Archive for the ‘Tax’ Category

Spring Statement 2018

Posted on: March 14th, 2018 by Leighton Reed No Comments

Chancellor Philip Hammond has delivered his Spring Statement 2018, and on his promise to move away from two major fiscal announcements every year.

There was no red briefcase, no red book, and no tax changes as the chancellor announced updated economic forecasts in a speech lasting less than half the length of any of his previous statements.

Not that it comes as a surprise seeing that Hammond moved this to a Tuesday, rather than keeping it in its usual slot straight after prime minister’s questions on a Wednesday. (more…)

Childcare for Partners in a Partnership and the Self Employed

Posted on: March 14th, 2018 by Sarah Curzon No Comments

Historically partner’s in a partnership and the self employed couldn’t join the childcare voucher scheme as they were not employees.  This scheme enabled workers to receive vouchers towards childcare tax and National Insurance free from their employer, a scheme which is now being phased out with only employees already in the scheme being able to continue. However, the self employed and partners in partnership can now participate in the tax free child care scheme.  This is a new scheme introduced by HMRC to helping working families with childcare costs.  The scheme is available for children under 12 years old and under 17 years old if registered disabled.  Working parents qualify where they earn at least £120 per week, if taxable income  exceeds £100,000 per year you won’t be eligible.  The earnings limit does not apply if you are self employed and started your business less than 12 months ago. (more…)

One in 15 face fines after missing tax return deadline

Posted on: March 1st, 2018 by Leighton Reed No Comments

A total of 745,588 people run the risk of being fined by HMRC after missing the deadline to submit their self-assessment tax return.

About one in 15 taxpayers failed to beat the midnight deadline on 31 January 2018 to file their annual returns relating to the 2016/17 financial year. (more…)

Taxpayers reclaim £493m from HMRC

Posted on: March 1st, 2018 by Leighton Reed No Comments

HMRC has had to return nearly half-a-billion pounds to taxpayers since April 2015, claims analysis of government statistics.

Royal London reports the Revenue is overcharging on two areas of the tax system, and has had to refund £493 million as a result.

Savers using the new pension freedoms are among the hardest hit, as income tax on pension withdrawals is taken on an emergency tax basis. (more…)

Tax and employee benefits

Posted on: March 1st, 2018 by Sarah Curzon No Comments

What to expect when providing staff with perks.

Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards.

Whether that’s in the form of the Christmas party or it extends to benefits such as a cash bonus or flexitime, it all helps to ensure employees feel valued and motivated. (more…)

Are you maximising your capital allowances claim?

Posted on: February 20th, 2018 by Marcus Nallon No Comments

A brief look at the reliefs that are available for fixtures and fittings on commercial property

It has been my experience that the availability of capital allowances is regularly overlooked by commercial property owners; be it those who own commercial property portfolios as investments, or those who own and occupy their own trading premises. (more…)

Devolution of tax powers within Wales

Posted on: February 2nd, 2018 by Leighton Reed No Comments

What tax powers are moving away from Westminster?

It may feel like we’re living in increasingly uncertain times ever since the UK voted to leave the EU.

That centred on most of the electorate’s desire to obtain more devolved powers from Brussels, but in reality devolution has been going on a lot closer to home for decades. (more…)

VAT Hot Topics

Posted on: January 29th, 2018 by David Holden No Comments

Retailers who sell food – hot or cold? VAT charged or not?

There are two key questions to ask when deciding whether the sale is standard rated or zero rated.

  • Is any supply of food for consumption on the premises on which it is supplied; and
  • Is any supply of hot food provided for consumption off those premises?


Trivial Benefits

Posted on: January 18th, 2018 by Sarah Curzon No Comments

Christmas is the time of giving and you might have given your employees presents over the holiday without giving thought to the tax implications these bring.

The good news is though that the rules have been relaxed slightly as part of moves to simplify the tax system. Until 5 April 2016, gifts to employees and directors, given at any time of the year, had to be reported on form P11d. These were taxable and subject to Class 1 NIC. (more…)

For whom does VAT Toll?

Posted on: January 11th, 2018 by Liz Maher No Comments

Well the good news is that it doesn’t now apply to any tolls paid by commuters – business or personal – crossing on the Severn Bridges from the 8th January 2018. (more…)