News

Budget date remains to be confirmed
18/09/2018 - More...
The Chancellor Philip Hammond, has stated before the House of Lords Economic Affairs Committee, that he is not yet in a position to announce a date for the Autumn Budget 2018 saying it was 'difficult to fix'. Last year, the Chancellor had used his annual meeting before the Economic Affairs Committee to announce the Budget date. Now the

Help-to-Save scheme launched
18/09/2018 - More...
The new Help to Save scheme for people on low incomes was officially opened with effect from 12 September 2018 following an 8-month trial. The new scheme allows those in work entitled to Working Tax Credit, and in receipt of Working Tax Credits or Child Tax Credits to save up to £50 a month for two years and receive a 50% government

CGT record keeping
18/09/2018 - More...
The annual Capital Gains Tax (CGT) exemption for individuals is £11,700 for 2018-19. A husband and wife each benefit from a separate exemption. Same-sex couples who acquire a legal status as civil partners are treated in the same way as married couples for CGT purposes. CGT is normally charged at a simple flat rate of 20% and this

Childcare and compensation claims
18/09/2018 - More...
The Tax-Free Childcare Scheme (TFCS) helps support working families with their childcare costs. The scheme provides for a government top-up on parental contributions. For every 80p in the £1 contributed by parents, an additional 20p or 20% is funded by Government up to a maximum total of £10,000 per child per year. This gives parents an

Spotless but not tax deductible
18/09/2018 - More...
The First-Tier Tribunal (FTT) recently heard three joined appeals that concerned the availability of tax relief for employee expenses. In each of the cases the expense claims related to the costs incurred cleaning and sanitising working clothes together with the cost of toiletries for personal hygiene. The FTT collectively referred to

Stamp duty and leasehold property
18/09/2018 - More...
Stamp Duty Land Tax (SDLT) is payable whether you buy a freehold property, a new or existing leasehold property or a shared ownership property. SDLT has been replaced in Scotland by the Land and Buildings Transaction Tax and in Wales by the Land Transaction Tax. The amount of SDLT you pay when you buy a leasehold property, depends on

Accommodation expenses and benefits
18/09/2018 - More...
There are special rules for the provision of living accommodation to employees under certain circumstances. In most cases, employees will pay tax on any living accommodation provided by an employer unless they qualify for an exception. However, where an employee qualifies for an exception, there is no tax to pay on the provision of living

Paper Self-Assessment return deadline
18/09/2018 - More...
The 2017-18 tax return deadline for taxpayers who continue to submit paper Self-Assessment returns, is 31 October 2018. Late submission of a Self-Assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due is paid in full by 31 January 2019. We would

Self-employed Class 2 NIC changes cancelled
13/09/2018 - More...
In a surprise move, the government has announced that, following a lengthy consultation, the planned abolition of Class 2 National Insurance Contributions (NIC) will not take place in the current parliament. The announcement was made in a written statement by Robert Jenrick MP, the Exchequer Secretary to the Treasury on 6 September 2018.

Receipts to cover certain expenses to be abolished?
13/09/2018 - More...
A new measure to remove the requirement for employers to check receipts for expense claims made by employees using the HMRC benchmark scale rates or overseas scale rates is to be introduced. The change will be included in the Finance Bill 2018-19. The benchmark scale rates can be used by employers to reimburse staff for subsistence

How to tell if a tax office email is fraudulent
13/09/2018 - More...
HMRC continues to warn taxpayers to be aware of email phishing scams. Phishing emails are used by fraudsters to access recipients' valuable personal details, such as usernames and passwords. Fake email messages can appear to be genuine but clicking on a link from within the email can result in personal information being compromised and

CGT Rollover Relief
13/09/2018 - More...
Capital Gains Tax (CGT) Rollover Relief is a valuable relief that allows for a delay in the payment of CGT on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over

Telephone advice a reasonable excuse
13/09/2018 - More...
The First-tier Tribunal (FTT) recently heard an appeal against late filing penalties imposed on both partnership and individual self-assessment returns for 2010-11 and 2011-12. There were also appeals made in respect of the years 2005-6 to 2009-10 but the FTT noted these were made outside the statutory time limits and accordingly, the

Tax on rental profits
13/09/2018 - More...
A taxpayer, Miss Akan, appealed to the First Tier Tribunal (FTT) against assessments in relation to Income Tax, Capital Gains Tax and penalties relating to income arising from, and from her disposal of, 15 Binnie House, London SE1. The underlying facts in this case are complex. Miss Akan grew up at 15 Binnie House, a third floor flat

Acas publishes new guidance on employment references
13/09/2018 - More...
ACAS has published new guidance on employment references aimed at both employers and employees based on the questions it receives on its helpline. The guidance makes clear that there is usually no legal obligation on employers to provide a reference, but employers who do give them must make them true, fair and accurate. The guidance

Advice for importers if 'no deal' Brexit
05/09/2018 - More...
The UK is set to leave the EU on 29 March 2019 and as things currently stand, it would seem that we are no closer to reaching a negotiated withdrawal agreement. The chances of Britain leaving the EU without any working agreement, known as a 'no deal' Brexit is in some ways looking increasing likely, and certainly cannot be ignored. The

Advice for exporters if 'no deal' Brexit
05/09/2018 - More...
We have already examined matters that must be addressed by those importing goods to the UK if there is a 'no deal' Brexit (See previous articles). In this article we will look at the impact this would have on UK businesses exporting goods to the EU, currently known as intra-EU dispatches. A no-deal Brexit would see tariffs imposed on

Make a claim on an estate
05/09/2018 - More...
There are special intestacy rules that govern how assets are divided if you die without making a will. If this happens your assets are passed on to family members in accordance with a set legal formula. This can result in a distribution of assets that would not be in keeping with your final wishes, and can be especially problematic for

Take care when making VAT reclaims
05/09/2018 - More...
The Court of Appeal recently heard a taxpayer's appeal against a decision of the Upper Tribunal to recover an amount of overpaid VAT. The claim related to historic VAT claims colloquially known as Fleming claims. Until March 2009, there existed an important opportunity to make claims dating back as far as the introduction of VAT in 1973

Update on Bank Referral Scheme
05/09/2018 - More...
The government’s Bank Referral Scheme was launched in November 2016. The scheme, created by the Small Business, Enterprise and Employment Act 2015, is designed to help improve SME access to finance and competition in the SME lending market. The bank referral scheme imposes a statutory duty on nine of the UK’s biggest banks to pass on the

Student loan refunds
05/09/2018 - More...
Student Loans are part of the government's financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is directly

Students working summer jobs
05/09/2018 - More...
We would like to remind any students that had a summer, job that they may be entitled to claim back any tax overpaid. Students (and other temporary workers) are not required to pay any income tax if their earnings are below the tax-free personal allowance. When preparing payroll calculations, employers are required to calculate the

Lost your national insurance number?
05/09/2018 - 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. Taxpayers with access to their personal tax account can also login to view or print a letter with their national insurance number. If the national insurance number cannot be

Change in national minimum wage penalties in a TUPE transfer situation
03/09/2018 - More...
HMRC has advised that it has changed its approach to charging financial penalties when enforcing the National Minimum Wage (NMW) where there has been a transfer of employees from one employer to another under the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE). Since 2 July 2018, where there has been a TUPE

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