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The end of disincorporation relief?

Source: HM Revenue & Customs | | 01/08/2017 Disincorporation involves the transfer of a business from a private limited company to a sole trader or partnership. Disincorporation relief was introduced from 1 April 2013 and is effectively a form of roll-over or deferral relief. The relief is due to end on 31 March 2018. The…Read More

Landlords, what expenses can you claim?

Source: HM Revenue & Customs | | 01/08/2017 It is important that landlords are aware of the expenses that can be deducted from their rental income. As a rule, these expenses must be wholly and exclusively for the purposes of renting out the property in question. Since April 2017, tax relief on mortgage costs used…Read More

VAT – what you cannot reclaim

Source: HM Revenue & Customs | | 01/08/2017 Most VAT registered businesses are entitled to reclaim the VAT they incur on goods and services used by the business. This is known as input VAT. Some of the common areas where VAT cannot be reclaimed include the following: Goods and services used to make exempt supplies.…Read More

Tax write downs for business cars

Source: HM Revenue & Customs | | 01/08/2017 Capital allowances allow businesses to secure tax relief for certain capital expenditure. Qualifying expenditure on cars must usually be allocated to one of two general pools of expenditure. Which pool is appropriate depends on the car’s CO2 emissions. Expenditure on cars with CO2 emissions over 130g/km will be dealt…Read More

Company purchase of own shares

Source: HM Revenue & Customs | | 01/08/2017 As a general principle, when a company makes a purchase of its own shares, any payment in excess of the amount of capital originally subscribed for the shares is treated as a distribution (taxed as income not a capital gain). However, there are special provisions that enable an…Read More

Let property disclosure campaign

Source: HM Revenue & Customs | | 01/08/2017 HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding the tax rules or because of deliberate tax evasion. HMRC has recently…Read More

Supreme Court declares employment tribunal fees unlawful

Source: High Court | | 31/07/2017 In R (on the application of Unison) v Lord Chancellor 2017, the Supreme Court has ruled that employment tribunal and Employment Appeal Tribunal (EAT) fees are unlawful and it has quashed the Employment Tribunals and the Employment Appeal Tribunal Fees Order 2013 with immediate effect. The Supreme Court held…Read More

Tax Diary August/September 2017

Source: HM Revenue & Customs | | 27/07/2017 1 August 2017 – Due date for Corporation Tax due for the year ended 31 October 2016. 19 August 2017 – PAYE and NIC deductions due for month ended 5 August 2017. (If you pay your tax electronically the due date is 22 August 2017) 19 August 2017 – Filing…Read More

European Union (Withdrawal) Bill published

Source: Cabinet Office | | 26/07/2017 The government has published the European Union (Withdrawal) Bill 2017-19 and it has had its first reading in the House of Commons. The second reading is scheduled for 9 September 2017, following which it will enter Committee Stage for further debate. Explanatory Notes to the Bill have also been…Read More

Credit card transaction charges to be banned

Source: HM Treasury | | 25/07/2017 The EU second Payment Services Directive (PSDII) was approved by the European Parliament and European Council in December 2015 and seeks to widen the scope of the existing EU Payment Service Directive (PSD) that defines the information that consumers and businesses must receive when making payments. This includes making…Read More

Directors, beware minimum wage legislation

Source: HM Revenue & Customs | | 25/07/2017 We have recently considered some of the issues surrounding various tax efficient strategies for paying director shareholders. One aspect of this complex area that we have not yet examined is whether company directors need to be concerned with employment legislation in relation to the minimum wage. At…Read More

The new State Pension

Source: HM Revenue & Customs | | 25/07/2017 The new State Pension is payable to those that reach the State Pension age on or after 6 April 2016. The full new State Pension is currently £159.55 per week and is payable to eligible women born on or after 6 April 1953 and eligible men born…Read More

Who inherits if someone dies without a Will?

Source: HM Revenue & Customs | | 25/07/2017 The intestacy rules that govern how assets are divided if someone dies without making a will changed from 1 October 2014. The changes do not affect people who die with less than £250,000 in assets but for those that leave more, the changes were significant. For example,…Read More

PAYE tax refunds and underpayments

Source: HM Revenue & Customs | | 25/07/2017 HMRC’s annual reconciliation of PAYE for the tax year 2016-17 is well under way. HMRC uses salary and pension information to calculate if the correct amount of tax has been paid. Where the incorrect amount of tax has been paid, HMRC uses the P800 form to inform…Read More

Tax credit renewal final reminder

Source: HM Revenue & Customs | | 25/07/2017 This coming Monday (31 July) is the last day for families and individuals that receive tax credits to renew their tax credit. As in previous years, there is expected to be a huge last-minute rush and it may be difficult to contact HMRC by phone. Claims can…Read More

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