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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 The consequence of loss of approval being that the tax advantages of such options was temporarily withdrawn.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 […]

IS IT WORKING IN THE PUBLIC SECTOR?

Blog, Budget 2017, Employers, Money Matters

In April 2017, the Government reformed the rules for engagements in the public sector, and early indications are that this has resulted in an increase in public sector compliance. The April 2017 change requires the public sector body or agency, not the worker, to decide whether or not the IR35 rules apply and then deduct […]

TAKING A LODGER? DON’T FORGET TO CLAIM “RENT A ROOM” RELIEF

Money Matters, Tax

HMRC are carrying out a review of rent a room relief to discover whether the scheme, introduced back in 1992 provides the right incentives for the rental market. The current scheme exempts from tax, gross rents up to £7,500 where rooms within the taxpayer’s main residence are rented out. Most accountants that responded to the […]

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 […]

ADVISORY FUEL RATE FOR COMPANY CARS

Money Matters

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2017. 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 9p 1401cc to 2000cc 14p (13p) 9p (8p) 1601 to 2000cc […]

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 […]

MUST OWN 5% OF ORDINARY SHARES TO QUALIFY FOR CGT ENTREPRENEURS RELIEF

Blog, Investments, Money Matters, Tax

In order for a shareholder to qualify for CGT entrepreneurs relief on the disposal of their shares, they must be an officer or employee of the company (or group) and hold 5% or more of the company’s ordinary share capital and voting rights for 12 months prior to the disposal. The company must also be […]

WHEN IS A COMPANY VAN NOT A VAN?

Blog, Business Tips, Money Matters, Tax

The P11d benefits on company vans are generally much lower than company cars and where private use of the van is merely incidental to its business use by the employee, then there is no taxable benefit at all. But when is a van not a van? In a recent tax tribunal case, the judge agreed […]