Sage-blog-headersscottish budget

Jan 15

Scottish Draft Budget

Finance Secretary Derek Mackay delivered the 2018/19 Scottish Draft Budget on Thursday 14 December 2017 setting out the Scottish government’s financial and tax plans. The Scottish government has the power to set the rates and bands of income tax (other than those for savings and dividend income) which apply to Scottish resident taxpayers. Since 6 […]

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Sage-blog-headerspaying hmrc

Jan 10

Paying HMRC? Not at the post office or by credit card

With many individuals having tax payments to make at the end of this month it is important to be aware that HMRC has announced that they will no longer accept payments made at the Post Office or by credit card. HMRC has announced that with effect from 15 December 2017 it will no longer be […]

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Sage-blog-headerschildcare

Dec 29

Delay to roll out of Tax free childcare

The government have announced a delay to the rollout of tax-free childcare which was expected to be fully implemented by the end of the year. From 24 November 2017, the service is available to parents whose youngest child is under 6 or who has their 6th birthday on that day. Parents can apply online through […]

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Sage-blog-headersfuel

Dec 21

Advisory fuel rates for company cars

New company car advisory fuel rates have been published which took effect from 1 December 2017. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or […]

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Sage-blog-headersclass 2 nic

Dec 20

Delay in the abolition of Class 2 NIC

The government has announced that it will introduce legislation, to abolish Class 2 national insurance contributions (NIC) and to make further proposed NIC changes in 2018. The measures the legislation will implement will now take effect one year later than previously announced, from April 2019. These measures include the abolition of Class 2 NIC paid […]

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Sage-blog-headerspension

Dec 18

Pension contribution increases and temporary staff

The Pensions Regulator is reminding employers that they need to comply with their auto-enrolment duties. Automatic enrolment still applies to temporary staff this Christmas With the festive season fast approaching, employers may be planning to take on temporary staff to help their business survive the rush. Automatic enrolment applies to these employees in the same […]

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Sage-blog-headersemployee gifts

Dec 15

Employee gifts – tax free?

At this time of year, some employers may wish to make small gifts to their employees. A tax exemption is available which should give employers certainty that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the benefit to be exempt it must satisfy the […]

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Sage-blog-headerstrusts

Dec 14

Trusts Registration Service

HMRC has launched a new Trusts Registration Service (TRS) so that trustees can register their trust online and provide information on the beneficial owners of the trust. The new service launched in early July for trustees and replaces the 41G (Trust) paper form, which was withdrawn at the end of April. Under the existing self-assessment […]

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Sage-blog-headersautumn budget

Dec 13

Autumn Budget 2017

The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017. Some of the key announcements are set out below. Increased limits for knowledge-intensive companies The government will legislate to encourage more investment in knowledge-intensive companies under the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs). The government will: double the […]

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Sage-blog-headerssimple assessment

Nov 30

Simple Assessment

HMRC have changed the way in which they will assess some taxpayers removing the need for these individuals to complete a Self Assessment Tax Return. These changes took effect from September 2017. The affected taxpayers fall into one of two categories: new state pensioners with income more than the personal tax allowance (£11,000) in 2016/17; […]

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Sage-blog-headerscriminal finances act

Nov 27

Criminal Finances Act

The Criminal Finances Act 2017 took effect on 30 September 2017. It makes companies and partnerships, a ‘relevant body’, criminally liable if they fail to prevent the facilitation of tax evasion being carried out by an employee, anyone acting on their behalf or someone acting as an agent. If found guilty, the business could face […]

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Sage-blog-headersnew guidance for employers

Nov 23

New guidance for employers

HMRC have issued the October 2017 Employer Bulletin which contains a number of articles relevant to employers on payroll related issues. HMRC are advising that following the changes to the valuation of benefits in kind (BiK) where there is a cash option available, they will consult and then issue the necessary amendments to the PAYE […]

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Sage-blog-headerswelsh land transaction tax

Nov 20

Welsh Land Transaction Tax

The Welsh Assembly has announced the proposed rates and bands for Welsh land transaction tax (LTT) which is to be introduced for land and property in Wales on 1 April 2018, replacing Stamp Duty Land Tax. Under the new rates for LTT, Wales will have the highest starting threshold for the property tax in the […]

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Sage-blog-headersscottish budget propsals

Nov 15

Scottish Budget proposals

On 14 December, the Scottish Budget will set out the Scottish Government’s financial and tax plans. Currently, taxpayers who are resident in Scotland pay income tax on their non-savings and non-dividend income at rates and thresholds determined by the Scottish Government. Scottish higher and additional rate taxpayers may pay more income tax than those with […]

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Sage-blog-headershelp to save accounts

Nov 13

Help to Save Accounts

The government have announced details of a new Help to Save saving scheme. The scheme is government backed and designed to support working people on low incomes build up their savings. The scheme, administered by HMRC, will be open to working people who receive Working Tax Credits, and those who receive Universal Credit with a […]

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Sage-blog-headersautumn budget wishlist

Nov 09

Autumn Budget wishlist

With the Chancellor’s first Autumn Budget due to be presented on 22 November, professional bodies and business groups are setting out their Budget wishlists. Recommendations include changes to Business Rates, a ‘Brexit ready’ Budget, incentives for business and an appeal for changes to the Apprenticeship Levy. The ICAEW is urging that the government give sufficient […]

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Sage-blog-headers-budget

Oct 26

Autumn Budget on Wednesday 22 November and 14 December

Chancellor Philip Hammond has announced that he will deliver the Autumn Budget on Wednesday 22 November. The Autumn Budget will be the second Budget to be delivered this year, and will outline the government’s proposed tax changes and spending plans in response to forecasts from the Office for Budget Responsibility (OBR). The 2017 Autumn Budget […]

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Sage-blog-headers-growing business

Oct 23

HMRC offer tax support to growing businesses

HMRC have announced the introduction of a new service to directly help mid-sized businesses as they expand and grow. This is to be known as the Growth Support Service. According to HMRC there are approximately 170,000 mid-sized businesses registered in the UK. The businesses with either a turnover of more than £10 million or more […]

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Sage-blog-headers-trusts

Oct 19

Trusts Registration Service

HMRC have launched a new Trusts Registration Service (TRS), so that trustees can register their trust online and provide information on the beneficial owners of the trust. The new service launched in early July for trustees and replaces the 41G (Trust) paper form, which was withdrawn at the end of April. Under the existing self […]

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Sage-blog-headers-MTD

Oct 16

Making Tax Digital for VAT

The government have issued information on how Making Tax Digital for Business (MTDfB) is expected to work for VAT once the rules are introduced in April 2019. Under the proposed rules, which have been issued subject to consultation, VAT registered businesses with turnover over the VAT registration threshold will be required to submit their VAT […]

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