National Insurance Contributions
Experts warning over insolvency debts
Experts warning over insolvency debts Prioritising HMRC over other creditors in insolvencies will have a ‘negative impact on the UK’s economic growth’, experts have warned Chancellor of the Exchequer Sajid Javid. The warning was issued in a letter from 11 business organisations and insolvency experts to the Chancellor. Signatories of the letter include the Institute of Chartered Accountants in
Off payroll rules for the private sector
Off payroll rules for the private sector The government has published the draft legislation for the next Finance Bill including the rules for off payroll working in the private sector. The legislation is open for consultation until 5 September 2019. The new rules will apply from April 2020 and the effect of these rules, if they apply to intermediaries,
Forms P11D – reporting employee benefits
Forms P11D – reporting employee benefits The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2019, are due for submission to HMRC by 6 July 2019. The process of gathering the necessary information and completing the forms can take some time, so it is important that
Self-employed Class 2 NICs will not be scrapped
The government has decided not to proceed with plans to abolish Class 2 National Insurance Contributions (NICs) from April 2019. Class 2 NICs are currently paid at a rate of £2.95 per week by self-employed individuals with profits of £6,205 or more per year. The government had planned to scrap the Class 2 contribution and had been investigating ways
Diary of main tax events – July / August 2018
Diary of main tax events – July / August 2018 Welcome to this month’s Tax Diary, providing you with all the main tax events for the next couple of months including key deadlines and what’s likely to be due. These deadlines are intended to be used as a guideline and are based on the general requirements of HMRC. As such,
What is the 2019 loan charge?
What is the 2019 loan charge? This is a tax charge on any outstanding loans that exist as a result of a disguised remuneration tax avoidance scheme. It applies to any loans that were taken out under a disguised remuneration scheme since 6 April 1999. The most common schemes were Employee Funded Retirement Benefit Schemes (EFRBS) and Employee Benefit
Diary of Main Tax Events – March / April 2018
Tax diary: All the main tax events for March / April 2018 Welcome to this month’s Tax Diary, providing you with all the main tax events for the next couple of months including key deadlines and what’s likely to be due. These deadlines are intended to be used as a guideline and are based on the general requirements of
Diary of Main Tax Events – May/June 2018
Tax diary: All the main tax events for March / April 2018 Welcome to this month’s Tax Diary, providing you with all the main tax events for the next couple of months including key deadlines and what’s likely to be due. These deadlines are intended to be used as a guideline and are based on the general requirements of
Tax advantage of EMI share option schemes lapses
Tax advantage of EMI share option schemes lapses HMRC have advised companies to consider delaying the grant of Enterprise Management Incentive (“EMI”) share option schemes until fresh State Aid approval has been granted by the EU. As the UK Government were late in applying for an extension (12 months’ notice is required) the existing approval expired on 6 April
Changes to termination payments
Changes to termination payments Care is always required when employees are made redundant or payments are made on the termination of employment. Not only are there employment law considerations, there are also important tax implications and this is an area where professional advice is strongly recommended to avoid unnecessary pitfalls. The tax treatment of these payments changed from 6
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