Blog

It is benefits time once again

This is the time of year that employers and employees deal with the reporting of Benefits in kind. Taxing times…

The provision and use of company cars features in many of these returns, both the use of the car, and if provided, the cost of any fuel provided by the employer for private mileage. What may...

Read more

Do not forget to report Benefits in Kind

HMRC posted the following reminder on their website the first day of the new tax year:

Employers need to report all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs), to HMRC on form P11D from today (6 April 2018), unless they are registered to voluntarily payroll benefits.

They further explained, for those of...

Read more

Borderline benefits

Now that Scotland and Wales have their very own stamp duty taxes buying a house in the border areas between Wales and England, and Scotland and England, raise some interesting planning options.

Consider Llanymynech, a village that straddles the border between Powys (Wales) and Shropshire (England). The amount of stamp duty payable on an identically priced...

Read more

Broadband fibre gets rates boost

The Telecommunications Infrastructure Act 2018 paves the way for full-fibre broadband and future 5G communications by enabling 100% business rates relief for operators who install new fibre on their networks. In other words, the Act incentivises operators to invest in the broadband network.

Apparently, the secondary legislation has been laid, firing the starting gun on the...

Read more

Common-sense prevails

Imagine that you have no interest in computers or computing. That Facebook and Twitter sound like racehorses running in the 2.30 at Haydock Park. Further, imagine that the thought of having to deal with computers pushed you into a severe anxiety state.

Ms Naylor, the Company Secretary of a flooring company, fitted this profile. For many...

Read more

Tax Diary April/May 2018

1 April 2018 - Due date for corporation tax due for the year ended 30 June 2017.

19 April 2018 - PAYE and NIC deductions due for month ended 5 April 2018. (If you pay your tax electronically the due date is 22 April 2018)

19 April 2018 - Filing deadline for the CIS300 monthly return for...

Read more

How long should you keep your records?

If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year. For example, if you sent your 2017-18 tax return online by 31 January 2019, you must keep your records until at...

Read more

Black cabs urged to go green

Britain’s black cabs now qualify for an incentive to go green as the new tax exemption for electric taxis comes into force this month. The exemption, worth £1,550, will apply to new cabs purchased from April 2018 onwards, and follows the Autumn Budget announcement that zero emission taxis worth over £40,000 will no longer have...

Read more

Offshore tax evasion

From 1 October 2018, HMRC will be gaining access to information from tax havens that will enable it to identify UK citizens with undisclosed offshore assets, and by inference, undisclosed UK income and taxable gains. Why does this matter?

It matters because HMRC has introduced new legislation called the Requirement to Correct which will dramatically increase...

Read more

Spring Statement

The Chancellor, Philip Hammond, was keen to promote the positive aspects of the UK’s economic performance when he stood to present his Spring Statement on 13 March.

  • Employment and manufacturing growth rising,
  • Inflation and debt falling.

The speech was also peppered with the usual political gambits to boost his party at the expense of the opposition.

The one practical...

Read more