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Pension money purchase allowance reduction 2017-18
20/09/2017 - More...
One of the measures announced in the March 2017 Budget was the reduction in the annual Money Purchase Allowance (MPAA) from £10,000 to £4,000. This measure was subsequently dropped from the pre-election Finance Bill, but as expected, has now been included in the second Finance Bill of 2017 published earlier this month. Once the second

Tax relief for electric vehicle charging points
20/09/2017 - More...
In last year’s Autumn Statement, the Chancellor announced a new capital allowance for electric vehicle charging points. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain capital expenditure. Most 'capital' items, such as computer equipment, vehicles, machinery etc, last

When is a car a van for VAT reclaim purposes?
20/09/2017 - More...
In most cases a business is unable to reclaim the VAT charged when they purchase a car. However, there are different rules for other types of commercial vehicles and in most cases VAT can be reclaimed when a business purchases a commercial vehicle. For example, vans usually have no rear seats, metal side panels to the rear of the front

Reimbursing employer for benefits in kind
20/09/2017 - More...
It has been confirmed that the promised legislation to allow employees to reimburse their employers for benefits provided, and thereby avoiding a tax charge, will be included in the second Finance Bill 2017. These changes will align the dates for reimbursing an employer for benefits-in-kind (referred to in the legislation as ‘making

Changing your company’s year end
20/09/2017 - More...
There are special rules which limit the ability to change a company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under certain circumstances it is possible to make a change to the year end. As a general rule, you

Closing down a limited company
20/09/2017 - More...
There are a number of reasons why a limited company may no longer be required and can be shut down. The limited company structure is no longer suitable as: being incorporated is not the best option the business is no longer trading or the company is insolvent. It will usually be necessary to have the agreement of all the company’s

New Data Protection Bill introduced to Parliament
18/09/2017 - More...
Following the Statement of Intent published in August 2017, the new Data Protection Bill has now been introduced to Parliament and it had its first reading in the House of Lords on 13 September 2017. The second reading in the House of Lords, which will include a general debate on all aspects of the Bill, is due to take place on 10 October

Date announced for Autumn Budget 2017
12/09/2017 - More...
The Chancellor has announced that the Autumn Budget 2017 will be held on Wednesday, 22 November 2017. The announcement was made on the GOV.UK website and included a video message from the Chancellor, Philip Hammond. In the video, the Chancellor said that the budget will 'set out our thinking on how to keep the economy strong and resilient

Reduction in dividend allowance confirmed
12/09/2017 - More...
Now that the second Finance Bill of 2017 has been published, we finally have confirmation that a number of measures announced earlier this year are to be included on the statute books. These measures were cut from the first Finance Bill of 2017 due to the snap election. These measures includes confirmation that the reduction in the

Making Tax Digital
12/09/2017 - More...
The new timetable for the introduction of Making Tax Digital (MTD) has been confirmed with the publication of the second Finance Bill. The MTD regime was originally due to start from April 2018. However, there were significant concerns that the roll-out of the MTD was moving too fast and a new timetable for the introduction of MTD was

Card transaction disclosures
12/09/2017 - More...
HMRC’s Card Transaction Programme is a disclosure opportunity for businesses that accept card payments and have not paid the right amount of tax due. The disclosure opportunity has been widened to also allow businesses that accept cash payments to also use the scheme. The campaign offers the opportunity for affected businesses to bring

VAT Annual Accounting scheme
12/09/2017 - More...
The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. The main benefits of the scheme include the requirement to file only one VAT return per year. This can significantly reduce the amount of administration time and the associated cost of preparing and submitting quarterly VAT returns.

Paying wages for the first time?
12/09/2017 - More...
There are a myriad of rules that new businesses must follow when they start employing staff for the first time. A full examination of the rules is beyond the scope of this article however we wanted to point out some important issues to be aware of when taking on staff. This includes ensuring that you register as an employer with HMRC.

Landlord’s Replacement Domestic Items relief
12/09/2017 - More...
The Wear and Tear allowance that allowed landlords to reduce the tax they paid on furnished property lets was withdrawn at the end of the 2015-16 tax year. The 10% deduction was available to landlords regardless of whether furnishings in their property were replaced or not. The Wear and Tear allowance was replaced by a new relief known

New Finance Bill published
05/09/2017 - More...
Before the summer recess, the government confirmed that a new Finance Bill would be introduced as soon as possible after the summer recess. The House of Commons returned to Westminster on 5 September 2017. The new Finance Bill is expected to legislate for the majority of measures that were included in the pre-election Finance Bill but

Update child benefit and child tax credit details
05/09/2017 - More...
Taxpayers in receipt of child benefit and child tax credits payments should be aware that HMRC can stop making payments on the 31 August following a child’s 16th Birthday. HMRC has issued a press release reminding parents to inform them if any of their children are aged over 16 and continuing in full-time education or are undertaking an

HMRC accepts changes to R & D claims
05/09/2017 - More...
HMRC recently announced a deadline for accepting amended claims for Research and Development (R&D) tax credits. This specific opportunity relates to claims to include eligible reimbursed employee expenses as part of qualifying staff costs. Only staffing costs of directors or employees directly and actively engaged in the relevant

Auto-enrolment penalties sky-rocket
05/09/2017 - More...
Automatic enrolment for workplace pensions was instigated to encourage employees to start making provision for their retirement with employers also contributing to make a larger pension pot. The timetable for employers to begin enrolling their staff started with the UK’s largest businesses in 2012, followed by medium, and then small and

Self-employed NIC increase
05/09/2017 - More...
Class 2 National Insurance Contributions (NICs) are currently paid by self-employed taxpayers and members of partnerships if their annual profits exceed £6,025. Class 2 NICs are payable at a flat weekly rate currently, £2.85. Class 2 NICs count towards benefits such as the basic State Pension, the employment and support allowance,

What are VAT records and how long should you keep them?
05/09/2017 - More...
There are distinct rules that VAT registered businesses must follow regarding retention of VAT records. Records include: a record of sales and purchases, and a separate VAT account. Generally, a business must keep VAT business records for at least 6 years (or 10 years if they use the VAT MOSS service). By special permission, HMRC

Tax relief and goodwill
05/09/2017 - More...
Goodwill is usually defined as the ‘extra’ value attributable to a business over and above its tangible assets. In the vast majority of cases, when a business is sold a significant proportion of the sale price will be for this type of intangible asset: the goodwill of the company. This places a monetary value on the business's

Failing to prevent facilitation of tax evasion
04/09/2017 - More...
A new corporate offence of failing to prevent the facilitation of tax evasion will come into force on 30 September 2017 under the Criminal Finances Act 2017. Under the legislation, a relevant body, (B), which can be either a company or a partnership (including limited liability partnerships), is guilty of an offence if a person commits a

Corporate governance reforms announced
04/09/2017 - More...
The government has issued its response to its consultation which started in November 2016 on corporate governance reform. Its response document sets out proposals for a “world-leading package” of corporate governance reforms which it now intends to take forward to increase boardroom accountability and enhance the public’s trust in

VAT – beware the default surcharge
29/08/2017 - More...
A default surcharge is a penalty levied on businesses that submit late VAT returns. VAT registered businesses are required by law to submit their returns and make sure that payment of the VAT due has cleared to HMRC’s bank account by the due date. There is no penalty for a first offence, however a business that submits a VAT return late

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