Effective immediately From 23 November 2016 to 31 March/5 April 2019, businesses will be entitled to a 100% First Year Allowance for the cost of installing electric charge-point equipment for electric vehicles. From 1 December 2016, income tax and CGT advantages of new shares issued in return for “employee shareholder status” will be withdrawn (shares […]
You may have read or heard on the news this last week about HMRC’s recent decision not to charge a penalty for people despite their tax return being submitted late. What’s it all about? The law provides for an automatic penalty of £100 if a personal tax return is even a day late (it is […]
If you are contractor, you will almost certainly be affected by new strict reporting requirements which came in from 6 April this year. To see how these new rules will almost affect your contracing company, we strongly recommend you read our fact sheet on this. Do contact your manager or me if you have any […]
I would remind everyone to be aware of scam emails purporting to be from HMRC. This is a prime time for such scam emails, not long after the filing deadline for the 2013/14 tax returns has passed. HMRC will never ask you to give personal information via email. Please make sure you never reply to […]
Employers can make a tax free payment (under section 321 of ITEPA 2003) of up to £5,000 to encourage staff to make suggestions to improve the trade or profitability – the suggestions must have been implemented by the business and resulted in improved profitability. Many businesses are not aware of this exemption and it is […]
HMRC going after Class 2 NIC on those who simply own buy to let properties 22 August 2014 13:23 It appears from cases being cited in the tax professional press that HMRC is currently seeking Class 2 NICs from those who simply let out one or more properties. HMRC are arguing that the rental business […]
On 1 January 2015, there is an important change to the VAT place of supply of services rules. This relates to supplies of broadcasting, telecommunications and e-services (BTE). Currently, the place of taxation for BTE supplies is determined by the location of the supplier of the services. From 1 January 2015, the place of taxation […]
HMRC has issued a number of penalty notices stating that a penalty has arisen due to the failure to submit forms P11D for 2013/14. In the case we have encountered so far, the notices are wrong – the P11Ds were submitted and before the deadline, so no penalties are in fact due. HMRC has apologised […]
We have seen a couple of instances where clients have received a letter from HMRC saying that the submitted tax return may be wrong because the High Income Child Benefit Charge (HICBC) has not been reported on the tax return. The HICBC is payable by the party in a couple living together who has gross […]
Employee Benefit Trusts (EBTs) were used a lot in the early 2000s, particularly by medium & large companies to offer benefits to their staff and at the same time mitigate tax. These EBTS were actively promoted by the Government at one time. As with so so many other similar schemes, HMRC and the Government have […]
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