TAX
Plans to Digitalise tax have been put back
The Government have announced significant changes to the (making Tax Digital) MTD timetable, effectively deferring MTD until at least 2020, although digital records will need...
Tax calculations for 2016-17
The latest changes to the way income is taxed has even beaten HMRC’s computer programmers. You are allowed to allocate your personal tax allowance in the way that gives the...
When is your home not a home?
In a recent case HMRC tried to deny capital gains tax private residence relief where an individual bought a property “off-plan” arguing that the ownership period started from...
Tax information exchange agreements
There has been an increasing focus on the automatic exchange of information in recent years. New regulations will take effect from 17 May 2017 to improve international tax...
Changes to Finance Bill 2017: Impact for ‘non-doms’
In July 2015 significant tax reforms were announced for non-UK domiciled individuals who have been long-term UK resident. It was proposed that, from April 2017, those...
New register for trusts
To comply with Article 31 of the Fourth Money Laundering Directive a new register for trusts is to be introduced. An on-line register will be introduced by HMRC. This will...
HMRC’s New Approach to Tax Underpayments
From the 2017/18 tax year, HMRC plans to collect potential underpayments within the tax year they arise, rather than the following year as previously practiced. This means...
Understanding HMRC Tax Code Changes Under RTI
Under the Real Time Information (RTI) system, HMRC is making tax code changes more frequently based on employment and pension data reported by employers and pension providers....
Personal tax accounts
Your personal tax accounts are accessed using a Government Gateway ID. Once set up, future access is by way of a two step verification – the Government Gateway ID and a code...
Scottish Tax rates
If you run a payroll and you have an employee who is Scottish watch out! A Scottish taxpayer is defined by where their main residence is, but at present HMRC is taking this to...
Tax free childcare payments
We may have mentioned this before – that is because it is has been a long time in actually being put into action. The new scheme comes in from Spring 2017 but is being rolled...
Entrepreneur’s relief – associated disposals
Entrepreneurs' Relief: Associated Disposals Explained Entrepreneurs' Relief, now known as Business Asset Disposal Relief, offers a reduced Capital Gains Tax rate of 10% on...