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New register for trusts
To comply with Article 31 of the Fourth Money Laundering Directive a new register for trusts is to be introduced. An on-line register will be introduced by HMRC. This will...
Underpayments (PAYE)
From 2017/18 HMRC is planning to collect potential underpayments in the tax year that they arise rather than in the following tax year as at present. Actual tax P800...
Changes to tax codes
These are likely to become more frequent and HMRC plan to amend codes more frequently using employment and pension information reported under real time information (RTI). The...
Personal tax accounts
These are accessed using a Government Gateway ID. Once set up future access is by way of a two step verification – the Government Gateway ID and a code sent to the registered...
Scottish Tax rates
If you run a payroll and you have an employee who is Scottish watch out! A Scottish taxpayer is defined by where their main residence is, but at present HMRC is taking this to...
National wage rates from April 2017
National minimum wage and national living wage Both were increased on 1 April 2017 and future increases in both will be on 1 April each year. National Living Wage for those...
Class 4 NIC
The government has done a U turn and abandoned its proposals to increase the rate of class 4 NIC. The abolition of class 2 NIC from 6 April 2018 will go ahead. Plans as to how...
Tax free childcare payments
We may have mentioned this before – that is because it is has been a long time in actually being put into action. The new scheme comes in from Spring 2017 but is being rolled...
Entrepreneur’s relief – associated disposals
For entrepreneur’s relief, provided trading conditions are satisfied, in order for an associated disposal to qualify e.g. trading premises held outside the company, the...