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TRUST TAXATION

HMRC, Tax

We are still awaiting the promised consultation on the taxation of trusts announced in the Autumn 2017 Budget. However, in the meantime HMRC have updated their guidance on how different types of trust income are taxed, what management expenses and reliefs can be deducted, and understanding the tax pool. Please contact us if you are considering […]

WHAT IS THE 2019 LOAN CHARGE?

Employers, HMRC, Tax

This is a tax charge on any outstanding loans that exist as a result of a disguised remuneration tax avoidance scheme. It applies to any loans that were taken out under a disguised remuneration scheme since 6 April 1999. The most common schemes were Employee Funded Retirement Benefit Schemes (EFRBS) and Employee Benefit Trusts (EBT). […]

NOTIFY HMRC OF EBT AND SIMILAR LOANS BY 30 SEPTEMBER

HMRC, Tax

HMRC have published revised guidance on settling tax liabilities in relation to the use of disguised remuneration schemes involving Employee Benefit Trusts (EBTs) and similar arrangements. In order to settle on preferential terms before the outstanding loan charge arises on 5 April 2019, taxpayers must register with HMRC and provide all of the required information by […]

ADVISORY FUEL RATE FOR COMPANY CARS

HMRC, Tax

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2018. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p 7p 1600cc or less 10p (9p) 1401cc to 2000cc 14p 9p (8p) 1601 to 2000cc […]

SHORT-TERM BUSINESS VISITORS

HMRC, Tax

HMRC are consulting on ways to simplify the tax treatment of short-term business visitors from the foreign branch of a UK company, to ensure the UK is an attractive location for business headquarters. ​The consultation considers potential changes to the PAYE arrangements under which UK employers need not operate PAYE for employees of their overseas […]

NEW VAT RULES FOR BUILDING TRADE IN 2019

HMRC, Tax

Under new rules due to come in on 1 October 2019 builders, sub- contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. The measure is designed to combat VAT fraud in the construction sector labour supply chain which HMRC argue presents a significant […]

MAKING TAX DIGITAL DELAYED FURTHER, APART FROM VAT REPORTING

Blog, HMRC, Money Matters, Tax

HMRC have confirmed that no further MTD for business changes will be brought in before 2020 at the earliest. The Treasury set out its revised priorities for current digital transformation projects, to make room for the additional demands on its resources of work to upgrade customs systems in preparation for Brexit. The HMRC statement notes […]

EMI SHARE OPTION SCHEME RECEIVES STATE AID APPROVAL

Blog, HMRC, Investments, Money Matters

Last month, we reported that the Enterprise Management Incentives (EMI) share option scheme lost its EU State Aid approval on 6 April 2018. The consequence of loss of approval being that the tax advantages of such options was temporarily withdrawn. On 16 May 2018 the European Commission gave formal state aid approval to EMI. Qualifying […]

SIMPLIFICATION OF INHERITANCE TAX

Blog, HMRC, Tax

The Office of Tax Simplification (OTS) have been tasked with carrying out a review of Inheritance Tax (IHT) with a view to simplifying how the tax operates. IHT is perceived to be complicated and currently yields a relatively small amount of tax compared to income tax and national insurance. There are a number of reliefs […]

OPTIONS BEING CONSIDERED FOR THE PRIVATE SECTOR

Blog, Employers, HMRC, Tax

As well as the possible extension of the rules that currently apply to the public sector, the consultation is requesting views on other options. One alternative would be to require engagers to carry out due diligence into labour providers in their supply chain to ensure that they are compliant with employment and tax laws. This […]