Sep 13

‘No deal’ Brexit guidance

The government has issued some ‘no deal’ Brexit guidance technical notices, with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not being realised. The government has published the first 25 notices. Brexit Secretary Dominic Raab was keen to emphasise that reaching a deal remains the ‘overriding priority’. […]

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Sep 07

Making Tax Digital for VAT

HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) will be required to keep […]

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Sep 03

Next round of tax draft tax legislation published

The government has published draft legislation for Finance Bill 2018-19 which is currently open for consultation, and ‘continues the government’s commitment to a competitive and fair tax system’. The draft legislation could affect a range of taxes, from Stamp Duty Land Tax (SDLT) to income tax. The draft legislation also outlines the government’s approach to […]

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Aug 30

Use Tax-Free Childcare over the summer holidays

The Government is reminding ‘stressed out parents’ that help may be available for childcare costs during the summer holidays. According to a YouGov poll, 31% of parents feel stressed trying to arrange childcare for the school holidays. The poll, for HMRC, also found that around 30% of parents worried about balancing their job and school […]

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Aug 27

One million couples still eligible for £900 tax boost

HMRC has highlighted that three million UK couples have already taken advantage of Marriage Allowance but a million more are still eligible for the tax break. The Marriage Allowance allows certain couples, where neither pay tax at more than the basic rate, to transfer 10% of their unused personal allowance to their spouse or civil […]

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Aug 23

Consultation on pensions cold calling ban

HMRC has launched a consultation on draft proposals to ban pensions cold calling. Under the proposals, unsolicited marketing calls relating to pensions could be banned, alongside cold calls that offer a ‘free pension review’. The government also outlined its intention to ban cold calls that promote retirement income products, such as drawdown. The consultation closes […]

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Aug 20

Bank of England raise interest rate

The Bank of England has raised the interest rate from 0.5% to 0.75%. The quarter of a percentage point rise sets the rate at its highest level since March 2009. The rise in the interest rate will no doubt increase the interest costs of residential mortgages that have variable or tracker rates. It will be […]

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Aug 17

Scotland introduces relief for first time buyers

First-time buyers in Scotland will be helped to purchase their first home through a new tax relief which applies to Scottish Land and Buildings Transaction Tax (LBTT). According to the Scottish Parliament approximately 80% of first-time buyers will pay no LBTT once the LBTT First Time Buyer relief takes effect. The change sees the zero-rated […]

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Aug 08

Enterprise Management Incentive continues

It has previously been reported that the Enterprise Management Incentive scheme State Aid approval lapsed on 6 April 2018. HMRC had previously warned that EMI share options granted in the period from 7 April 2018 until EU State Aid approval was received may not be eligible for the tax advantages afforded to option holders but […]

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Aug 03

UK ‘tax gap’ falls to 5.7%

HMRC has confirmed that the tax gap for 2016/17 has fallen to 5.7%. The ‘tax gap’ is the difference between the tax that should theoretically be paid to HMRC and the actual tax that has been paid. HMRC believes that the tax gap is lower as a result of its work to help taxpayers get things […]

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Jul 31

VAT reverse charge for construction services consultation

HMRC proposes to introduce new VAT rules for construction services which are subject to consultation. HMRC has published a draft statutory instrument for technical consultation together with a draft explanatory memorandum and a draft tax information and impact note. Under the draft legislation supplies of standard or reduced-rated construction services between construction or building businesses will be […]

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Jul 27

Latest guidance for employers

HMRC have issued the latest version of the Employer Bulletin. This June edition has articles on a number of issues including: P11D and P11D(b) filing and payment deadlines benefits in kind with cash allowances, flexible benefit packages and salary sacrifice important information about childcare voucher and directly-contracted childcare schemes Construction Industry Scheme – helpful reminders for […]

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Jul 23

HMRC saves public £2.4M by stopping fraudsters

HMRC has announced that it has saved the public over £2.4m by tackling fraudsters that trick them into using premium rate phone numbers for services that HMRC provide for free. HMRC has reported that scammers create websites that look similar to HMRC’s official site and then direct the public to call numbers with extortionate costs […]

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Jul 18

Workers’ rights for Pimlico Plumber

A plumber has won a legal battle for working rights in a Supreme Court ruling. The Supreme court has backed up an earlier ruling by an Employment Tribunal in the case of a contractor engaged by Pimlico Plumbers. Plumber Gary Smith carried out plumbing jobs for Pimlico Plumbers. He was VAT registered and paid tax […]

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Jul 13

HMRC extends RTI late filing easement until April 2019

HMRC has extended the payroll Real Time Information (RTI) late filing easement until April 2019. Under RTI payroll obligations employers must submit details of payments made to employees on or before the day that wages are paid via a Full Payment Submission. The updated guidance extends the easement, introduced in April 2015 to April 2019. […]

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Jul 09

Universal Credit and self employment

The government has published a report, Universal Credit: supporting self-employment which considers the issues faced by self-employed claimants. The report considers the impact of the Monthly Income Floor (MIF) earnings requirement. To be eligible for Universal Credit (UC) claimants must earn the MIF. However, the MIF assumes self-employed claimants earn a regular income at least […]

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Jul 03

Tax refund scams warning from HMRC

HMRC has issued a warning to taxpayers regarding the latest tax refund scams. These scams are targeting individuals via email and SMS messages. HMRC is currently processing genuine tax refunds for the 2017/18 tax year and the fraudsters are sending scam messages which claim that taxpayers are entitled to a rebate. These messages go on […]

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Jun 29

State Aid approval granted for the Enterprise Management Incentive

It has previously been reported that the Enterprise Management Incentive State Aid approval lapsed on 6 April 2018. On 15 May EU approval was granted however HMRC has not confirmed expressly that this approval will be backdated to 6 April 2018. The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to […]

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Jun 26

Off-payroll working in the private sector consultation

HMRC has launched a consultation on how to tackle non-compliance with the off-payroll working rules in the private sector and are asking for comments on the best way to do this. HMRC estimates only 10% of PSCs that should apply the legislation actually do so, and the cost of this is projected to increase from […]

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Jun 22

Wales to set devolved income tax rates

From April 2019, the National Assembly for Wales will be able to vary the rates of income tax payable by Welsh taxpayers. Responsibility for many aspects of income tax will remain with the UK government, and the tax will continue to be collected by HMRC for Welsh taxpayers. The process for setting Welsh rates of […]

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