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OFF-PAYROLL RULES (IR35) TO BE EXTENDED TO PRIVATE SECTOR WORKERS?

Blog, Employers, HMRC

As mentioned in the Autumn Budget, the Government has opened a consultation into a possible extension of the rules that currently apply to “off-payroll” workers in the public sector to the private sector. This consultation is being undertaken at the same time as the consultation into employment status. The IR35 rules introduced in 2000 are […]

HMRC LOSE IR35 CASE

Employers, HMRC

In the February newsletter we reported the Tax Tribunal decision involving Christa Ackroyd Media Ltd, a company set up by a TV presenter to supply her services to the BBC, where it was held that the IR35 personal service company rules applied to the arrangements. In a recent case involving a night manager on a […]

CASH AND DIGITAL PAYMENTS IN THE NEW ECONOMY

HMRC, Money Matters

One of the announcements in the Spring Statement was the possible demise of the 1p and 2p coins and the £50 note, but for different reasons. It seems that more and more of us are paying for small transactions such as our morning coffee by using contactless payments. Those who do pay in cash and […]

MANY WILL NOT GET A SELF ASSESSMENT TAX RETURN NEXT YEAR

Blog, Employers, HMRC, Tax

The government are gradually phasing out the self-assessment tax return and replacing it with an individual tax account pre-populated with data supplied by employers, pension companies and State Pension figures from DWP. With effect from April 2017, HMRC will have the power to assess income tax or CGT liabilities using information they already hold. This […]

HMRC TACKLES EMPLOYERS WHO USED EBTs SCHEMES

Blog, Employers, HMRC, Tax

With tax planning schemes as with many things in life,  what looks too good to be true generally turns out to be so. This seems to be true for tax avoidance schemes using Employee Benefit Trusts (EBTs) as during the summer HMRC won a landmark case at the Supreme Court against Glasgow Rangers Football Club […]

HMRC HAVE UPDATED THEIR GUIDANCE ON SALARY SACRIFICE SCHEMES

Blog, Employers, HMRC, Money Matters, Tax

The rules for salary sacrifice arrangements changed with effect from 6 April 2017 and HMRC have updated their guidance for employers. Apart from 5 exceptions the amount assessed as employment income for new salary sacrifice arrangements is now the greater of the salary foregone and the taxable benefit as set out in the tax legislation. […]

FURNISHED HOLIDAY LETTING BUSINESS IS NOT A BUSINESS FOR IHT RELIEF

Blog, Estate Planning, HMRC, Money Matters, Tax

A furnished holiday letting business is treated as a trade for most tax purposes. For example, capital allowances are available on furniture, and CGT entrepreneurs’ relief is available on disposal of the business. However, a recent tax case has determined that a holiday letting business in Cornwall did not qualify for inheritance tax business property […]

CHANGES TO THE PENSION TAX RELIEF IN THE BUDGET?

Blog, Employers, HMRC, Pensions, Tax

There is again speculation about further restrictions to tax relief on pensions in the Chancellor’s Autumn Budget. With the Chancellor looking to increase tax revenues without increasing tax rates, a raid on pension savings is an easy target as the cost of pension tax relief is estimated to be in excess of £35 billion a […]

DIARY DATES OF MAIN TAX EVENTS OCTOBER / NOVEMBER 2017

Blog, HMRC, Tax

Date What’s Due 1/10 Corporation tax for year to 31/12/16  (unless pay quarterly) 19/10 PAYE & NIC deductions, and CIS return and tax, for month to 5/10/17 (due 22/10 if you pay electronically) 31/10 VAT for Returns ended 30/08/17 (due 07/10 if paid electronically, 12/10 if paid by direct debit) 01/11 Corporation tax for year […]

THERE MAY BE MORE TAX TO PAY ON YOUR DIVIDENDS IN JANUARY

Blog, HMRC, Investments, Tax

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers there will be more tax to pay on those dividends on 31 January 2018. Up until 5 April 2016, the 10% dividend […]