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News

HMRC’s requirement to correct

21/02/2018

The new requirement to correct (RTC) legislation was introduced by the Finance (No.2) Act 2017. The legislation created a new statutory obligation for taxpayers with undeclared UK tax liabilities that involve offshore matters to disclose any relevant information to HMRC by 30 September 2018. The RTC applies to any person with undeclared...

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More on inheritance tax shakeup

21/02/2018

The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system. In a letter dated 19 January 2018 the Chancellor Philip Hammond wrote to the OTS to request a review of inheritance tax (IHT) regime and asking to hear any proposals for simplification. The Chancellor was particularly interested in...

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Living abroad and selling UK home?

21/02/2018

A capital gains tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 2015. Only the amount of the overall gain relating to the period after 5 April 2015 is chargeable to tax. In certain circumstances private residence relief may apply where a property is the owner’s only or main residence....

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What is reasonable care?

21/02/2018

HMRC expects that taxpayers take ‘reasonable care’ over their tax affairs and do everything reasonably within their power to ensure that tax returns and other relevant documents are accurate. There is no legal definition of reasonable care from a taxation standpoint and HMRC will take your individual circumstances into account when...

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Beware capital allowance claw-back when you sell an asset

21/02/2018

Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce the amount of taxable profits. Most ‘capital’ items, such as equipment, vehicles, machinery etc last for a reasonably long time and the tax rules do not allow you to automatically deduct the full cost of...

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Dormant company obligations

21/02/2018

If a company has stopped trading and has no other income then HMRC should be informed for corporation tax purposes. HMRC can also send a notification if they think a company is dormant. This notice will state that a company or association is dormant and is not required to pay corporation tax or file company tax returns. A company is...

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Campaign to promote shared parental leave

19/02/2018

In its “Good Work” response to the 2017 Taylor Review of Modern Working Practices, the government stated that, as part of its commitment to raising awareness of employment rights, it was to instigate a campaign to encourage more working parents to take shared parental leave (SPL) in their baby’s first year. That campaign, called “Share...

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Tax Diary March/April 2018

19/02/2018

1 March 2018 - Due date for corporation tax due for the year ended 31 May 2017. 2 March 2018 – Self assessment tax for 2016/17 paid after this date will incur a 5% surcharge. 19 March 2018 - PAYE and NIC deductions due for month ended 5 March 2018. (If you pay your tax electronically the due date is 22 March 2018) 19 March 2018 -...

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Appealing to a tax tribunal

14/02/2018

There are a number of different options open to taxpayers that disagree with a tax decision issued by HMRC. The first step is to make an appeal to HMRC against the tax decision. If taxpayers do not agree with HMRC’s appeals review, there are further options available which include making an appeal to a tax tribunal or using the...

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Does a charity pay tax?

14/02/2018

The tax treatment of charities can be very complex. As a first step any charity hoping to benefit from any beneficial treatment needs to be recognised as a charity for UK tax purposes by HMRC as well as meeting other criteria. A recognised charity may qualify for a number of tax exemptions and reliefs on income and gains, and on profits...

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Pay and paternity leave

14/02/2018

When your partner gives birth or when you adopt a child or have a baby by surrogate, you may be entitled to 1 or 2 weeks paternity leave and paternity pay. You are also entitled to take a small amount of unpaid time off work before the baby is born to accompany your partner (or the surrogate mother) to 2 antenatal (or adoption)...

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What to do if you have stopped work

14/02/2018

HMRC issues some helpful guidance that covers what you need to do if you stopped work. The guidance covers the main reasons that you might have stopped work such as being made redundant or leaving your job. If you have been made redundant then you may have overpaid tax as a result of your redundancy payment. HMRC may in some cases refund...

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Can you change a Will after death?

14/02/2018

One might expect that the answer to this question would be a definitive no. However, under certain circumstances a will can actually be changed after death. This is done by using what is known as a Deed of Variation. Any changes to the will must be done within two years from the date of death. However, beneficiaries who would be left...

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How to get proof of employment history

14/02/2018

A special employment history request can be submitted by taxpayers for those needing to make a claim for compensation. The form is usually used for claims relating to industrial injuries, road traffic accidents, medical negligence and hardship. HMRC will only accept requests that are made using the Employment history team: claimant’s...

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Tax-Free Childcare available now

14/02/2018

The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 to the first tranche of working parents. The scheme was initially made available to working parents of children aged under 4 on 31 August 2017. On 15 January 2018, the scheme was extended to parents whose youngest child is under 9. The scheme was opened to all remaining...

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Draft regulations to increase the national minimum wage published

12/02/2018

The draft National Minimum Wage (Amendment) Regulations 2018 have been laid before Parliament and are due to come into force on 1 April 2018. The regulations will increase the various rates of the national minimum wage (NMW) and national living wage (NLW) as follows: the NLW rate for workers aged 25 and over will rise from £7.50 to...

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10.7m tax payers filed before the deadline

07/02/2018

HMRC has issued a press release detailing the number of online filings made for the 2016-17 self assessment returns. The use of the online service continues to grow year on year. In this year a total of over 9.9 million online filings were made by the 31 January 2018 deadline. A further 770,000 tax returns were submitted using paper...

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Income from selling services online

07/02/2018

Many taxpayers supplement their income by selling services online. This is often known as the 'sharing economy' or the 'peer-to-peer economy' and usually involves taxpayers renting out something they are not using such as their house (using websites such as AirBNB), car, car parking space or other personal equipment. It can also involve...

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Delaying tax with rollover relief

07/02/2018

Rollover relief is a valuable relief that allows for a delay in the payment of capital gains tax (CGT) on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into...

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Text message scammers stopped by HMRC

07/02/2018

HMRC has published a news release to explain how they are working to stop taxpayers receiving fraudulent text messages from reaching their phones. Scammers have been found to be using text message or SMS phishing scams to contact taxpayers. These scams have been increasing as fraudulent text messages can appear more legitimate than...

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Paying NIC if you go abroad

07/02/2018

If you move abroad it can be advantageous to continue paying UK National Insurance Contributions (NICs) in order to preserve your entitlement to the State Pension and other benefits. If you are working in the European Economic Area the rules depend on your situation. The EEA includes all EU countries as well as Iceland, Liechtenstein and...

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Tax consequences of importing vehicle into the UK

07/02/2018

The Notification of Vehicle Arrivals (NOVA) is an online notification system for vehicles entering the country for permanent use on UK roads. There is a separate process for personal imports from outside the EU and for the temporary importations of a motor vehicle. Under the system anyone who brings a vehicle into the UK is required to...

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Retailers encouraged to employ more disabled workers

05/02/2018

The Minister for Disabled People, Health and Work has launched a new campaign to encourage more retail employers to sign up to its trailblazing “Disability Confident” employer scheme, to increase the number of disabled people in the workforce. The government aims to see one million more disabled people in work by 2027. Around 123,000...

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DBS updates identity checking guidelines

05/02/2018

The Disclosure and Barring Service (DBS) has introduced new identity checking guidelines for standard and enhanced disclosure checks. The new guidelines have been running in parallel with the previous guidelines since October 2017. However, the previous guidelines have now ceased to apply, and employers must use the new version. The...

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