TAX
Changes to Finance Bill 2017: Impact for ‘non-doms’
In July 2015 significant tax reforms were announced for non-UK domiciled individuals who have been long-term UK resident. It was proposed that, from April 2017, those...
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...
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...
No residence held at death – Main residence nil rate band
Even if no residence is owned at death, or a smaller residence owned due to downsizing, the additional residence nil band may be available if the lower value residence and...
Residence nil band for inheritance tax purposes
If an estate is valued at more than £2,000,000 the additional residence nil band which comes in for deaths after 5 April 2017 is reduced by £1 for every £2 over. So...
Capital gains on assets bought and sold in a foreign currency
A reminder that while the pound trades at poor rates of exchange against both the dollar and the euro, it is possible to make a capital gain for UK tax purposes even if there...
Car and van fuel benefit rates
If fuel is provided for private use in a company van or company car and it is not reimbursed a fuel benefit charge arises. From 6 April 2017 the car fuel benefit increases to...