellant

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