Latest news

7
Aug

Diary of main tax events August / September 2017

  Date What’s Due 1/08 Corporation tax for year to 31/10/16  (unless pay quarterly) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/8/17 (due 22/08 if you pay electronically) 1/09 Corporation tax for year to 30/11/16  (unless pay quarterly) 19/09 PAYE & NIC deductions, and CIS return and tax, for month to 5/9/17 (due 22/09

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7
Aug

Thinking of winding up your company?

  Up until 6 April last year, the distribution of cash to shareholders on the winding up of a trading company by a liquidator, was usually taxed as a capital gain, potentially taxed at just 10% with the benefit of entrepreneurs’ relief. However, last year’s Finance Act introduced a targeted anti-avoidance rule that may tax such a distribution as a

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7
Aug

HMRC beat Glasgow Rangers in Supreme Court

  A scheme using Employee Benefit Trusts (EBTs) as a means of remunerating directors and staff has been defeated by HMRC in a recent Supreme Court case. Such schemes had been used by many employers to avoid PAYE and national insurance contributions (NICs) and involved complicated trust structures and “loans” to the employees. The Supreme Court judges have ruled that

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7
Aug

Working in the “gig” economy

  The House of Commons Work and Pensions Committee has recently published a report calling on the Government to close the loopholes that allow “bogus” self-employment practices, which burden the welfare state but reduce the tax contributions needed to sustain it. This follows the “Matthew Taylor” inquiry which took evidence during February and March 2017 from witnesses including representatives of

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7
Aug

New government childcare schemes

  Working parents can start applying for two new Government childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September. This means that working parents of children, aged under 4 on 31 August 2017, can now apply through the new digital childcare service for Tax-Free Childcare and receive a Government

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7
Aug

Second Finance Bill this Autumn

  It has also been announced that the second Finance Bill will legislate for all policies that were included in the pre-election Finance Bill but had to be dropped in order to rush through the Finance Act 2017 before the snap general election in June. The Government has re-confirmed that all policies originally announced to start from April 2017 will

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7
Aug

Making Tax Digital for business delayed

  The Government has responded to pressure from accountants and other interested parties and announced the delay of Making Tax Digital for Business to 2020 at the earliest. Quarterly VAT reporting using the new system will be mandatory from 2019. In a further U-turn, three million small businesses and buy to let landlords below the VAT threshold will now not

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31
Jul

Making Tax Digital (MTD) – July Update

  Making Tax Digital (MTD) – July Update On the 13th July Ministers confirmed a new timetable for Making Tax Digital (MTD). From April 2019 businesses with a turnover above the VAT threshold (currently £85,000) will need to keep Digital records for VAT purposes. Businesses below the VAT threshold will now be exempt from requirements to quarterly reporting until the

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3
Jul

Diary of main tax events July / August 2017

  Date What’s Due 1/07 Corporation tax for year to 30/9/16  (unless pay quarterly) 5/07 Last date for agreeing PAYE settlement agreements for 2016/17 employee benefits 5/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2016/17 06/07 Deadline for forms P11D and P11D(b) for 2016/17 tax year 19/07 PAYE &

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3
Jul

Advisory fuel rate for company cars

  These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2017. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less   11p     7p 1600cc or less     9p   1401cc to 2000cc   14p   9p 1601

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