Child benefit tax trap

A family claiming the weekly Child Benefit (currently, £20.70 a week for eldest or only child and £13.70 a week for additional children) may get an unwelcome tax bill if either parents’ income exceeds £50,000 during a tax year.

Abolition of self-employed NIC to be deferred

The Low Incomes Tax Reform Group (LITRG) has welcomed a recent announcement by the Government that there will be a one-year delay before the removal of Class 2 National Insurance contributions (NICs) to enable consultation on the impact of its abolition on the self-employed with low incomes.

Smaller businesses to be drawn into the VAT net?

The Office of Tax Simplification (OTS) published a report setting out a range of proposals for simplifying VAT. According to the OTS the tax is showing its age. What was meant to be a simple tax has become highly complex and it has not kept pace with changes in society.

Clampdown on child maintenance cheats

If a parent owes child maintenance, deductions to recover that debt can currently only be made from a bank or building society account held solely by them.

Room to breathe

The government are considering plans to offer people with serious debt issues time to consider their options.

Could you claim a £662 tax refund?

If one party to a marriage or civil partnership has earnings below the personal tax allowance (£11,500 for 2017-18) and their spouse does not pay tax at the higher 40% rate, then they should be claiming the Marriage Allowance.

Gazumping to become a thing of the past?

The government seems to be taking steps to streamline the process of buying and selling your home. In particular, they are seeking views on ending the practice known as gazumping: where an offer can be accepted and then disregarded when a higher offer is received.

Bookkeeping in the cloud

Smaller business owners, those with annual turnover below the current VAT registration threshold (£85,000 for 2017-18), will be relieved to know that the impending digitisation of tax by HMRC will not be a requirement when the process starts for business tax from April 2019.

Avoid property fraud

Since September 2009, HM Land Registry has prevented 254 fraudulent applications being registered. The most common fraud is when someone pretends to be you and mortgages or even sells your property without your knowledge.

What can you do with tax losses?

Tax losses can arise due to a difficult trading period. They can also be created if you invest in qualifying equipment and you are able to set this cost against your trading profits – if the cost of the assets exceeds your profits you will have a tax loss.

What is subject to Stamp Duty Land Tax?

Most of us are aware that we pay Stamp Duty Land Tax (SDLT), or the regional equivalents, when we buy a property, but that is just the tip of the iceberg. For example, if you give something of value in exchange for land or property, it will also count towards the chargeable consideration and therefore the amount of SDLT payable.

When is a replacement an improvement?

We are often asked by landlord clients to clarify the difference between a replacement item of furniture, furnishing, household appliances or kitchen ware, and a purchase that may be considered an improvement. The difference is critical, as from April 2016, the 10% wear and tear allowance was scrapped and the new Domestic Items Relief (DIR) introduced. To qualify for the DIR the following points need to be considered:

Tax-free dividend squeeze confirmed

The government reintroduced the remainder of the March budget last week, it’s the part that was held-over to accommodate the May 2017 general election.

30 hours free childcare for working parents

The Department for Education released the following press release last week regarding the new childcare support offer that commences from 1 September 2017. They said:

Beware self-employed contributions trap

To qualify for the full, new State Pension you will need to have 35 years of contributions. At present, the self-employed pay Class 2 (a fixed weekly amount of £2.85) and Class 4 contributions (9% of profits between £8,164 and £45,000, and 2% of profits over £45,000), but only the Class 2 payments contribute towards your 35 years.

Self-employed taxed on profits not drawings

We are often asked by self-employed clients to explain why their tax bills are high in proportion to the amount they withdraw from their business as “wages”.

Pension scams

The government has proposed a wide-ranging ban to prevent pension scams. The consultation listed the sorts of phone conversations that the government intends to fall within the scope of the ban. These included:

Where’s my profit? It’s not in the bank.

This is a question we are regularly asked by clients. Usually, the conversation is triggered when we discuss the end of year accounts.

Rent-a-room at home tax free?

On the face of it, the rent-a-room relief is straight forward: if your gross rents from letting are not more than £7,500 in the current tax year, there is nothing you need to do, this income is free of tax; but beware the small print.

Involving children in your business

Whilst it is possible to involve your children in your business, this is a strategy that should be approached with caution.

Organising a trading name for your company

We are often asked to register a trading name for an existing company. Usually, this is done so an incorporated business can develop a new brand with a name that is different to their existing company name. Unfortunately, there is no formal process that can be employed to do this; no registrar of trading names. However, there are ways to safeguard the use of a trading name.

Saving to pay tax

If you are employed, or receive a pension from a non-State provider, any tax you should pay is probably deducted before payment under the PAYE rules. Assuming HMRC administer this process correctly, any taxes due should be settled in full.

Dying without a Will, bad idea

Many people die without making a Will. In legal terms, this means they die “intestate”. When this happens, the estate must be shared out according to certain rules. Individuals who may benefit under these rules are:

Reminders for landlords

Making Tax Digital Until a recent announcement, landlords were going to be drawn into the requirement to upload quarterly details about their property businesses to HMRC under the Making Tax Digital obligations.

Excessive credit card charges to be axed

The government is unveiling new rules that will mean card-charging in Britain - where people can be charged 20% extra for purchases like a flight just for paying with a credit card - will come to an end in January 2018.

Finance Bill No2 2017

To accommodate the May 2017 election, the government rolled-over items in the Mach 2017 budget for consideration later this year.

Making Tax Digital – common sense prevails

Making Tax Digital (MTD) is the government’s latest attempt to fully digitise the process of collecting data from taxpayers so they can speed up the process of calculating how much tax you owe.

What is tax free these days?

Surprisingly, there is quite a lot. As long as you are resident in the UK for tax purposes you will probably qualify for the following tax reliefs and allowances for the 2017-18 tax year:

Sole trader or limited company?

We are often asked to judge whether it’s better for a business to be run as a sole trader, or incorporated as a limited company.

Investing in your business is still tax effective

If you crunch the numbers, and decide that investing in new technology, a new van, or other equipment will make a positive difference to your bottom line profits, and in a reasonable time-frame, the next question to ask is – what difference will the initial purchase make to your tax bill?

When do NIC contributions stop?

You are required to make National Insurance Contributions on your earnings, whether employed or self-employed, until you reach the State Retirement Age.

Need help joining the digital age?

Computers are not everyone’s cup of tea. In fact, there are very few of us who can declare with some confidence that we are computer literate.

National Insurance £3,000 exemption

Employers, or more specifically, the persons in charge of processing their payroll, are hopefully checking the box to claim the National Insurance Employment Allowance (EA)?

Making the most of opportunity

There are a number of ways that director shareholders of private companies can withdraw funds from their businesses. We have listed below a number of options, the list is not exhaustive, but the points do provide insight into the opportunities that current tax law allows incorporated businesses.

Oh what a night

It is fair to conclude that Mrs May’s ambitions suffered a set-back Thursday last week. She is now attempting to manage a minority government, and Brexit apart, there are other outstanding legislative matters that demand her attention.

Recovery of VAT after deregistration

Last week we discussed in this blog, how to recover VAT paid prior to registering for VAT.

The hidden tax on car benefits for employers

Businesses that provide employees with taxable benefits: company cars, health insurance and so on, will be aware that a benefit in kind charge is added to the employee’s income and subjected to an income tax charge the same as their salary.

Are you missing out on a £662 tax rebate?

Apparently, over 4 million tax payers are eligible to claim the new marriage allowance, but only 2 million have done so. If our math is correct, this add up to £1.3bn in unclaimed tax refunds.

Possible bonus when you register for VAT

Businesses are required to register for VAT purposes when their annual taxable turnover exceeds £85,000 (this limit applies from 1 April 2017). You will not have to account for VAT on your taxable sales up to the date you are required to register, but interestingly, you may be able to claim back VAT you have paid out on purchases of goods, services and equipment, prior to the VAT registration date.

Do you use your car for business purposes?

Many employees use their own cars to undertake journeys for their employers. In most cases, employers will pay for this. Generally, they will pay a rate per mile.

Changes to taxable benefits from April 2017

The good news, the way in which benefits in kind are taxed – company cars, mobile phones, etc. – is unchanged for the tax year just ended, to 5 April 2017. Consequently, you can expect your tax position regarding any benefits you enjoy to be unchanged for 2016-17; as long as the benefits themselves have not changed.

Damage limitation

The phrase “in-limbo” comes to mind when describing the present outlook for businesses in the UK. What will be the outcome of the June election? What will be the outcome of the withdrawal from the EU?

What is the current tax position when dividends are taken?

One of the most useful ways for owner directors of small companies to reduce their overall tax and NIC costs is to pay themselves a reduced salary – just enough to maintain their State benefits entitlements – and take any balance of remuneration in the form of tax efficient benefits and dividends.

The new Criminal Finances Bill

New legislation to increase the powers of law enforcement received Royal Assent 27 April 2017.

Change in accounts filing for small companies

Small companies are required to file a copy of their end of year accounts with Companies House. In the past, it has been possible to file abbreviated accounts – basically, a few notes and a Balance Sheet with very little data regarding profitability – for smaller companies this has restricted the amount of financial information available in the public domain, and thus, their exposure to competitors.

Under 4’s now eligible for tax-free childcare

The government have issued the following press release regarding the roll-out of the new tax-free childcare scheme.

Finance Bill reduced

In order to ensure that the Finance Bill 2017, introduced March 2017, is passed before the impending general election, huge chunks of the original, published bill have been removed. In the national press this has been referred to as a “wash-up”.

A note for driving instructor clients – and learner drivers

The Driver & Vehicle Standards Agency has released its response to a consultation with the industry to “Improve the car driving test”. In their conclusion they say:

New accounts filing regulations for smaller companies

Companies house recently published the following news story.

What are your responsibilities to pay the National Minimum Wage (NMW)?

The current state defined wage rates are divided between the National Living Wage (NLW) – this is currently set at £7.50 per hour and only applies to workers aged 25 years and over – and the NMW for workers under 25 years.

Tax-free capital gains

Is there such a thing as a tax-free capital gain? In fact, there is… Every UK resident tax payer is allowed to make tax-free gains of up to £11,300 during the current tax year, 2017-18.

Utilising tax losses

We have listed below a few of the ways you can make best use of tax losses. Generally speaking, a tax loss arises when a claim for expenses and other allowances (for example capital allowances for equipment purchases) exceeds the income of the relevant trade.

Will the new £1 coin affect your business?

The new, 12 sided coin became legal tender from 27 March 2017. Businesses that deal in cash transactions, or use equipment that accepts the £1 coin should take note of the following:

Working from home – rates and taxes

Clients often ask if working from home is going to create issues from a tax point of view. There are a number of scenarios to consider.

One week to go!

Next week sees the end of the 2016-17 tax year. On the 6 April 2017, any action you take to minimise your tax liabilities for 2016-17 will be largely ineffective. So what, if anything, can you still action this week?

New childcare funding choices

The government have launched a new website aimed at parents who may be able to claim for support with childcare costs.

Follow companies for free

If you want to keep an eye on documents filed with Companies House for a particular company, you can register for a new service that will do just that at Companies House. The new service is called “Follow” and it allows you to receive email alerts.

Reduction in the £5,000 dividend allowance

Unless there are further political objections, one of the few remaining revenue raising changes in the recent spring budget was the reduction in the £5,000 dividend allowance from April 2018.

Employment boost for older workers

A new strategy is calling on employers to boost the number of older workers and ensure they are not writing people off once they reach a certain age, helping to build a country that works for everyone.

The budget crystal ball

In two days’ time Philip Hammond will present his first budget to parliament; forecasting any changes he may be considering to the UK tax system is perhaps unwise.

Marriage Allowance

Although the financial impact of this allowance is relatively low, it is surprising that there has not been more uptake of the Marriage Allowance since its inception 6 April 2015. In fact, taxpayers that qualify can still backdate a claim for 2015-16 as well as make a claim for the current tax year, 2016-17.

Tax-free pensions advice

People planning their retirement will be able to withdraw up to £1,500 from their pension pots tax-free to pay for financial advice, under recent plans unveiled by the government.

Buy-to-let and the changing tax landscape

Buy-to-let property owners have been singled out in recent budgets for some quite draconian tax changes.

Lifetime ISAs

A reminder that from 6 April 2017 Lifetime ISAs are available as an alternative tax-free investment.

Wholly and exclusively

The title of this posting describes an important concept when considering claims for expenditure to reduce our tax bills.

A step closer to Making Tax Digital (MTD)

We have advised readers in previous postings that HMRC seem to be intent on digitising the upload of small business accounting data from April 2018. From this date, affected self-employed traders (including landlords) will be required to upload details of their trading activities on a quarterly basis.

Tax planning options 2016-17

There are just two months left before the end of the 2016-17 tax year. Those tax payers who have income from business or property sources, and have not yet considered their tax planning options for 2016-17, should do so as soon as possible.

Gifts and Inheritance Tax reliefs and exemptions

There’s usually no Inheritance Tax to pay on small gifts you make out of your normal income, such as Christmas or birthday presents. These are known as ‘exempted gifts’.

New Lifetime ISA available from April 2017

The Lifetime ISA will be available for young adults from April 2017 as the Savings (Government Contributions) Bill receives Royal Assent. The Help to Save scheme to help people on low incomes will be available from 2018.

Reminders of significant tax changes from April 2017

The first thing you can count on, is that taxation is here to stay. The second thing you can count on is that the tax rules will continue to change to meet the changing needs of our government to recover funds from the economy and restart the cycle of public expenditure that maintain services and oil the wheels of government.

Affected by severe weather or flooding?

It is unfortunate that HMRC have designated the 31 January as the filing deadline for self-assessment purposes as we are more likely to be adversely affected by extreme weather events at this time of the year.

When do you need to register for self-assessment?

We are fast approaching the end of the 2015-16 tax return filing period – returns for this year should be filed electronically by 31 January 2017.

More funding available to rural businesses

£120 million of funding is to be made available to support farmers, grow businesses, and generate thousands of jobs in rural communities. This announcement was made by the Environment Secretary, Andrea Leadsom, earlier this month at the Oxford Farming Conference. Funding to be released will include further support for the following types of project:

Tax return deadline at the end of this month

If you are required to file a tax return for 2015-16, and have not yet done so, you have until 31 January 2017 to complete the online filing process before automatic fines and possible penalties will be applied.

Two items on our watch list for 2017

Whilst it is never easy to double guess future changes in our tax system there are already changes afoot, some included in past legislation, and some promised by prior announcement.

Don’t have a fake Christmas

The Intellectual Property Office has issued a video setting out the dangers of buying counterfeit goods this Christmas.

What taxes are payable if you set up in business?

The answer to this question depends, in the first instance, on the business structure you select.

The Land Registry’s free property alert service

This service helps people to detect fraudulent activity on their property by sending them email alerts when there is certain activity on the property being monitored, such as a mortgage being taken out against it. The recipient can then decide whether they think the activity is suspicious and act quickly if so. The alert email tells them who to contact should they be concerned. The following notes are part of a recent announcement on this issue on the gov.uk website.

Changes to the VAT Flat Rate Scheme

As we have noted in previous blog postings, Philip Hammond announced a significant change to the VAT Flat Rate Scheme (FRS) from 1 April 2017.

Carry back gift aid donations

For a number of years, it has been possible to make gift aid donations and carry them back to the previous tax year. This is a useful tax planning facility if earnings were higher in the previous year, and in some cases it may mitigate loss of personal allowances and tax at higher rates.

What is a power of attorney?

A lasting power of attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf. There are two sorts of LPA. They can cover personal issues (health and welfare) or financial issues (property and financial affairs).

Philip Hammond’s last Autumn Statement

Philip Hammond surprised MPs when he ended his Autumn Statement by saying:

Tax changes announced last week

Last week, Philip Hammond presented his first Autumn Statement to parliament.

Autumn Statement wish lists

Organisations across the UK have been publicising their wish lists for Philip Hammond’s first autumn statement later this week.

Buy-to-let lenders subject to new regulation

Just when it looked as if things couldn’t get any worse for prospective buy-to-let investors – in particular the gradual withdrawal of higher rate tax relief for finance charges – the Bank of England’s Financial Policy Committee (FPC) will be granted new powers by the government to help it protect the financial system from future risks in the buy-to-let mortgage market.

The season to be merry

If you are involved in planning the staff Christmas party for your firm don’t forget to consider the income tax consequences. Here’s a short reminder of the points you should add to your check list.

Making tax digital – nothing to worry about…

Readers will be relieved to note that their professional advisors and other interested organisations, have recently lobbied HMRC to temper their agenda for making tax digital (MTD).

What is the single market?

With all the present political upheaval regrading Brexit there is a lot of speculation regarding the UK’s relationship with the EU single market once our exit is concluded. The following notes published by HMRC may help readers understand the present scope of the expression “the single market”.

Pre-registration VAT recovery

HMRC has clarified its position regarding the recovery of VAT on assets owned prior to registration for VAT.

Annual Investment Allowance (AIA)

From 1 January 2016, the AIA was increased to an annual limit of £200,000. Unlike previous changes, this is a permanent increase.

Good news for Sunderland

Prime Minister Teresa May was full of praise for the announcement from Nissan, and its continuing investment in their Sunderland plant, earlier this week. She said:

Why is 30 December an important filing date?

If you are obliged to file a self-assessment tax return for 2015-16, and if you have underpaid tax for this year, and if some of your income (including private pension receipts) is taxed under PAYE, then you can apply to have your tax code number adjusted downwards in a future tax year to repay this underpayment by instalments. In effect, your future income tax deductions will be increased.

10% corporation tax

The UK already has plans in place to reduce corporation tax to 17%. Many small businesses will be intrigued by widespread publicity today that discloses the possibility of a reduction in the UK corporation tax rate to 10% if the EU does take a hard line in Brexit negotiations.

Business rates revalued

From 30 September 2016, anyone in England and Wales that pays business rates go online to check their new draft rateable value. From this they can estimate what their business rates will be from April 2017.

Dividend tax reminder

From 6 April 2016, any dividends you receive up to £5,000 are tax-free. Dividends received in excess of this amount will be taxed as follows. If they form part of your:

Companies House filing deadlines and penalties

A reminder that you will have to pay penalties if you don’t file your accounts with Companies House by the appropriate filing deadline. Generally speaking, accounts will need to be filed nine months after a company’s financial year end.

Cherie Blair leads failed High Court bid

The removal of mortgage interest relief from tax deductibles for the UK’s buy to let landlords is set to begin its remorseless impact on landlord’s cash flow from April 2017.

Are you paying rates on second homes or empty property?

You may like to check out the following points. In many cases it would seem that local authorities have overall control over who can, or cannot, claim for reduced rates.

Incorporating a buy to let property business

Any buy to let landlord that presently claims a tax deduction for mortgage interest is likely to be adversely affected by changes in the tax rules from April 2017.

Director’s loans – tax implications

Lending money to your company: If you lend money to your company, the tax effects are as follows: • Your company will not pay corporation tax on the money you lend it. • If your company pays you interest on the loan, it will need to deduct income tax at 20% from the interest it pays you, and remit the tax deducted on a quarterly basis to HMRC. You will need to declare the interest received on your tax return. Your company can deduct the gross interest paid as a business expense.

HMRC’s consultations

It is not difficult to gauge the focus of our tax collectors. Since the Brexit vote, 23 June 2016, and the change in government leadership, HMRC have published a number of consultation documents, all issued during August 2016. Prior to the Brexit vote, there were a smattering of consultations, but none issued after 23 May 2016.

Director’s responsibilities, legal, signs and stationery

Legal responsibilities We are often asked to clarify the responsibilities that directors take on when they agree to become directors of limited companies. A summary of directors’ duties published on the GOV.UK website are reproduced below.

Landlords - George Osborne’s legacy

George Osborne’s summer budget 2015, and the subsequent Finance (No2) Act 2015, introduced far ranging changes to the income tax relief that can be claimed by individual landlords for finance costs.

Autumn statement 23 November 2016

Philip Hammond has announced the date for the Autumn Statement: 23 November 2016.

Taxman safeguards billions of tax payments

The Financial Secretary to the Treasury, Jane Ellison MP, announced last week that HMRC has collected £3 billion up-front from tax avoiders. The move continues the government clampdown on tax avoidance following last month’s announcement that enablers of tax avoidance will face tough new sanctions.

Letting out part of your home

There are a number of considerations that home owners will need to consider if they are letting out part of their home. The following points cover some of the more obscure situations that can arise:

City trader conceals assets from his creditors

A former City trader has been hit with a £2m-plus confiscation order for concealing assets from his bankruptcy trustee and thus, his creditors.

What is Bona Vacantia?

Bona Vacantia is a Treasury Solicitor’s department that manages unclaimed estates. This includes not only the estates of individuals who die without any heirs, but also the residual assets of limited companies that are liquidated or otherwise wound up.

Going digital

The government have backed down from their proposal to dump a new raft of compliance activity (red tape) on smaller businesses. In their efforts to digitise each businesses’ records with HMRC it was intended that firms be required to keep their books and records online and update HMRC’s data quarterly.

HMRC wins major tax avoidance cases

One tax avoidance scheme, by Ingenious Film Partnership, tried to use artificial losses arising from investments in a range of movies, including the blockbusters Avatar, Life of Pi and Die Hard 4.

Buy-to-let red tape

Beset by a range of potentially, disastrous tax changes (primarily the withdrawal of finance charges as an allowable deduction – reduced instead to a basic rate tax credit), landlords of buy-to let residential accommodation also have to contend with a growing list of red-tape. We have listed below a number of compliance issues that are backed by legislation. Failure to comply with these can lead to penalties. Obligations include:

We live in “interesting” times

The Bank of England’s Monetary Policy Committee voted on 4 August to reduce their base rate to 0.25%.

Home based travel costs

Doctor Samadian works from home and has contracts with a number of private and NHS hospitals.

Good news for exporters

The UK’s 5 major high street banks have signed up to work with the new Department for International Trade to revolutionise the way businesses access international markets.

Tax-free Childcare

This new scheme will be rolled out to parents next year. The scheme will be made available gradually to families, with parents of the youngest children able to apply first. You’ll be able to apply for all your children at the same time, when your youngest child becomes eligible. All eligible parents will be able to join the scheme by the end of 2017.

Buy-to-let landlords’ expenses

When you work out your taxable rental profit you can deduct allowable expenses from your rental income. The expenses must be wholly and exclusively for the purposes of renting out the property. This means that if an expense wasn’t incurred for the purpose of your property rental you can’t offset the cost against the rental income. The expenses must also be revenue, rather than capital expenses.

Why record business mileage?

If you are self-employed, either as a sole trader or in partnership, and you use a business vehicle for private purposes, HMRC will seek to disallow any motoring costs, petrol etc., and capital allowances based on the purchase cost of the vehicle, to cover the private use proportion.

Don’t forget to pay your tax

The 31st July is rapidly approaching. If you are registered for self-assessment, make sure you pay the second instalment for 2015-16, that falls due on this date, unless no payment is due.

Interest rates to fall?

In the immediate fall-out after the Brexit vote it was rumoured that interest rates would fall when the Bank of England Monetary Policy Committee (MPC) met on the 13th July. Following the meeting, Mark Carney announced that interest rates would be held at 0.5%.

15% corporation tax?

George Osborne has floated the idea that the UK could reduce corporation tax to 15% or lower in an attempt to make the UK the place to do business. By making this surprise announcement at the beginning of the month, he will no doubt have in mind the many larger institutions that are reconsidering a move from London to other EU financial centres following Brexit.

Business as usual?

The hiatus continues. Both major political parties are locked into leadership issues and until these are resolved it is difficult to see in which direction the UK will take. Apparently, the present government, with its new leadership team, will continue until the next scheduled general election, 7 May 2020.

Personal finances post Brexit

Until the present political uncertainties are resolved we cannot make progress towards a new relationship with Europe and the rest of the world. For the last 40 years, our financial institutions have been built inside an integrated European Union. As a nation, we will need to act quickly to re-establish this framework outside the EU. The following points flag up some the issues we should keep an eye on:

Changes to business market place post Brexit

While we wait for the politicians to sort themselves out it may be prudent to reflect on the likely changes to the business market place post Brexit. For example:

What’s next?

Clients who are concerned by the uncertainty created by the Brexit vote should contact us. There are steps we can all take now that will ease our progress through the transition.

Out it is – Brexit vote wins the day

In a decision that has staggered the rest of Europe, the UK has voted to leave the EU.

Annual return morphs into a confirmation statement

The following change in Companies House (CH) filing requirements will apply from the end of June 2016. The following post sets out the changes that will apply:

In or out

This article was posted three days before the UK decides if it wants to stay or leave the EU.

HMRC bogus emails extended to phone calls

Many of us have received emails purporting to be from HMRC that urge us to provide personal information in order to receive an outstanding tax refund. Sometimes, these “phishing” communications include veiled threats: send information or you will be pursued for large, outstanding tax liabilities.

P11D processing errors and late filing

The deadline for filing forms P11D is 6 July 2016. You will be liable to a penalty of £100 per 50 employees for each month or part month your P11D(b) is late. The P11D(b) is the form used to submit your individual P11Ds to HMRC. You’ll also be charged penalties and interest if you’re late paying HMRC the employers’ Class 1A NIC due 19 July 2016 (22 July if you pay electronically).

Do you have under-declared property income?

HMRC have a long running campaign to encourage property owners who receive rental income from property, and who have not declared this income on their tax return, to get their tax affairs in order. The following example, reproduced from HMRC’s website, shows how this can occur.

Personal savings allowance

From 6 April 2016, if you are a basic rate taxpayer you’ll be able to earn up to £1,000 in savings income tax-free. Higher rate taxpayers will be able to earn up to £500. This is called the Personal Savings Allowance.

Cycle to work

The following notes set out the general scope of the Cycle to work scheme. This provides a number of tax advantages that employers can use to encourage employees to cycle to work.

HMRC ticked off by National Audit Office

The National Audit Office (NAO) has published a report criticising HM Revenue and Customs (HMRC) for periods of poor customer service last year.

State benefits that are taxable

Many newly retired pensioners may not be aware that the State Pension they receive is taxable income. Also, the amount paid is not taxed at source. Although a pensioner’s State Pension may be covered by their annual tax-free personal allowance (£11,000 for 2016-17) and therefore potentially no tax would be payable, the situation is more complex if other private pensions and investment income are received. At the end of a tax year any tax collected by deduction from pensions may not be sufficient to clear liabilities.

Small businesses take on more staff.

According to new government research published recently shows that almost a quarter (24%) of small and medium-sized (SME) employers had more people working for them in 2015 than in 2014.

HMRC issues warnings and advice regarding fraudulent emails

There is a continuing misuse of emails and SMS messages that purport to be from HMRC asking questions about your tax and encouraging recipients to part with their personal information and bank details.

UK tax to be simplified!

The UK has one of the most detailed tax codes in the developed economies. Readers might be amused, bemused, that the so-called Office of Tax Simplification (OTS) has launched a high level strategy consultation that aims to move its tax simplification agenda forwards.

Two thirds of large UK businesses experience computer hacking

• Nearly seven out of ten attacks on all firms involved viruses, spyware or malware. • Record £1.9bn government investment to protect UK but industry must act to help protect themselves • New National Cyber Security Centre will launch in the autumn 2016

International tax transparency makes progress

Chancellor of the Exchequer, George Osborne hailed the international expansion of a UK-led deal to automatically share information on the ultimate owners of companies as over 20 jurisdictions, including British crown dependencies, overseas territories and EU member states sign up.

Home owners may be caught by stamp duty increase

From 1 April 2016, buyers of residential property that is not to be their main residence in England, Wales and Northern Ireland, will be liable for the higher rates of Stamp Duty Land Tax (SDLT). Basically any property subject to the higher rates, that costs more than £40,000, will be charged at the following rates:

Non-compete clauses under the microscope

Business Secretary, Sajid Javid, has announced plans to look into employment rules that could be stifling British entrepreneurship by preventing employees from starting up their own business after leaving a job.

Companies to be liable for employees who facilitate tax cheating

The UK will bring forward plans to introduce a criminal offence for corporations who fail to stop their staff facilitating tax evasion, the Prime Minister has announced in a statement to the Commons, ahead of next month’s summit to tackle corruption in all its forms.

Tax credit renewals online

HM Revenue and Customs (HMRC) is urging people to renew their tax credits claim online and early before the 31 July deadline.

Savings and tax

From 6 April 2016, if you’re a basic rate taxpayer you’ll be able to earn up to £1,000 in savings income tax-free. Higher rate taxpayers will be able to earn up to £500. This is called the Personal Savings Allowance.

Business investment – the annual investment allowance (AIA)

The AIA allows businesses to write off the full cost of qualifying expenditure and in recent years the amount allowed as a deduction for tax purposes has fluctuated wildly.

Introduction

From 6 April 2016, if you’re a basic rate taxpayer you’ll be able to earn up to £1,000 in savings income tax-free. Higher rate taxpayers will be able to earn up to £500. This is called the Personal Savings Allowance.

The Panama Papers

HMRC has responded to the significant leak of information on the activities of individuals and companies that have availed themselves of the offshore advantages of using Panama as a tax haven.

Farmers’ new tax break

From 6 April 2016, farmers trading as sole traders or in partnership will be able to claim for an extended form of the popular “averaging” provisions.

Capital gains tax changes April 2016

One of the surprising announcements in the recent budget was the easing of capital gains tax (CGT) rates.

Business tax breaks from April 2016

The government have published a list of changes in the impact of taxation, rates and NIC that will apply from April 2016. The list is reproduced below:

Gift aid donation rules clarified

Recent reports in the national media have suggested that HMRC has sought to restrict Gift Aid on donations which are accompanied by a message of support from a donor’s family. According to a recent announcement by HMRC this is absolutely not the case. HMRC’s position as set out in their recent website posting is reproduced below:

Tax free childcare update

HMRC have updated their online “top ten things you should know about the new tax-free childcare scheme”. The notes are reproduced below and they provide parents with and easy read overview of the changes that will start early 2017:

Buy-to let sector suffers another blow in the March budget

The Treasury seems to be committed to wringing the last available drop of tax revenue from the buy-to-let sector.

Budget for business?

Just in case you were wondering what was in the Budget last week for small businesses, we have reproduced below the comments made by George Osborne and posted to the GOV.UK website:

Dividend tax increase from 6 April 2016

One issue that the director shareholders of small companies will need to get to grips with from April 2016 is the radical change to the taxation of dividends.

Air passenger duty exemption now applies to under 16s

Children under 16 will join under 12s in no longer having to pay Air Passenger Duty in economy class

Aligning national insurance and income tax

The Office of Tax Simplification (OTS) has published the findings of a detailed review into bringing the two payroll taxes closer together. Here’s what they have to say:

Simpler tax system for smaller companies

On the 3rd March, the Office of Tax Simplification (OTS) unveiled a package of recommendations aimed at making the tax system simpler and easier to use for small companies. The press release says:

Institute for Apprenticeships (IfA)

Just in case you have not been acquainted with this new Institute, and the rather confusing acronym, we have reproduced below the Department of Innovation and Skills fact sheet that explains what it is about…

The end of the 20% tax credit

From 6 April 2016, savers will no longer pay income tax on interest they receive from certain deposit accounts. This is due in large part to the introduction of the Personal Savings Allowance (PSA) on the same date. The PSA is worth £1,000 to basic rate taxpayers and £500 to higher rate taxpayers. So, if you are a basic rate taxpayer, and your bank interest is below £1,000, you will pay no tax on the interest you received. If you are a higher rate taxpayer, you will pay no income tax on interest received as long as it does not exceed £500.

Taxman seizes more than £2 billion from tax avoidance scheme users

According to HMRC, over £2 billion has been collected from users of tax avoidance schemes as a result of new government measures to collect disputed tax upfront.

Avoid the car fuel benefit charge

A reminder that it is not too late to avoid the hefty car fuel benefit charge if you drive a company car and your employer pays for your private fuel.

Stamp duty land tax increases 1 April 2016

From 1 April 2016, landlords who acquire new property to let as residential accommodation will be required to pay SDLT at significantly higher rates. The increase is also expected to apply to private householders who buy a second home.

The Google enquiry

Despite generating substantial profits from sales of online services to individuals and businesses in the UK, Google is perceived to be avoiding tax on these profits in the UK.

Income alerts

Earnings over £100,000?

Flood relief

The government has published an update of the various grants and support available to individuals and businesses affected by flooding in recent months. The announcement is reproduced below:

Wasted opportunity

Most of the UK taxes have exemptions and allowances that apply for each tax year. Many are increased in each year in the March budget. Almost none are transferrable from one tax year to another.

Pensions and tax relief

At present, until 5 April 2016, there are opportunities to pay more into your pension fund and still qualify for tax relief. The maximum, for some tax payers, is doubled in 2015-16 from £40,000 to £80,000. This is due to a technical issue that aligns the pension input period with the tax year.

What is the current rate of capital gains tax (CGT)?

If you sell an asset that is subject to CGT the rate of tax you will pay will be 0%, 18% or 28%.

Right to rent checks

From 1 February 2016 landlords and others involved in the rental of property will need to verify that their tenants have the right to be in the UK.

Ways to save money in 2016

HM Treasury have published a number of money saving strategies that are available this year. We have reproduced a number of the ideas below.

Warning – bogus Council Tax refund scams

The Valuation Office Agency has issued the following warning regarding persons or organisations claiming to be able to reduce your council tax band for a fee.

Review of airside VAT-free shopping

A review has been launched by George Osborne to make sure shoppers share in the reduction in VAT in future. At present, it seems that retailers, particularly the larger retailers, are pocking the cash benefits and not passing them on to customers.

Business flood victims support fund

Businesses caught up in the devastation of Storm Eva will be able to apply for £6 million of government money to get their doors back open to customers.

Tax helpline for those affected by recent flooding

Readers affected by the recent floods, particularly in the north-west of England, should take note that HMRC has created a support line. If your business was affected you should call HMRC as they will be sympathetic to requests to extend tax payments while the clean-up operation continues.

Draft finance bill clauses published

HMRC has issued the following information regarding the publication of draft clauses of the Finance Bill 2016:

Training for employees and franchisees

Employers who pay for their employees and sub-contractors to attend training courses may be interested in the following directive from HMRC, issued July 2015.

National Living Wage (NLW)

HMRC has issued the following information regarding the imminent launch of the NMW 1 April 2016. Firms are advised to take simple steps now as poll reveals 93% of bosses support initiative, with majority believing it will boost productivity and retain staff.

Stamp duty land tax change for second home buyers

Individuals, who are considering the purchase of a second home, or a buy-to-let property, would be advised to complete their purchase before 1 April 2016. From this date new rates of stamp duty land tax (SDLT) will apply.

Reduction in bank deposit protection

From January 2016 the Financial Services Compensation Scheme (FSCS) is changing. Savers have one month left to adjust their bank deposits to the new limits. Here’s the updated information posted to the FSCS website posted 5 July 2015:

Personal tax changes confirmed

The Summer Budget changes formally completed their progress through the legislative process and received royal assent on 18 November 2015.

Business tax changes confirmed

The Summer Budget changes formally completed their progress through the legislative process and received royal assent on 18 November 2015.

New tax-free child care scheme

A reminder that delays created by legal action to block this new scheme mean that it will not be rolled out until early 2017, a year later than planned.

Rent hikes likely as landlords come to grips with tax changes

Over the next few years changes announced by George Osborne in the Summer Budget 2015 may have profound effects on the level of rents and the availability of rental accommodation in the UK.

Dividend Tax changes April 2016

It was bound to happen some time...

Emails from the tax office

Generally speaking, HMRC will communicate with you by sending a letter or calling you. It will never ask for personal details by email. Accordingly, you can disregard any emails you receive from HMRC that do ask for personal information, particularly bank details, as they will likely be scams...

Appeal against HMRC penalties

You can appeal to HMRC against a penalty for:

R & D boost for smaller businesses

In a major boost for pioneering small businesses, the Financial Secretary to the Treasury, David Gauke, recently launched a new plan outlining how government will make it easier for small businesses investing in research and development to claim tax relief.

Pension changes

HMRC have recently published an update to issues that affect pension scheme administrators and individuals who contribute to pension funds. Highlights of some of the issues raised are reproduced below:

Tax gap narrows

The tax gap for 2013-14 was 6.4% of tax due, continuing a long-term downward trend.

HMRC chases down tax fraudsters

HMRC recently announced that they have brought in an additional £109m in tax revenue in the last six months by pursuing claims against taxpayers who have not declared all their income for tax purposes. The specialist task forces employed to collect this tax are becoming increasingly effective at identifying and tracking down individuals and businesses who have not declared their true income and gains.

Directors’ responsibilities

We are often asked to explain the role a director is required to undertake for an incorporated business. It is wise to take this question seriously as these responsibilities are written into company law – break them at your peril.

HMRC multi-year funding for voluntary sector

HMRC are inviting bids from interested charities and will allocate a guaranteed £1.5m per year over the next 3 years to the voluntary and community sector (VCS) to support taxpayers who need extra help understanding and complying with their tax obligations and claiming their entitlements, including those who are currently digitally excluded.

Early bird filing

Why would you want to file your tax return early?

Creditors have their day in court

In a recent insolvency investigation Richard Price and Timothy Porter, both directors of Recruit Investments Limited, which headed up a group of businesses specialising in labour recruitment, have been banned from being company directors for 6 years and 5 years respectively for transferring company assets for no consideration, including Arabian horses and money to one of the directors and parties unconnected with the company.

Safeguarding your business ideas

You will have automatic copyright protection for writing and literary works, art, photography, films, TV, music, web content and sound recordings

Warning about cyber threat to UK businesses

UK businesses were recently warned about the growing risk of cyber attacks as Minister for the Digital Economy, Ed Vaizey, urged businesses across the country to protect themselves by taking up the Government’s Cyber Essentials scheme.

HMRC considering changes to the way they charge penalties

Readers might be interested to know that HMRC have been consulting with various parties, including the accountancy profession, regarding the way in which they charge penalties to taxpayers who don’t meet their filing obligations. We have listed below a number of the conclusions HMRC have reached thus far.

What qualifies as a tax allowable travelling expense?

HMRC’s opinion on qualifying travel costs is clearly set in their employee travel guide. For instance:

Shared parental leave

Parents considering shared parental leave may like to consider the following notes.

VAT late filing and late payment defaults surcharges

Readers are reminded that late filing or late payment of VAT returns can result in costly penalties – in VAT speak they are referred to as default surcharges.

Tax up-front scheme generates £1bn in tax

HMRC has collected £1 billion in tax payments from users of tax avoidance schemes as a result of the government’s new rules to collect disputed tax upfront, the Financial Secretary to the Treasury, David Gauke, announced 13 September 2015.

Dividend Allowance – wake up call for shareholder directors

HMRC have published the following fact sheet regarding the wide ranging changes to the taxation of dividends from April 2016:

Keep your records up to date at Companies House

If you're late telling Companies House about changes to your officer's details, it could come at a cost.

Self assessment payments on account

If you are self-employed (as a sole trader or in partnership) you will normally make two payments on account of your self assessment tax liability at the end of January and July each year.

Charities – making the most of tax reliefs

There are now a number of ways that charities can encourage donations by promoting the various tax schemes available.

Higher rate of film tax relief has been given the go ahead.

Britain is set to attract the production of more films like The Theory of Everything, Gravity and Avengers: Age of Ultron after the Chancellor of the Exchequer, George Osborne announced a new higher rate of film tax relief has been given the go ahead.

Benefit in kind changes

From 6 April 2016 HMRC are introducing an exemption from paying tax and National Insurance contributions (NICs) on qualifying paid or reimbursed expense payments to employees. This means that where an employee is entitled to claim a fully matching tax deduction (i.e. if they incur a business expense they can claim it back from their employer) employers will no longer need to apply for a dispensation, or report those expenses on form P11D. All other non-allowable expenses will still be subject to tax and NICs as they are now. Employees will still be able to claim tax relief from HMRC in respect of non-reimbursed expenses.

Couple banned from acting as directors

Mark and Janet Styler have been disqualified from acting as directors for six years for withdrawing funds from Window & Conservatory Options Limited after they had been told the company was insolvent and could not afford to continue the level of payments to them.

Paid too much or too little tax?

HMRC have issued a press release advising tax payers that they are sending out annual statements for the tax year to 5 April 2015.

HMRC takes back control of IT services

HM Revenue and Customs (HMRC) announced earlier this month that it will bring some existing IT services under its direct control, while it continues to plan the transition to a new IT delivery model following the ending of the Aspire contract in 2017.

What’s in a year end?

There are a limited number of opportunities to defer the impact of taxation by making a calculated change to your business year end date. For example:

HMRC to extend data gathering powers

HMRC has had considerable success in using third party data to better target compliance activity and to tackle the hidden economy. A current consultation by HMRC proposes that these data gathering powers be extended in order to combat tax evasion. We have extracted the following comments from the formal consultation document.

HMRC roadside fuel testing

Treasury Minister Damian Hinds visited Belfast and Newry recently as HM Revenue and Customs (HMRC) unveiled new roadside fuel testing equipment to tackle the trade in illicit diesel.

Good news for mobile phone users

From June 2017, British visitors to Europe will no longer be charged additional fees for using their mobile phones. This is great news for business people who need to keep in touch with their UK base of operations when travelling in Europe. Ironically, it is the UK that has been a vocal supporter of this EU initiative.

Offshore tax evaders and their advisers will face even tougher sanctions.

The new regime to crack down on offshore evaders, which HM Revenue and Customs (HMRC) will consult on from 16 July, includes:

The Small Business, Enterprise and Employment

The Small Business, Enterprise and Employment Act has now received Royal Assent and is expected to be implemented to the timescales set out below.

Update for landlords

On 17 July 2015 HMRC published a consultation document that outlines the changes to the way tax relief will be given for replacement of furnishings in let residential properties.

Summer Budget – impact on landlords and property owners

One of the most publicised leaks before Budget day last week was the creation of a new main residence nil rate band for Inheritance Tax purposes. There were at least two, further announcements that will affect landlords and property owners who let a room in their home. These details are expanded on below.

Summer Budget – impact on smaller businesses

In his Budget statement last week George Osborne made a number of announcements that will have an impact on smaller businesses. We have listed below those that will require careful thought as time progresses. Many of the changes will affect tax planning decisions made after April 2016.

Top ten things to know about the new Tax-Free Childcare scheme.

The government has published more information about the proposed changes to their tax-free childcare scheme. Here are the top ten things to know about the scheme…

What can we expect from George Osborne’s July Budget?

There seems be a trend. Most of the key issues that will be disclosed this week seem to have been leaked to the press prior to the actual budget speech.

Get rich quick scheme exposed

Four London companies involved in selling “miracle” software guaranteed to make investors money trading on the London Stock Exchange, have been ordered into liquidation in the High Court on grounds of public interest following an investigation by the Insolvency Service.

£20m boost for charities

The Cabinet Office launched an initiative on the 25 June that will provide grants to increase the sustainability of around 250 organisations working in the voluntary, community and social enterprise (VCSE) sector.

HMRC softening penalties for employers

Following on from our posting last week. HMRC has underlined its commitment to relaxing the issue of penalty notices, this time for employers having problems meeting the online filing of payroll information. Rather than issue late filing penalties automatically when a deadline is missed, HM Revenue and Customs (HMRC) will take a more proportionate approach and concentrate on the more serious defaults on a risk-assessed basis.

Cashing in your pension pot

From April 2015, persons aged 55 years or older, with defined contribution personal pension pots, can consider cashing in the value accumulated in their fund. Certainly, anyone considering this course of action should take professional advice from their independent financial advisor.

HMRC sets out its position on charging penalties

Its official, HMRC does not want to charge penalties!

North of England set to become dormitory for wealthy Scots avoiding higher taxes

The north of England may become a Scottish executives’ area of choice to live if the Scottish Parliament sets the Scottish income tax at higher rates than the rest of the UK.

How to renew tax credits

You usually need to renew your tax credits once a year. You should receive your renewal pack by 30 June. If you haven’t got your pack, call the Tax Credit Helpline.

Estate and lettings agents at risk of breaking competition law

The Competition and Markets Authority (CMA) recently fined an association of estate and lettings agents, 3 of its members and a newspaper publisher over £735,000 for agreeing to restrict the advertising of fees or discounts in a local newspaper.

Childcare support for working parents to double

David Cameron announces plans to double free childcare for working parents, with some families set to benefit as early as next year.

Over a million more people given the chance to own their own home

Communities Secretary Greg Clark is to announce landmark changes to spread home ownership to millions.

Clothing giant Next loses tax avoidance case

High street retailer Next has been hit with a £22.4m tax bill after a court ruled the firm’s complex tax scheme was artificial tax avoidance.

New Business Secretary rolls back red tape

Sajid Javid set out his priorities for supporting Britain's small businesses last week. Here’s a summary of what he said:

George Osborne’s summer Budget announced

The first Budget of the new parliament is to be delivered by George Osborne on July 8th.

Directors jailed for contempt of court

Two Directors and a Company Secretary have been jailed for contempt of court relating to a £7.7m VAT fraud, following an investigation by HM Revenue and Customs (HMRC).

Business investment 2015

Is this a good time if you are in business?

More of the same

So now we know. For the next five years we will have a Conservative government, albeit, with a slim majority in the House of Commons.

Annual Investment Allowance

The most generous tax allowance presently available to businesses that encourages direct investment in new plant, equipment and commercial vehicles, is the Annual Investment Allowance (AIA).

Queen's Award for Enterprise 2015

All of this year’s (2015) winners are UK businesses leading the way in international trade, innovation and sustainable development in a broad range of sectors including car manufacturing, education, software design and fashion.

A few miscellaneous effects of holding ISAs

If you move abroad If you open an Individual Savings Account (ISA) in the UK and then move abroad, you can’t put money into it after you move (unless you’re a Crown employee working overseas or their spouse or civil partner).

Black taxis urged to go green

On 26 March 2015 the government announced a new initiative to support taxi owners to convert to lower emission vehicles. The initiative is £45 million to support the rollout of greener taxis. A £20 million fund will be made available to local authorities to support the rollout of ultra-low emission taxis across the UK. The money will be available to reduce the upfront cost of purpose built taxis and to install charging infrastructure for taxi and private hire use.

The following tax changes came into effect Monday 6 April 2015:

Following on from our blog posting last week: tax changes that were effective from 1 April 2015 (and that mainly affected Companies), we have included below tax changes that affect individuals from 6 April 2015, the start of the 2015-16 tax year.

Emergency tax codes

You’re on an emergency tax code if your payslip says your tax code is one of the following: • 1060L W1 • 1060L M1 • 1060L X

Shared Parental Leave law becomes effective 5 April 2015

Parents in work can now share responsibility for looking after their newborn or newly adopted child as Shared Parental Leave law becomes effective 5 April 2015.

Some of the Budget changes March 2015

Following last week’s Budget, the government has published the Finance Bill 2015. The bill implements tax changes announced at Budget 2014, Autumn Statement 2014 and Budget 2015.

Banks to stop taking tax on interest paid

From 6 April 2015 you won’t have to pay tax on interest received if your total income is less than £15,600.

First time buyers savings plan

If you are a first time buyer a new savings scheme introduced in the Budget last week is well worth considering.

Stolen mobile charges to be capped

Major mobile networks have confirmed plans to introduce protection for consumers from huge bills run-up on stolen mobiles following Government action.

Pension freedoms to be extended to annuitants

The Chancellor has announced that the government will extend its pension freedoms to around 5 million people who have already bought an annuity.

Business rates review

The Chief Secretary to the Treasury, Danny Alexander, launched the most wide-ranging review of national business rates in a generation this month - paving the way for changes to how businesses across England pay the tax.

Pension changes from next month

There are a number of changes to the taxation of pensions from next month. We have copied into this article postings to the GOV.UK website regarding some of the more significant options available from April 2015.

Payment in 30 days?

In a recent speech Business Minister, Matthew Hancock, announced that the government-backed Prompt Payment Code will now promote 30-day terms as standard, with a 60-day maximum limit. Unless signatories can prove exceptional circumstances for longer terms, they will be removed from the Code.

Year end tax planning 2014-15

The 2014-15 tax year finishes midnight, 5 April 2015. There are a number of tax planning opportunities that need to be considered before this date. Only a few weeks to go. If you have not already done so we recommend you speak with your professional advisor without delay.

Landlord's Energy Saving Allowance ends 5 April 2015

Landlords can reduce their tax bill by up to £1,500 a year with the Landlord’s Energy Saving Allowance. Unless extended in the forthcoming budget, this scheme is due to end 5 April 2015.

New rules to safeguard value for money in workplace pensions

From April, people automatically enrolled into a workplace pension will see their charges capped at 0.75%, unless they have chosen a more expensive option. The details are set out in draft regulations laid before Parliament on 4 February 2015.

Staff loans for would be tenants

Housing Minister Brandon Lewis announced recently government-wide support for a new scheme that will become available to thousands of potential tenants.

Business rates revaluation 2017

In preparation for the 2017 Revaluation, the Valuation Office Agency (VOA) is sending out forms to ratepayers from January asking for information about their property and business.

Tax avoiders beware

HMRC have published details of a new consultation they are undertaking to tighten the rules that will be applied to tax payers who use avoidance schemes to artificially reduce their tax liabilities.

Statutor Maternity (and Paternity) Pay

As an employer, you can usually reclaim 92% of employees’ Statutory Maternity (SMP), Paternity and Adoption Pay.

Women are more likely than men to send in their tax return on time

Women are more likely than men to send in their tax return on time, an HM Revenue and Customs (HMRC) analysis has revealed.

Have you utilised your exempt amount for capital gains tax purposes?

As we are approaching the end of the 2014-15 tax year, individuals who own assets that are subject to capital gains tax (CGT) may be advised to consider the comments made in this article.

Government launches Pension Wise service

Pension wise will offer free and impartial guidance to people on the new pension freedoms which come into effect in April 2015.

Top ten excuses for late filing

As most self employed persons, certain pensioners and high income earners will be aware their self-assessment tax returns for 2013-14 have to be filed by the end of January 2015 in order to avoid late filing penalties.

Employing staff for the first time?

According to the tax office there are six things you need to consider when you are employing staff for the first time. They are:

What are your business and tax online filing obligations?

We though you would be interested to know what your legal obligations are to file information online.

The New Enterprise Allowance

Over 450 new businesses every week have been set up over the last year thanks to a government scheme which helps people on benefits to become their own boss.

New flexible approach to child care announced

Parents will gain greater flexibility in how they share the care of their child in the first year after birth as new regulations regarding Shared Parental Leave (SPL) came into force 1 December 2014.

New proposals to tackle late payment

New proposals obliging large and listed companies to publish detailed information about their payment practices and performance were unveiled 27 November 2014 by the Business Minister Matthew Hancock.

 

Room to breathe 30/10/2017

Pension scams 29/08/2017

Saving to pay tax 07/08/2017

Oh what a night 12/06/2017

Damage limitation 15/05/2017

One week to go! 27/03/2017

Marriage Allowance 27/02/2017

Lifetime ISAs 20/02/2017

10% corporation tax 24/10/2016

Going digital 22/08/2016

Buy-to-let red tape 15/08/2016

Tax-free Childcare 01/08/2016

Business as usual? 11/07/2016

What’s next? 27/06/2016

In or out 20/06/2016

Cycle to work 30/05/2016

Savings and tax 25/04/2016

Introduction 18/04/2016

The Panama Papers 11/04/2016

The Google enquiry 15/02/2016

Income alerts 01/02/2016

Flood relief 01/02/2016

Wasted opportunity 25/01/2016

Personal tax changes confirmed Personal tax changes confirmed

Pension changes 26/10/2015

Tax gap narrows 26/10/2015

Early bird filing 12/10/2015

More of the same 12/05/2015

Emergency tax codes 13/04/2015

Payment in 30 days? 02/03/2015

Tax avoiders beware 02/02/2015

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“This website uses Google Analytics, a web analytics service provided by Google, Inc. (“Google”).  Google Analytics uses “cookies”, which are text files placed on your computer, to help the website analyze how users use the site. The information generated by the cookie about your use of the website (including your IP address) will be transmitted to and stored by Google on servers in the United States . Google will use this information for the purpose of evaluating your use of the website, compiling reports on website activity for website operators and providing other services relating to website activity and internet usage.  Google may also transfer this information to third parties where required to do so by law, or where such third parties process the information on Google's behalf. Google will not associate your IP address with any other data held by Google.  You may refuse the use of cookies by selecting the appropriate settings on your browser, however please note that if you do this you may not be able to use the full functionality of this website.  By using this website, you consent to the processing of data about you by Google in the manner and for the purposes set out above.”

No other browser cookies are used on this site.

For administrators of the website browser cookies are used allowing access to private pages requiring a user authentication.