MORE MONEY FOR NHS AND AN END TO AUSTERITY?
As previously announced, these were the main themes of the Chancellor Phillip Hammond’s third budget but what we were waiting to hear was where the extra money was going to come from? Had he found a “Magic Money Tree”, or would tax and borrowing have to increase? We now know that the extra money will […]
TAX EFFICIENT CHILDCARE SCHEMES
Earlier this year the government announced that no new childcare voucher schemes could be set up after 5 October 2018. This was a six month extension from the previous 5 April 2018 end date. If those employers offering such schemes at 5 October are prepared to keep administering their scheme then they will continue to […]
AND FOOTBALL REFEREES ARE SELF-EMPLOYED
The degree of control was also held to be a critical factor in determining that football referees in charge of matches in the Championship and lower leagues were self-employed. HMRC were arguing that the referees should be taxed as employees and subject to PAYE. Interestingly, those refereeing Premier League matches are employees of the Premier […]
IT CONSULTANT WINS IR35 PERSONAL SERVICE COMPANY CASE
The government have been consulting on extending the personal service company rules that currently apply to public sector workers to those in the private sector, but in the meantime tax tribunal decisions are still being decided against HMRC. In a recent case involving an IT consultant working on various projects to implement the new Universal […]
DON’T FORGET THERE MAY BE TAX TO PAY ON YOUR DIVIDENDS IN JANUARY
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 that meant more tax to pay on those dividends on 31 January 2018. The same will also apply on 31 January 2019. […]
ADVISORY FUEL RATE FOR COMPANY CARS
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2018. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 12p (11p) 7p 1600cc or less 10p 1401cc to 2000cc 15p (14p) 9p 1601 to 2000cc […]
CHECK YOUR CONTRIBUTION HISTORY
As mentioned in our previous post, in order to maximise entitlement to full State Benefits a full contribution record Is required. It is possible to check your National Insurance record online to see: what you’ve paid, up to the start of the current tax year (6 April 2018) any National Insurance credits you’ve received if […]
CLASS 2 NICs TO CONTINUE FOR SELF-EMPLOYED
In 2016 the government consulted on a proposed abolition of Class 2 National Insurance contributions (NICs) for the self-employed. This flat rate contribution, currently £2.95 a week is payable by the self-employed in addition to Class 4 contributions based on the level of profits. The flat rate contributions were due to cease on 5 April […]
JOINT AND SEVERAL LIABILITY FOR UNPAID VAT
Certain traders can be made liable for the unpaid VAT of another VAT-registered business when you buy or sell specified goods. HMRC have recently updated VAT notice 726 which advises traders to carry out due diligence into their supply chain. The specified goods are any equipment made or adapted for use as a telephone and […]
HOW DO I NOTIFY HMRC
Taxpayers can correct their tax liabilities by using HMRC’s digital disclosure service as part of the Worldwide Disclosure Facility Once the taxpayer has notified HMRC by 30 September of their intention to make a declaration, they will then have 90 days to make a full disclosure and pay any tax owed. We can assist you […]
