Latest news

14
Jan

Welsh government publishes Draft Budget

Welsh government publishes Draft Budget The Welsh government has published its Draft Budget, setting out revenue raising and capital spending plans for 2020/21. The Draft Budget confirms no changes are proposed to Welsh income tax rates, or Land Transaction Tax rates and bands. The Draft Welsh spending plans for the longer term will depend on the next UK Budget and

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14
Jan

Retiring clinicians payments

  Retiring clinicians payments The Secretary of State has confirmed that the commitments being entered into, to make payments to clinicians affected by annual allowance pension tax, will be honoured when clinicians retire. In a written statement Matt Hancock, Secretary of State for Health and Social Care stated: ‘I have agreed to support this proposal from NHS England and NHS Improvement

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13
Jan

Current list of deliberate tax defaulters

Current list of deliberate tax defaulters HMRC publishes current list of deliberate tax defaulters, those people who have received penalties either for: deliberate errors in their tax returns or deliberately failing to comply with their tax obligations. Internet link: GOV.UK deliberate defaulters   ROBINSONS LONDON ACCOUNTANTS – ACCOUNTING DONE DIFFERENTLY At Robinsons we work hard to understand, communicate, interact, engage and, above

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13
Jan

Self assessment deadline approaching

Self assessment deadline approaching The deadline for submitting your 2018/19 self assessment return is 31 January 2020. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities. There

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13
Jan

Call for review of High Income Child Benefit Charge

Call for review of High Income Child Benefit Charge The Low Incomes Tax Reform Group (LITRG) is calling on the government to address issues with the High Income Child Benefit Charge (HICBC). The HICBC is designed to claw back child benefit where the claimant or their partner earns in excess of £50,000. According to LITRG some households think making a

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13
Jan

Guidance on Structures and Buildings Allowance

Guidance on Structures and Buildings Allowance The latest HMRC Agent Update includes guidance on the Structures and Buildings Allowance (SBA). This capital allowance is designed to provide tax relief for businesses and to support investment in constructing new structures and buildings and improving existing ones. The SBA relieves the construction costs for new structures and buildings used for qualifying purposes

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13
Jan

Chancellor commits to review of IR35

Chancellor commits to review of IR35 The Chancellor of the Exchequer, Sajid Javid has announced that the major review of all aspects of self-employment, promised in the Conservatives’ manifesto, will include the proposed extension of the Off-Payroll working rules to the private sector from April 2020. Speaking on Radio 4’s Money Box Election Special, Sajid Javid said that, as part

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13
Jan

Review of the Disguised Remuneration Loan Charge

Review of the Disguised Remuneration Loan Charge The government has announced it will make a number of changes to the loan charge rules, in response to Sir Amyas Morse’s independent review of the loan charge policy and its implementation. The government has announced the following key changes to the loan charge: the loan charge will apply only to outstanding loans

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13
Jan

Minimum wage rates announced

The government has announced a 6.2% increase in the National Living Wage (NLW), which applies to workers aged 25 and over. From 1 April 2020 the NLW will rise from the current rate of £8.21 to £8.72 an hour, in the largest raise since it was introduced two decades ago. The government has confirmed that the new rate will start

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10
Dec

Research and Development spend

  Research and Development spend The Office for National Statistics (ONS) has revealed that UK businesses Research and Development (R&D) spend was £25 billion in 2018. Data from the ONS showed that total R&D expenditure increased from £23.7 billion in 2017 to £25 billion in 2018. The report showed: the aerospace industry saw the largest increase in R&D expenditure with

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