TAX
Corporation Tax Payslips
Due to the problems experienced by some companies and their agents following HMRC’s decision to cease issuing Corporation Tax payslips, the CIOT asked HMRC if they could...
In-Year Adjustment (IYA) and In-Year Restriction (IYR) coding adjustments
HMRC tax code adjustments are changing, aiming to make use of real-time information to improve PAYE tax accuracy. This new strategy ensures the correct tax is deducted at...
A friend in need is a friend indeed!
You can now nominate a family member for tax affairs through the GOV.UK portal. This system provides a straightforward way to allow someone you trust to assist with your...
Tax-Free Childcare
The new scheme was launched on 28 April 2017, but not for all parents. If you have children aged under 2 you should have received a letter from HMRC inviting you to register....
Tax-free awards for long service – can these be increased?
The tax-free amount has remained at £50 per annum for each year of service with a minimum of 20 years service for a long time. The gift must not be cash or vouchers that can...
CT acknowledgements and payslips
Do remember to pay the corporation tax due. HMRC are no longer issuing acknowledgements or payslips after a return has been filed. HMRC is still paying interest at 0.5% on tax...
Uplift of value of chargeable assets on death
Capital Gains Tax transfers between spouses or civil partners continue to be treated as nil gain, nil loss transactions. This means no Capital Gains Tax (CGT) liability arises...
Plans to Digitalise tax have been put back
The Government have announced significant changes to the (making Tax Digital) MTD timetable, effectively deferring MTD until at least 2020, although digital records will need...
Tax calculations for 2016-17
The latest changes to the way income is taxed has even beaten HMRC’s computer programmers. You are allowed to allocate your personal tax allowance in the way that gives the...
When is your home not a home?
In a recent case HMRC tried to deny capital gains tax private residence relief where an individual bought a property “off-plan” arguing that the ownership period started from...
Tax information exchange agreements
There has been an increasing focus on the automatic exchange of information in recent years. New regulations will take effect from 17 May 2017 to improve international 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...